Debt settlements

hev3049

I am so pleased!  Cabot wrote to me with an offer of paying £604.45 off a £2015.52 partial payment - I agreed but wanted it in writing that noone will come after me for the balance, which they did. I contacted Wescot about Barclaycard and offered them 40% off a debt for £5,175.48 - just paid them £2,090! 
Contacted Arvato and offered 40% off Barclays but they came back with 50% as I will only be paying £447 - just waiting for the offer in writing.
 I am so please 3 debts nearly gone several more to go!

BlueJ94

Well done! Great result ☺️

Time4T_Accounts

Hello. My step-daughter is in a similar situation. She has one debt where she’s been making minimum payments for 10 years to a debt collection agency (she hasn’t missed any).  She has some cash now and so she called them and they have told her she can make a lower payment in partial settlement (approx 18% reduction).  This sounds to me, though, that they are not going to clear it.  Does anyone know if taking this option would result in a default on her credit record?

Many thanks

sourcrates

Steve_PL_too said:

Hello. My step-daughter is in a similar situation. She has one debt where she’s been making minimum payments for 10 years to a debt collection agency (she hasn’t missed any).  She has some cash now and so she called them and they have told her she can make a lower payment in partial settlement (approx 18% reduction).  This sounds to me, though, that they are not going to clear it.  Does anyone know if taking this option would result in a default on her credit record?

Many thanks

If she`s been paying it for ten years, i assume its already defaulted years ago.
Defaulted debt stays on your file for 6 years, then drops off forever.
Nothing she does can bring that entry back again, so if its not showing now, it never will again.

Time4T_Accounts

sourcrates said:

Steve_PL_too said:

Hello. My step-daughter is in a similar situation. She has one debt where she’s been making minimum payments for 10 years to a debt collection agency (she hasn’t missed any).  She has some cash now and so she called them and they have told her she can make a lower payment in partial settlement (approx 18% reduction).  This sounds to me, though, that they are not going to clear it.  Does anyone know if taking this option would result in a default on her credit record?

Many thanks

If she`s been paying it for ten years, i assume its already defaulted years ago.
Defaulted debt stays on your file for 6 years, then drops off forever.
Nothing she does can bring that entry back again, so if its not showing now, it never will again.

Thank you sourcrates.  I think the bank lender sold the debt to an agency (there wasn’t a CCJ) because she was so behind and missing payments. I’m just nervous that she might undo all the effort she’s put into getting back on track.

hev3049

Steve_PL_too.  Your daughter needs to write to debt collection agency stating -

. I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.
I can pay the amount I have offered when in receipt of your written agreement of this offer.

Please adjust wording yourself

Time4T_Accounts

Thank you hev3049. 

I will pass on both of these helpful comments

hev3049

Another result - I offered Ratesetter 40% but they said they would only accept 75% I counter offered them £3,000 the maximum I could go to - which they accepted. I just wanted the debt gone, I most probably could of gone a bit lower though but didnt want to wait! Over £2,000 reduction, I owe them the money so any sort of discount is a bonus

hev3049

Im so happy , another bill paid off - PRA (Halifax) full & final settlement - offered £750 which had a balance of £1,859. I have another account with PRA (MBNA), they said its unenforceable, I owe £3,364.75 but they said i could pay £1,185 f&f. I know its unenforceable but its my debt, I am going to hang on a bit longer to see if they reduce it more. 

JamieJ89

Good job Hev, must be a weight lifted!

terlou5881

hev3049 said:

Im so happy , another bill paid off - PRA (Halifax) full & final settlement - offered £750 which had a balance of £1,859. I have another account with PRA (MBNA), they said its unenforceable, I owe £3,364.75 but they said i could pay £1,185 f&f. I know its unenforceable but its my debt, I am going to hang on a bit longer to see if they reduce it more. 

HI there, out of interest, how long had you been paying PRA when they accepted your offer of £750? I also have a debt with them which I pay minimal payments to (and have for over 3 years) and wondered whether they are likely to take an offer. Your example gives me hope!