Apex credit mgt offer to clear account

caravaggio

Need some advice or anyone with experience of this

APEX have made an offer for me to clear my account with them. It is a 60% discount on the total debt balance which is great but I need to know the following:

If I clear my APEX account does this mean I clear the debt?

Can APEX sell on the difference (the difference between the debt total and the offer from APEX) to another debt collector

eg..I owe 5k. APEX say I can pay £2k. Can APEX sell on the £3k to another debt collector or will my payment to them a 'full and final payment' of the entire debt ie the debt effectively dies and ceases to exist

Many thanks

sourcrates

Hi,

Yes, accepting there offer will clear your debt.

However there is a right and a wrong way to do this.

The right way is to get them to agree to the terms in the letter that national Debtline recommend you use for this purpose.

Link to that letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

You must get there acceptance in writing, so that they cannot do what you describe above.
If you don't do this, they can sell on the remaining balance, and you are back to square one again.

caravaggio

Many thanks for that sourcrates..appreciated..

c

hippychick1

I would also bargain with them. I got them down to pay only £5100 on a £13500 debt. Write back and offer 20% of the total amount owed, you never know!