Settlement discount

steveuk7979

What’s the biggest discount anyone has been able to agree with debt collection company

Only ask as I had an old Littlewoods account which went to capquest debt, there was a balance outstanding of £1,782, I had an arrangement to pay at £1.50 a week, logged into account the other day and saw I was entitled to discount, clicked it and it said I could save £1,603, if I paid £178.53, they would close my account as settled, that’s an 89% discount

Was able to set that up on payment plan so I will be paying £5 a week and get it settled In 36 weeks as opposed to the 1,188 weeks it would of taken me to pay off the £1,782

sourcrates

They are just cutting their losses.

@£1.50 a week, your looking at around 20 years to repay the debt.

They will of paid in the region of £170 for the entire account, so just breaking even is there best outcome.

Good for you, and good for them.

fatbelly

It's unusual to get a settlement deal payable over 36 weeks. They would normally be looking for a lump sum. Make sure you get and keep the deal in writing.

sourcrates

fatbelly wrote: »

It's unusual to get a settlement deal payable over 36 weeks. They would normally be looking for a lump sum. Make sure you get and keep the deal in writing.

Some DCA`s (I`m thinking Lowell off the top of my head) will give you the discount you are looking for, then let you pay the discounted figure, over a period of time.


Brave new world.