Settlement offer from DCA - should I accept?

bethanyrayne

lucie_abc wrote: »

I did a fair bit of research on the boards before I posted and lots of people said that they paid less and the bank still marked it as settled. I have never been in this sitution before, so I'm relying on what others have posted about their experiences. Can anyone clarify?

They can do that if the account is already defaulted and marked as such. In that case the bank marks as settled because a default has already been recorded and apart from a CCJ or Bankruptcy it doesn't get any worse.

If your account has already been defaulted bargain for the lowest settlement figure you can get which will be lower than the offer you have recieved if you wait. The only reason you should do this is if the account has already gone into default.

lucie_abc

bethanyrayne wrote: »

They can do that if the account is already defaulted and marked as such. In that case the bank marks as settled because a default has already been recorded and apart from a CCJ or Bankruptcy it doesn't get any worse.

If your account has already been defaulted bargain for the lowest settlement figure you can get which will be lower than the offer you have recieved if you wait. The only reason you should do this is if the account has already gone into default.

Thanks for the clarification. Please can you/someone tell me how I can find out if my account is in default? Should I call BOS or the DCA and ask? (Don't know if they give out that sort of info!)

bethanyrayne

lucie_abc wrote: »

Thanks for the clarification. Please can you/someone tell me how I can find out if my account is in default? Should I call BOS or the DCA and ask? (Don't know if they give out that sort of info!)

You will have recieved a default notice giving you X amount of time to bring the account up to date. On thinking about it if a DCA has already been employed it's likely you are in default already but I'm not certain about that.

I would say check you credit reports but they may not have been updated yet. However, you can sign up with Experian and Equifax online and get a free trial just remember to cancel as soon as you have your reports.

TighterThanTwoCoatsOfPain

!!!!!! you have already been given money off what you owe them, by grateful...pay up,

you're making everyone elses loans more expensive, the banks dont just roll over and say "oops, more money lost". The loses you are making them are baked into everyone elses rate.

why is everyone in this life always trying to diddle their way out of their responsibilities..

To all the 'fluffy' people - if the OP was "i owe the CSA loads of money, help me get out of paying" what would you say then.. This is moneySAVINGexpert, not dodgemyresponsibility expert before i get flamed!

random_fat_bird

Why have you accrued the debt if you weren't planning to pay it back?

Not rudeness, I just don't understand the flippancy you're showing towards this. You borrowed it and you spent it, why not pay it back too?

MABLE

bethanyrayne wrote: »

It doesn't matter where the offer came from.

If you pay less than the FULL balance in an F and F arrangement your file will be marked PARTIAL SETTLEMENT. Sorry.

Too bl..dy right and so it should be!

tonyE1

TighterThanTwoCoatsOfPain wrote: »

!!!!!! you have already been given money off what you owe them, by grateful...pay up,

you're making everyone elses loans more expensive, the banks dont just roll over and say "oops, more money lost". The loses you are making them are baked into everyone elses rate.

why is everyone in this life always trying to diddle their way out of their responsibilities..

To all the 'fluffy' people - if the OP was "i owe the CSA loads of money, help me get out of paying" what would you say then.. This is moneySAVINGexpert, not dodgemyresponsibility expert before i get flamed!

Don't be so sanctimonious. So this girl wants to haggle with the bank over her debt, do you know how much interest she has paid, maybe she's been shafted by them. If they are happy to write some of it off then good for her that she's prepared to dig in. If you are so worried about having to pay more for your loans because of her actions, then don't borrow - simple as that.

RBS are the parasites who sold shared appreciation mortgages and they certainly aren't concerned about the huge amounts they have booked and the misery they have caused to many old people.

MABLE

random_fat_bird wrote: »

Why have you accrued the debt if you weren't planning to pay it back?

Not rudeness, I just don't understand the flippancy you're showing towards this. You borrowed it and you spent it, why not pay it back too?

To be fair to the OP she did intend to pay back but not the full amount. What you do not realise is she is trying to get a deal for her kindly parents because they will be the ones picking up the outstanding debt.