Credit Card Settlement Advice Needed Please

veravera123

I have 4 unsecured debts that are all with a debt collection company. Since around 2013, I have just been paying a small amount of between £1-£5 per month. The companies are Hoist Finance, Cabot Financial, Link Financial & Lowell. Due to the current situation with covid, I have not had work for over a year and most of the debt companies have put my account on hold for 6 months so I do not have to make any payment. Has anyone had any luck with getting this type of debt written off or maybe offer a small amount for a partial settlement. The initial debts were for a Northern Rock loan, 2 credit cards & Very catalogue. Any advice would be appreciated. Thanks in advance.

[Deleted User]

You can make them an offer. They might prefer it to waiting endlessly for the small payments.

However, if you have no income, it might be wiser to keep with the current situation.

Daintyorb

If you offer them a partial settlement - this will show on your credit file as a partial settlement and will affect your credit score.  I assume these debts are already showing on your credit file?  What are the balances on the accounts?  Have you sent them GDPR/SAR requests? As debt purchasers, more often than not, these debt purchasers have a lot of missing documents, original agreements, default notices etc, notice of assignments etc.