PRA GROUP - Offer

unsure1234567

I was wondering if someone can help or advise what they would do in my situation.

I had an old credit card debt going back to the late 90s that I took out and defaulted around 2007 on it.

Ever since I have been paying what I can afford to pay and send in income/expenditure details to them very 6 months. They have been fine with my offer of repayments and I have been doing this for years.

However I just received in the post a letter stating "thanking for my continued payments" and offering a 50% discount off the debt.

I cant afford it but I know if I asked around "family and friends" could stump up this discount to get them off my backs.

I read somewhere that PRA GROUP usually dont give discounts but gven the age of this debt I assume is the reason why!

What would you do in my poisition. The debt is around 18K the disount is around 9K and want me to pay half that I dont have but could ask around on!

Do you think them offering such a large discount is screaming something is wrong with the account? 

I only have been paying what I can do is to keep them off my back but this has thrown so many spanners in the work on what to do!

Do you think I should ask "family/friends" to try and get this money together to get them off my back or do I just start questioning why you givining such a large offer and dig into if anything is wrong with the account?

So unsure what to do here! Any help will be appreciated!
 

fatbelly

Your instinct that there could be something wrong is worth testing.

As it's a credit card, it is worth requesting a copy of the agreement and, if they can't provide one, that is the end of things

https://nationaldebtline.org/get-information/sample-letters/information-about-your-agreement-under-consumer-credit-act/

If they can, then remember 50% is their opening offer and you can suggest a lower figure

Obviously stop paying while they look for it, and start to save a lump sum

unsure1234567

Many thanks for the message. I just dont know what is best now to do!

I never have received an offer letter from them before in all the years i have been paying something to them.

Just this offer came out of the blue and just questiining the thought behind it.

Rob5342

I wouldn't think about their reasons. Send them a CCA request and take it from there. There is a good chance that they won't be able to produce it as the debt is so old, if that's the case then you can simply ignore it. I have an £8000 Barclaycard debt with them  that I originally took out in 2002. They couldn't produce the CCA for that so I stopped paying. 

sourcrates

They will have had the debt on their books for a long time, and are looking to get rid of it, nothing more to it than that.

A CCA request is a must, there is a very good chance they won`t be able to comply, and you could walk away and pay nothing further.

Keep in the forefront of your mind that on average bad debts are sold for around 10/12p in the £, so PRA Group will have paid a little under 2k for this account, so they have had more their money back from you.