Tesco personal finance

onthecheap_2

Hi,have a friend,(yes really! ),had a tesco credit card,defaulted and now is on the £1 per month plan which they accepted easily enough. They are paying £10 per month though in view to reducing the debt,but obviously getting nowhere as its 8,000.

Their lovely family have decided to help them out and club together on a settlement figure which is great news

Any ideas on way to go or what to offer would be most welcome as I am unsure what to advise

Thanks

lorraine_9

HI,

I have just offered Tesco Finance a F&F and got a stroppy letter back saying no way, pay double the payment you currently are to decrease your debt and include a plan out incomings and outgoings.

I couldn't believe them as I have not missed a payment in 5 years and all my other creditors accepted my offer of F&F straightaway.

If you know of a way of getting them to accept a F&F please let me know as they are my last creditor to pay!

good luck
Lorraine

onthecheap wrote:

Hi,have a friend,(yes really! ),had a tesco credit card,defaulted and now is on the £1 per month plan which they accepted easily enough. They are paying £10 per month though in view to reducing the debt,but obviously getting nowhere as its 8,000.

Their lovely family have decided to help them out and club together on a settlement figure which is great news

Any ideas on way to go or what to offer would be most welcome as I am unsure what to advise

Thanks

black-saturn

Tesco credit card were very unhelpful when I split with my ex and found the repayments hard. Phoning them with my plight didnt seem to make any difference and in the end I had to go to the Citizens Advice Bureau with who sorted out a 6 month interest free period for me. I paid off as much as I could in that 6 months and then it went back to normal for a while until I went back and asked them to do the same again. It seemed like I had to do this through the CAB though otherwise they just treated me like a leper.

IN_LIKE_EVERYONE_ELSE!

Is Tesco MBNA?

Xbigman

Tesco is RBS.

Most companies do not like F&F's and you should ideally wait for them to default you to a debt collector. They usually have much more scope for deals.
Likewise many companies do not like DIY debt management plans but are much happier dealing with CAB, CCCS or the other free organisations.
You say you have completed a six month payment plan. Did you expect your circumstances to change in the six months? If not then set up a long term plan rather than trying to start a new one every six months.
Regards


X

jellycat40

Tesco is Royal Bank of Scotland which is all lumped in with Natwest. My experience with creditors is that they all try it on and are unpleasant to start with. They are calling your bluff and trying to bully you. Stick to your guns re the monthly payment and offer them 25% of the full amount in F&F settlement. They will not accept straight away and you will need to send them income and expenses including a projection that your situation is not going to get any better. Then they will eventually settle for what you offer.

Good Luck

Louise

Epiphone

From my experience RBS pass debts onto a firm called LaidLaw Bruce & Co. They are very nasty and open conversations with talk of making you bankrupt etc. Personally I got a F&F figure of around 75% but that's a few years ago s things may have changed.