Debt collection agency's

Walkermanchris

Good morning

I have quite a few arrangements set up with debt collection agency's like Lowell etc. Most of these arrangements are set up at a minimum amount of £5 a month.

My query is this, occasionally I get letters offering me a discount on my debts for example, some offer 75% off the debt if I pay a lump sum there and then. I have contacted the company and asked for the discount but still continue to pay £5 per month. This has always been rejected and the offer withdrawn. My argument to them is it seems unfair that the offer is withdrawn because I simply don't have the funds to pay off the debt and if I had that type of money to pay off my debts, I wouldn't be in debt. Can they do what they're doing? Making offers but withdrawing them because I don't have the funds to pay. Where do I stand legally because I really wanna clear my debts ASAP.

Many thanks for any advice given

Gavin83

I think you're somewhat missing the point. They're not offering you a discount out the goodness of their hearts, they're offering you the discount to get the account settled and remove you off their books. Why would you get a discount when continuing to pay your standard amount?

I'd suggest either trying to borrow money from somewhere (or someone) else to take advantage of the discount or negotiate a smaller discount for an increased monthly payment.

[Deleted User]

Walkermanchris wrote: »

Can they do what they're doing? Making offers but withdrawing them because I don't have the funds to pay.

I think that's pretty much how offers work!

National_Debtline

Hi Walkermanchris


They make these offers because it's in their interests to bank a lump sum if at all possible and then close the account, rather than limp along getting token payments over years and years. If you can't oblige, then they'll settle for continuing to take those instalments, but more likely than not the debt will get sold on to someone else eventually and such discounts will get "offered" once again.


Dennis
@natdebtline

sourcrates

Lowell are one of the few debt purchasers who will give you the additional discount and allow you to repay the discounted balance monthly.

You just have to be clear in what your asking for.

Write and ask for there best discount on offer that still allows you to repay monthly.

diggingdude

you would think they would just write it off right???