Full and final settlement help thread

Just to make things clear - whatever it is, Arrow (a debt buyer) will have paid less than £160 for this, and want you to pay them £1600. If I am right there is nothing they can do legally to collect on this, nothing they can do to affect your credit file and no reason why you should contribute to their profits. Even if you have funds available, I am sure you have better things to do with your money.

In 2013 we "sold" our debt to a company for a fee.
The debt was with Virgin Money who transferred or sold it to Link financial (I'm not sure which).
The debt is £10,500.

After a time the debt came back to haunt us when the company we "sold" it to went out of business.
Since then (just over 2 years) we have been paying a token payment to Link of £1 per month.

We are now in the position to be able to offer a settlement with some money from a family member.
Where should we start with negotiations?
Bearing in mind our age (56), is it worth offering £1,500 (expecting to pay about £2,200 total)?
It would certainly take a long time to pay that off at £1 per month.......

Do you think it is worth offering?

many thanks

farmeress wrote: »

In my bid to negotiate F&F's to clear my debts, I have CCA's Barclaycard (I owe them £6000). I took this credit card out in appx 1989 and have today received a reconstituted agreement... now how do i know if it is enforceable? There is no signature on the agreement and no credit limit. Any advice about how I know if it's enforceable or not?

Thanks in advance.

They can send a reconstituted copy but it has to be the t&c's you signed and not any from more recently than that. It's difficult for you to know if what they sent you is correct unless you kept a copy of the original yourself.

I would think about sending a Subject Access Request - for which they can charge you £10. This will mean they need to send a copy of all information they hold on you. That might be more revealing in this instance.

"In 2013 we "sold" our debt to a company for a fee.
The debt was with Virgin Money who transferred or sold it to Link financial (I'm not sure which).
The debt is £10,500.
After a time the debt came back to haunt us when the company we "sold" it to went out of business.
Originally posted by LJB290

What do you mean "we sold the debt for a fee" ?
I`m a little confused about this statement.

Sorry for being unclear:
There was a scheme whereby a company bought your debt to fight or settle on your behalf. The debt was "legally transferred" to this company.
We signed up (due to various reasons that I wont bore you with now). The company then took on the debt and either fought it or settled it after a fight.
That company decided to close down 2 years ago when the going got tough and the debt was then transferred back to us (even though their paperwork boldly stated that this could and would never happen).
We found that the company had paid Virgin Money/Link a couple of £1 payments over a few years and we decided to continue to pay that £1 per month. Now we are in the position where we could make an offer.
The debt is £10,500.
What would be a reasonable offer to start at?
(BTW: this case along with hundred of others was taken to the FOS many months ago and they are apparently investigating extensively).
many thanks

I have a defaulted (Feb 2017) Barclaycard account which currently stands at £4707 owed and interest and charges have all been frozen. I am currently paying £20 monthly to Barclaycard while I pay off my Argos card and Lloyds CC. When I have paid off my other two accounts I want to pay off the Barclaycard one but will Barclaycard accept a full and final offer? Or would it have to be sold on to a debt collector first?

Thanks