Final settlement PRA

Just_Di

3011gillian wrote: »

PRA (originally with MbNA) owe £2800 paying £106
Link (originally Barclaycard) owe £2800 paying £48
Wescot (was Halifax) owe £2500 paying £32
PRA (was mbna) owe £2300 paying £48
Hoist (was Tesco) owe £1700 paying £8
Capquest (was virgin money) owe £1500 paying £8
Plus two bar lays overdraft still with them so not passed on totalling £2k

Total owed just over £18k paying £456 a month estimated debt free Jan 2022.

Almost every debt on your list has been assigned to a debt purchaser (except 2 x Barclays overdrafts and a Halifax debt with Wescot a DCA?).

Debt purchasers' sole business is to make money so they are target driven. Sadly you are seen as a reference number not a human being. Any F&F offer is seen as an opportunity to exploit your wish to bring matters to a conclusion. They are in no hurry. Funds paid into their account from DMP providers requires no effort. It's literally £millions each month which just 'arrives' in their bank.

Since the balance outstanding is not attracting interest (I hope!) they will ask themselves why you want to pay now when you have an £18k "interest free loan" (in theory). There is usually a reason behind settlement offers from a debtor.

Being in a DMP doesn't guarantee that they won't issue a court claim. However if you've sent them a s 77-79 CCA Request which they can't or don't comply with, then under the FCA Handbook CONC 13.1.6 they must tell you the debt is unenfocreable and not threaten court proceedings.

See the CCA Request as a potential way of protecting your legal positon.

If a DJ says "you borrowed the money so you should pay it back" then I would say "this is a legal argument, not a moral one, sir".

You must do always what feels right for you but it may help if it's an informed decision having canvassed opinion which is what you are now doing on this thread

Di