Full and Final offer received

Fulhamite48

I have been offered a 50% discount offer as a full and final settlement from the PRA group. I was going to try a counter offer (although they have twice declined a counter offer in the last 2 years) But before I do this, should I request a copy of the CCA? The original debt was with Tesco bank from a 2014 account. But the date of the agreement is on the settlement letter, does this mean they have the CCA?

ManyWays

What sort of debt was this: credit card, loan or overdraft? Because a CCA agreement is not relevant for an overdraft.

Knowing when the account was opened does not mean that PRA have the CCA agreement, nor that Tesco will supply if PRA ask them.

Fulhamite48

https://forums.moneysavingexpert.com/discussion/comment/81966310#Comment_81966310

Thank you, it was a credit card that defaulted in 2021

Brie

It can't hurt to ask for a CCA. Worst thing that might happen is that they find one. And you're no worse off than you are now. Best thing is that it will take them ages to come back to you and by then you'll be 6 years on from the default and you can talk about it being time barred. This is why you need to do everything by snail mail…it takes that much longer for them to get and send thing and you have everything in writing.

Rob5342

Usually they don't have the cca and have to request it from the original creditor. PRA are notoriously difficult when it come to settlement offers so I'd be suspicious that they know there is a problem with the account.

There's no need to think about it too much though, just make the cca request and take it from there. Read the response carefully as they often get very creative with their wording to try and deceive you into thinking debts are enforceable when they aren't, calling them valid and collectable or other such rubbish.

Gustygoat

https://forums.moneysavingexpert.com/discussion/6664517/full-and-final-offer-received

Hello,

In case it helps, they offered me a 65% discount on a debt they bought late last year from a credit card taken out only a few years ago.

Following a brief call in which I said a family member could gift me a small four-figure sum, they upped the discount to just over 80% without any delay - just ran my offer past a "team leader" and then buzzed me straight back.

They also said the "limited-time discount offer" was valid for 28 days from my call - which was to confirm the emailed offer was genuine and not a scam/spoof - and that the discounted settlement figure could be paid monthly over a period of up to six months.

An experienced Forumite on my thread suggested they might be financially distressed, so now could be a good time to take advantage of their supposed predicament.

Good luck.

GG

sourcrates

PRA are desperate for cash just now, it was posted in an earlier thread, they have not been as profitable in recent months, as there forecast predicted better collection results than have been achieved.

This is likely due to the cost of living crisis that is affecting us all, and when money is tight, the first payments to suffer are to unsecured debts.

If you are considering settlement of a debt with PRA group, now is the time to strike.

Fulhamite48

Thank you all, so much information. I thought it a bit odd they offered me such a big discount when I have been paying them for 2 years without fail, I understand it all a bit more now. I will update on the final outcome