Credit card debt offer

MoneyMonkey23

Hi guys

Sorry if this is in the wrong group. I tried posting in the debt thread but it didn't work.

I have £990 debt from a previous credit card company that's dragged on for years. They've offered me £100 to pay and settle.

I'm suspicious of this. Anyone got experience of this? Should I pay and would that have consequences?

Thanks guys
:beer:

[Deleted User]

Have you already defaulted?

Who owns the debt?

MoneyMonkey23

Well - yes I believe it is defaulted. It's with a debt collectors (Robinson Way)

Thanks

[Deleted User]

might be bear being statute barred if they are willing to offer such a low settlement amount.

sourcrates

How many years has it dragged on for ?

If its been 6 years or more without payment or written acknowledgement by you, then it may be statute barred.

A £100 settlement figure on a debt close to a grand, is a very good deal, assuming its not statute barred.

Check your dates, if the above applies, send the statute barred letter, available from many sources (use Google), if its been less than 6 years, then its your choice to settle or not.

MoneyMonkey23

Well we tried the statue barred and they said that a payment was made in the last six years with no proof that it had been (and we don't know either if it has or not!)

Sounds like we're better off paying and settling. My worry is that it will be seen as admission of owning the debt and demand the full payment.

The letter does state that it would be final payment with no further demands for money but if it was listed on his credit history (which it is not) it would be updated with 'partially settled' so how can they say on one hand it would be settled and on the other only partially!?!

Thanks for all your help so far guys

DaleHarries

MoneyMonkey23 wrote: »

Well we tried the statue barred and they said that a payment was made in the last six years with no proof that it had been (and we don't know either if it has or not!)

Debt collection companies are extremely dodgy. They'll tell you anything to get you to pay, even saying you've made a payment in past 6 years.

Just think back and remember when your last payment was made. If it's more than 6 years ago, it's statute barred. Send them a letter informing them and telling them you won't contact again. If they try any funny business, the law is on your side and you can report for harassment etc etc.

MoneyMonkey23 wrote: »

Sounds like we're better off paying and settling. My worry is that it will be seen as admission of owning the debt and demand the full payment.

Don't pay, at least not until you've established if it's statute barred!

MoneyMonkey23 wrote: »

The letter does state that it would be final payment with no further demands for money but if it was listed on his credit history (which it is not) it would be updated with 'partially settled' so how can they say on one hand it would be settled and on the other only partially!?!

Partially settled is a note on your credit file to say that although you're settled, you didn't pay the full amount back. It's worse that "full settled" which is what you'd imagine.

Also, the debt not being record on your credit file is a great indicator that the debt if over 6 years old and statute barred.

PixelPound

If its a final settlement figure, then the rest of the debt will be written off, but it will be marked on your credit file as "partially satisfied", but if the original default is nearing 6 years it won't affect you for too long. If you have it in writing, you will be okay. It is a "settlement figure" which will mean the debt is no longer a debt, the partially satisfied is purely to say that you didn't pay the full debt. It will no longer be a debt.

These companies can often only pay pennies on the pound for debt, so may be making a profit even if they just get £100. You could ask them for the dates the payments were made and who to, they should be at the very least be able to provide you with information about the last payment because this is the one that would stop it been stat barred. Of course you may decide its less hassle to pay rather than dispute, especially as these offers are often time limited.

PixelPound

DaleHarries wrote: »

Also, the debt not being record on your credit file is a great indicator that the debt if over 6 years old and statute barred.

That just means the original default is over 6 years, the OP needs to really check that no payments have been made to the CC co or any DCA acting on their behalf. What also needs to bare in mind is the time and effort and the OP willingness to dispute it. These discounted offers are often time limited, after which they may decide to go down the legal route as a claim form can be done right up until the 6 year limit. True a claims form can be defended and if the OP believes it is stat barred that is a defence, but it is all time and effort. Maybe it is found stat barred and they don't have to pay, but maybe it isn't and they end up having to pay £1000+.
It really depends on what the OP wants to do, as it's their choice.

DaleHarries

nic_c wrote: »

That just means the original default is over 6 years, the OP needs to really check that no payments have been made to the CC co or any DCA acting on their behalf.

Exactly :-)

It sounds like OP probably hasn't made a payment though. I'm gonna take a wild guess that Robinson Way are just fishing.

sourcrates

Never, ever take what a DCA tells you at face value.

Write back and demand evidence of this payment, tell them that figures on a spreadsheet, simply will not do.

You require the following :

The amount they allege was paid,

the name of the person who made the payment,

the address given,

and the method of payment used.


All this information should be available to them.

If they cant, or wont provide it, your SB defense stands.