PRA Offer

Lettingissues77

Hi,

I have been waiting for a Barclaycard debt to default, and was then going to start paying. I was considering a CCA request for this debt as it was from a 2012 credit card.

PRA have bought the debt and have offered a 65% discount (it’s £2500 originally) if I pay it over 6 months. 

I could just about afford this, it says the offer will expire 20/11 is it worth going for a CCA, or should I just agree to this?

Thank you for any advice 

Rob5342

Always ask for the CCA before agreeing to a settlement offer. PRA are notoriously difficult when it comes to settlement offers so I'd be suspicious about their motivations for offering this much discount so early on.

It's a common tactic to make offers look like a one off special to try and tempt you into accepting it, but usually they will still be open to offers later.

tigergambit

Lettingissues77 said:

Hi,

I have been waiting for a Barclaycard debt to default, and was then going to start paying. I was considering a CCA request for this debt as it was from a 2012 credit card.

PRA have bought the debt and have offered a 65% discount (it’s £2500 originally) if I pay it over 6 months. 

I could just about afford this, it says the offer will expire 20/11 is it worth going for a CCA, or should I just agree to this?

Thank you for any advice 

I have recently settled a Barclaycard debt with PRA at 23% but my Barclaycard was 2020 and a reconstructed CCA was provided. They had previously declined this offer. So are PRA looking to raise some quick cash? Possibility, but in your shoes I would want to see a CCA.

sourcrates

PRA Group as a whole are under pressure due to continued debt funded portfolio purchases and a weaker than expected improvement in collection efficiency, according to the net.

They are also experiencing a significant increase in legal collection costs, they need to maintain a 60% cash efficiency ratio, apparently, and they are currently below that figure.

All of which could explain the softer approach to settlement offers we are seeing at present.

So if you have debt with PRA Group, and you`re looking or hoping to settle, now is the time to act.