Has anyone negotiated down a debt with a collection agency?

newgem

Hi, slowly getting clear but I have two old debts left on my credit file, they will clear in just under 2years. The debt collection agency send letters every few months, I’ve never made payment on them or made any contact. They’re about £800 each including agency fees. 

I want to clear them, but don’t have £1600 or should I just wait the 2yrs then it’s gone anyway? 

Has any one negotiated a debt and how did they go about it? They might prefer to have say 20% now rather than continue to get nothing? 

Voyager2002

I would leave them for the two years, unless you are going to need a mortgage before then.

I did once negotiate down a debt. I was unemployed and receiving benefits; had been for quite a long time; and in view of my age it seemed unlikely that I would ever get a decent job. I explained this by telephone and said that a family member had offered to give some money to clear up the debts, and eventually they agreed to accept about 30 per cent of the amount owing in full and final settlement.

Rob5342

There's no point paying them if you don't have to. I'd keep quiet for the moment but keep some money aside in case they take legal action later. 

sourcrates

Agency fees????

You can`t add fees to consumer credit act debts unless the original agreement allows for it, most do not.

Are they acting on their own initiative or acting for a client bank, for example in their letters, do they refer to "their client" at all?

Which company is it?