Loan and Overdraft with debt collection agency

[b0bby]

Hi All,

I'm new to the site, found it as a recommendation on debt camel.

My wife just let me know that she has an outstanding loan and overdraft originally with Barclays that has been passed on to an agency.

Long story short she hasn't been working for about five years due to taking time out looking after the children. She got a job just before the current lock down in retail but due to not being there long she wasn't entitled to furlough and as such was let go. The job market doesn't look promising either so currently she has no income.

The debt details:

1. Loan
   1. Agreement date: Nov 2014
   2. Defaulted: Nov 2016
   3. Outstanding: £7,500
   4. Offered automated settlement of 65% discount £2600 expired in Dec 2020
2. Overdraft
   1. Agreement date: Nov 2011
   2. Defaulted: Oct 2016
   3. Outstanding: £750
   4. Offered automated settlement discount unspecified amount

I want to help my wife out to get her financially stable but I don't have the funds to pay the full outstanding amounts.

From what I've been reading up it seems like the first step would be to request CCAs for both the debts to verify they are enforceable and then potentially try and reach a settlement figure either way.

Am I on the right track?

Thanks in advance.

[EnglandPi]

Has your wife considered an individual voluntary arrangement?