Settlement process? Uni student.

[elodietor]

Hello all,

I thought I had cleared all my debts, until a letter arrived from Cabot. Nightmare - I hoped I didn't have to go through this type of mediocrity ever again.

They are asking for a figure that is between 3000/4000 from a credit card. This is from 2006.

My situation is that I am a student at university and I will be here for the next three years. I can't work due to placements and my only money is what i receive in student finance, which is roughly around 25 a week! (at this point can i stress I have no sterling pound button on my latpop!)

So, any ideas on what to do? I'm able to ask family member for about 1000-1500, would they take this as full payment? There is no way they'll wait 3 years for me to finish uni, and then find employment... or will they?

I appriciate any abuse for my past failings, any help at this point would be gratefully received.

Thanks!

Austin

[Sapphire]

Re: Settlement process? Uni student.

Hiya

Firstly I recommend you read this excellent guide ~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles Consumer Forum then send the prove it letter.

Once they have replied then let us know what they've said and we can go from there.

[elodietor]

Re: Settlement process? Uni student.

Hiya

Firstly I recommend you read this excellent guide ~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles Consumer Forum then send the prove it letter.

Once they have replied then let us know what they've said and we can go from there.

Hello,

Thanks very much for your swift reply, I didn't expect any help as a newbie. On their letter it has an account number which is true of the credit card, as I still have that too.

So they now own it, and I just want to try settle it as I cannot allow for them to chase me at university - I'll get thrown out!

Could/would they accept 1000-1500 for a debt that is 3000-4000? Or am I in dreamland?

[Sapphire]

Re: Settlement process? Uni student.

So you are definately sure you owe the debt and you are sure that the figures they give you are true ?

If thats the case then go ahead and make them a full and final settlement offer, personally I wouldn't, I'd at least ask them for a full breakdown of how they come to that figure.

After all in your first post you state that you thought you'd paid off all your debts, if thats the case then why are you going to pay them, if I wrote to you and said that you owed me £2000 would you be in such a hurry to pay me ? If you say yes to that then send me your address and the letter will be in the post tonight.

Seriously though, don't be in such a hurry to pay something you are convinced is already paid, the University won't chuck you out for receiving post surely.

[Curlyben]

Re: Settlement process? Uni student.

Saves me saying it

Any DCA that demands payment MUST be put to task to ensure they are lawfully able to collect on the same.
I know it sounds trite, but, considering the amount of phishing scams doing the rounds it is imperative that the correct parties receive payment.

[elodietor]

Re: Settlement process? Uni student.

So you are definately sure you owe the debt and you are sure that the figures they give you are true ?

If thats the case then go ahead and make them a full and final settlement offer, personally I wouldn't, I'd at least ask them for a full breakdown of how they come to that figure.

After all in your first post you state that you thought you'd paid off all your debts, if thats the case then why are you going to pay them, if I wrote to you and said that you owed me £2000 would you be in such a hurry to pay me ? If you say yes to that then send me your address and the letter will be in the post tonight.

Seriously though, don't be in such a hurry to pay something you are convinced is already paid, the University won't chuck you out for receiving post surely.

Hi,

I should of thought about what I was writing earlier, I'm just in a bit of panic.

I had thought I paid off all my debts, then when this came, I was scratching my head. It was really unexpected, I went through all my old documents and came to this one, which I forgotten all about - sounds really, really lame, I'm sorry. This is the first time they've contacted me.

The figure they have, from memory, might be slightly exagerrated by a couple of hundred pounds. I'm further worried about contacting them, I feel they might 'think' I have access to a goldmine, which I don't. I can only borrow the previously mentioned sum.

I'm useless at negotiation, I have dealt with a debt agency in the past but they are so tough over the phone.

Thanks for your help, and please don't send me a letter requesting 2000 pounds hehe!

[Curlyben]

Re: Settlement process? Uni student.

For starters STOP panicking, we're here to assist.
The DCA's letters sound harsh and sacry and that is what they are meant to do.

Have a read of the first link in my siggie and when they can be bothered to write again, send them a simple prove It, post #4.

Also wait for the SECOND DCA letter as the first is normally a phishing exercise.

[Sapphire]

Re: Settlement process? Uni student.

Well first off NEVER, EVER, EVER talk to these pondlife on the phone, sit back and wait.

Honestly don't be in such a hurry with them, they will more than likely send it back to the original creditor anyway and you can then go from there.

[elodietor]

Re: Settlement process? Uni student.

Thanks to you guys. I will ignore the first, but I pray that I don't receive a second one