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help with debt recovery firm

(8 Posts)
nancy75 Wed 30-Jul-08 15:18:28

i have an outstanding debt that i ran up years ago (actually thought it had been paid off, but was wrong) before xmas got letter from debt recovery firm, you owe us blah blah, so i phoned, arranged to make monthly repayments and have honoured this repayment schedule.
today recieve a letter saying that after a review they have decided that my repayments will increase from £60pcm to £72 pcm, starting from aug, phoned to tell thenm this is not acceptable and they have told me they will look into it and get back to me.
surely if we have made an agreement they cant just change it?

secondly, in sept i will be getting some money back that i lent to a friend, it is not enough to clear this whole debt, but i have been told that sometimes you can offer a certain amount as a lump sum and it will clear the debt, does anyone Know anything about this?
thanks for your help.

Ivegotaheadache Wed 30-Jul-08 15:24:09

They can't just up your payments and demand that you pay that amount back.
They should have contacted you and asked if you are able to increase the payments.
If you can't, then tough. They do try to say that they simply cannot accept the lower amount and need more, but you have to pay your rent and bills and living expenses first - anything left over can go to them.

How are these payments made?
Call them and tell them that no can do at the moment - they won't take it further because anyone can see that your paying a big amount every month and you haven't stopped payments.

They will accept a lump sum payment sometimes, depending on how much it is I suppose. Write to them at the time and offer them the lump sum adn see what they say.
Sometimes they say yes, to just get rid of the debt.

MrsFluffleHasAWuffle Wed 30-Jul-08 15:26:22

Check out www.debthelp.co.uk really really knowledgeable on debt help, great people on the forums.

MrsFluffleHasAWuffle Wed 30-Jul-08 15:26:59

apologies www.debthelpuk.co.uk

SpookyMadMummy Wed 30-Jul-08 15:59:46

Look at MSE forums for further help on the Debt Free board.

Roseylea Wed 30-Jul-08 16:10:26

Also see if there is a local branch of Christians against Poverty (CAP). THey give free, well-informed, caring advice and don't push religion at all. I know the people who run the local branch here and they've been brililant, they've helped lots of people with very significant debts. (They even got a free house for one family, would you believe?!)

CAP

fiodyl Wed 30-Jul-08 20:26:29

Yes they will accept lump sums to clear the debt. Today I cleared a £688 debt by paying £520.
The trick I used is to initially offer lower- I offered £450, he then said he could only go as low as £600 so I said I couldn't pay as I only have £520 in my bank at present and he immeadiatly accepted.

Do make sure though that they agree to accept it as a Full and Final payment and that they(or anyone else)will no longer persue you for this debt-and also that they mark your credit file entry as 'settled'

nancy75 Wed 30-Jul-08 22:05:34

hi, thanks for all your advice, i dont really need debt councilling as such, this is luckily the only debt i have and is not for a huge amount, but thanks and i am sure these links will help other people.
fiodyl, thats interesting, my debt is for about the same amount so i will be sure to try your advice, thanks.

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