Quick question. I have been defaulted by natwest some 6 years ago as they said this was necessary so they could 'offer' me reduced payments and cancellation of interest charges. To be fair they have stuck to this ever since, 6 years, and all I have to do is send an I/E every 6 months and they accept my reduced minimal payment. If I 'default' on this revised agreement they said they would send it to a DCA.
I don't want to rattle their cage so I haven't , in case they pass to a DCA...but...if I want to try and get a reduced settlement is my best option to in fact default and then let Natwest reassign it, thereby forcing them to write it off (if they haven't already) . Given a DCA wouldn't pay more than 30% of the debt, and more likely to offer reduced terms if I asked them ?
Is this a flawed or risky strategy ?
I don't want to rattle their cage so I haven't , in case they pass to a DCA...but...if I want to try and get a reduced settlement is my best option to in fact default and then let Natwest reassign it, thereby forcing them to write it off (if they haven't already) . Given a DCA wouldn't pay more than 30% of the debt, and more likely to offer reduced terms if I asked them ?
Is this a flawed or risky strategy ?