90% reduction settlement offer made on credit card debt

sourcrates

Posted on behalf of InDebtHarri

Today at 12:49PM

Hello

This is about a a credit card debt default that happened in 2015, when I had been unemployed and struggling financially for a while. The credit card company (a big bank) were hassling me to accept a repayment plan that was simply unrealistic for under my circumstances, so I stopped communicating with them. 

But I made sure I paid £20 every single month to the credit card account - and I have been doing that for years up till the present time (Sept 2024).

Thing is, the bank sold the debt to some other company, but I have never ever communicated with them in any form. They would send the odd letter to me now and then. The latest one was an offer from them to write off 90% of the debt. I have 14 days to accept the debt company's offer.

Should I accept their offer?

What are the repurcussions of accepting? Can it affect my credit score?

Since I always paid something to the cc account every month, I believe the debt company were not able to get a CCJ against me. The remainder of the outstanding debt is just under £3000.

Any advice please? I have only 14 days (now 10 days) to accpet their 'offer'

Rob5342

sourcrates said:

Posted on behalf of InDebtHarri

Today at 12:49PM

Since I always paid something to the cc account every month, I believe the debt company were not able to get a CCJ against me. The remainder of the outstanding debt is just under £3000.

That wouldn't create any legal barrier to them getting a ccj. It could well have meant they didn't bother trying to get one though as it would probably only have resulted in them getting the same amount from you. 

ManyWays

Do you have £300 for the proposed settlement?
How does this debt show on your credit record, as a payment arrangement, defaulted or it is no longer there.