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Offer of full and final settlement
Stormybay
Posts: 340 Forumite
Hi there,
We have a debt with a debt collection agency, which we've had for about 10 years.
We were unemployed and have been paying the minimum amount.
The debt was for £10k and has risen to £17500 now.
We have had an inheritance of £10k, do you think if we offered the debt agency £10k as a final settlement, they would accept this, and if so, how would I go about doing this?
thanks so much in advance
M
We have a debt with a debt collection agency, which we've had for about 10 years.
We were unemployed and have been paying the minimum amount.
The debt was for £10k and has risen to £17500 now.
We have had an inheritance of £10k, do you think if we offered the debt agency £10k as a final settlement, they would accept this, and if so, how would I go about doing this?
thanks so much in advance
M
:j Stormybay
0
Comments
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Moved to general DFW forum.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Hi there,
This kind of thing needs to be done in stages, and in the correct way, so some questions first.
What kind of debt was it originally, and was it CCA regulated ?
Who is the collection agency ?
If they are still adding interest, it suggests the debt never defaulted, and the DCA has been adding interest as per the terms of the original agreement, when a debt defaults all charges stop, and the balance is frozen.
No further charges can be applied, unless the original agreement allows them to do so.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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