Payplan and clearing debts

Rob5342

If you are sure it has defaulted and you are happy with what's in your emergency fund then start repayments. Remember it's not an offer, you are telling them what they'll be getting.

davetheman007007

I will be getting funds in February to clear all the debts if I can manage to only pay half and leave me some funds left

freshstart2023

It doesn’t take long for some of the DCA’s to start making offers, I had received offers from most after a few months of them purchasing the debt. 

Rob5342

freshstart2023 said:

It doesn’t take long for some of the DCA’s to start making offers, I had received offers from most after a few months of them purchasing the debt. 

They only pay something like 10% for the debts, so a 30% discount means they have made 6 times their investment. 

davetheman007007

My Barclaycard was sold to PRA on the 11th November, I owe £1419.99 so offered them 50%, they have replied with the below

Thank you for your email and making us aware of your circumstances, please be assured we want to help in the best way we can.

Thank you for your offer of £710. Whilst we appreciate this offer, it is below what we are offering at the moment; the settlement we can accept is a payment of £994, paying this will mean your account will be closed and we will not contact you about it again.

davetheman007007

I have had feedback of the below from one company

Before we look into the settlement fee further, we have advised that the default would be updated as partially satisfied if a discount is agreed. Is this ok? 


Is this acceptable to record as partially satisfied?

sourcrates

@davetheman007007

Only when you pay a debt in full is it marked as satisfied on your credit file.

Any other settlement deal you make will be marked as a partial settlement, if the debt is still showing on your credit report.

If the entry has dropped off your file due to time, nothing you or anyone else does will bring it back, and nothing further will be recorded on your file in regard to that account.

That about covers all the scenarios methinks.

davetheman007007

Hi, some debt collection companies are agreeing to 50%, Lowell have rejected 50% and offered a 30% discount as a good will gesture, they have said I can pay monthly which I don't really want, if I refuse the 30% offer, anybody know what will happen, would the debt be sold to another company?

ManyWays

Did this debt only default recently? If did that is probably the reason for the rejection, just carry on making monthly payments for a year than repeat the settlement offer.
Lowell may sell the debt on, but as they would probably get a lot less than 50% of the balance for that, its unlikely.  

davetheman007007

Thanks, at the moment I am not making any payments, is it worth agreeing on a monthly payment with them, ideally as low as possible.