Offering a settle

[Scooby1]

Hi, just a quick question.

i have an overdraft of £2500 that was sent to a collects department. I would be able to pay of the amount by about £100-£250 a month or more perhaps but this will srill carry on for a few months to pay it off. Can you tell me if its at all possible to offer a lump sum of say £1500 and pay that off much quicker. Is this a realistic offer and do your think it is worth while?


Ta x

[wales01man]

Re: Offering a settle

Are you wanting to pay 1500 in one payment or reduce it to 1500 to pay it off in instalments?

[Scooby1]

Re: Offering a settle

Ive heard that you can ask DCA to give you some time to save up and then pay off in one instalment. I should be able to do that in just a few months if it was around £1500 ish. but it would take me the best part of a year to pay £2500? Not sure if they would consider this at all.

[bluebottle]

Re: Offering a settle

Hi and welcome to Legal Beagles, Scooby.

Firstly, which DCA is involved? Secondly, a DCA cannot make you pay more than you can realistically afford, taking account of your priority payments, i.e. Council Tax, Rent, and general living expenses. For a DCA to demand or insist on unaffordable payments or encourage you to borrow money to pay them off is a breach of their OFT Licence. Sit down and work out how much you can realistically afford after allowing for living expenses, CT and rent. Once you have done this, come back onto this thread and we'll see if you require further advice and guidance.

BB