PRA Group Full and Partial Settlement

mistersticks

Hi there

Any help on here appreciated.

I Currently have a DMP with Moneyplus since 2015. The debt is currently at £44,000 (with 4 different accounts) paid off in 50 years!! I am in the process of hopefully getting a secured loan to pay all the accounts off. I am negotiating with the credit companies on my own as Moneyplus said they would charge too much to do it and wouldn't be in our best interests.

Today I have negotiated very decent Full and Partial settlements with 3 of the 4 companies at between 20 and 30%.  £9500 instead of £38000

The problem is with PRA Group...the initial debt was with NatWest but now it is with this company. When I spoke to them today to explain what I was trying to do and the deals that had been negotiated so far they flatly said that this debt (Ironically the smallest at £6000) was non negotiable and the £6000 was the total. I explained that I am paying a measly £10 a month for 50 years and the person said that there was nothing that they could do as that was the terms...

Any advice appreciated and has any of you come up with the same problem?

worrygirl

Hi There!
I am in the same boat as you with PRA they have not accepted a lower payment either. Can i ask did you get any better response from them later on?

Suseka97

Okay - firstly, if Moneyplus is one of the fee charging companies who 'manage' your DMP - I rather hope you've dumped them. I hate to think how much you've paid them since 2015 for the privilege of them 'managing' it for you

The only way you are going to get anywhere with the PRA group is to send off a CCA request and wait to see if the debt proves to be unenforceable.  If it is, then your bargaining position will be greatly enhanced.  But even then, there is no 'quick win' here I'm afraid.  It then becomes a bit of a game and you stop paying until they are ready to accept your offer.

Secondly and more importantly - please don't turn your unsecured debt into secured debt, just don't (not that your credit history will put you in a favourable position to do so).

Look, assuming your debts are all now defaulted - they will fall off your credit file 6 years from that default date irrespective of whether you still owe money or not.  It's a mindset thing.  I'm assuming you entered into a DMP because bankruptcy or IVA isn't suitable for your circumstances (assets or a job to protect) - so if you can't settle with F&Fs, just pay the minimums you've agreed and focus on more important things.  Or when / if your financial situation improves - then pay a little more and you'll get rid of it sooner.

I'm not trying to be flippant and I don't know your story, so please take this in the manner its intended - and that's simply to put things into perspective.

sourcrates

I second the proposal you dump moneyplus, your just wasting your money paying them for doing absolutly nothing.