Nationwide and ARC

Sidney_31

Good morning all. 
I am just looking for some peace of mind. I have worked hard over the last ten years and reduced my credit card debt from around £48,000, now down to under £10,000. Most of this is with PRA who I pay £40 a month to but I do owe Nationwide just under £2,000 for a credit card. All of my debts dropped off my credit record in 2024 (yippee!). I have been paying Nationwide £65 a month to clear the debt and have happily paid this. After several years of doing this, they have now written to me to say they have passed the day to day management of this debt to their "long term partners, ARC Europe Limited". I think (I hope) I know the answer to this but this won't mean the debt reappears on my credit record will it? I just wondered why Nationwide would sell the debt on after all this time, if they had offered me a settlement deal I would have taken it.
Should I just carry on paying the £65 as and when ARC send me their details?
Thank you!
Sid

ManyWays

No it will not reappear. 
There is no reason why you cant offer a settlement, you dont have to wait for one
How long ago roughly do you think the Nationwide card account was opened?

Have you asked PRA to produce the CCA agreements for the card debts they own? 

Sidney_31

ManyWays said:

No it will not reappear. 
There is no reason why you cant offer a settlement, you dont have to wait for one
How long ago roughly do you think the Nationwide card account was opened?

Have you asked PRA to produce the CCA agreements for the card debts they own? 

Thank you! I am relieved to have it confirmed it won't disappear. Sadly PRA were able to produce the CCA Agreement when I requested it, I used to pay them £80 a month but dropped it down to £40, I just pay it and ignore their requests for an account review.

The Nationwide account was opened about 16 years ago, I have been paying them every month with an agreed amount since 2016, so just wondered why they had now decided to sell it on. I will think about offering them a settlement, just to get it paid off. 

RAS

Was the Nationwide Account an overdraft.

If not have your requested the CCA for that debt?

Sidney_31

RAS said:

Was the Nationwide Account an overdraft.

If not have your requested the CCA for that debt?

No it was a credit card - good point I don't think I did, so I will look into that. Thank you!

Rob5342

Are you sure they've sold it? It sounds like they have just passed it to ARC to handle collection. Essentially they've just got fed up with having an old debt lying around so they've passed it to someone else to see what they can get out of it for them. You might find that ARC offer you a settlement offer at some point. 

CCA requests tend to work better when the debt has actually been sold on. You could give that a try if you want to or you might be able to squeeze a < £1000 settlment out of them.

Sidney_31

https://forums.moneysavingexpert.com/discussion/comment/81855187#Comment_81855187

Yes you might be right, reading the letter again it does read as if they have just passed it to ARC to handle. I am just relieved it won't appear on my credit file again as I have worked so hard to reduce my debts.

Thank you!