Allied International Glasgow Steviemcg

Hi there,

Can anybody give me some advice on this companies tactics, I have defaulted on a Barclaycard loan and they are the debtors which have been given the job to get back the outstanding £10,000.00 loan amount.

I had a discussion with one of their advisors who told me that they will reduce the balance by 50% if I pay up in 30 days.

But upon letter sent by them it read that although we agreed the amount verbally and in writing, it also said that they would not pershue any further once agreed amount had been paid.

It would show as a partial payment on my credit file for six years I am told that is normal.

Why can they do this. When they where the ones to suggest a resolve to the amount outstanding.

Also why did Barclays not offer this to me before sending me into default.

Can anyone help with advice or help please.

Thank you

Reduced settlement offers are a matter for negotiation.

Its important that you get written confirmation from them that they payment will be in full & final settlement and that you won't be pursued for the debt.

However it is fairly normal that the creditor will only agree to mark your credit file as having been partially satisfied to show to other lenders searching your file that you did not settle the debt in full. They can do this because it is an accurate reflection of the facts.

The partial settlement won't show for 6years, it would only show for the remaining period of 6years from the default date.

If you don't want a partial settlement marker on your file then obviously you could pay in full, or possibly write back to offer a higher % of the balance and see if you can negotiate that the put on your file as though the default was fully satisfied.

(That said most people seem to be of the opinion that a partial settlement marker isn't any more of a negative to potential lenders than having the default in the first place except for when applying for a mortgage).

As to why Barclays chose not to offer you a reduced settlement - banks don't generally make such offers to their debtors (although they will sometimes accept an offer it is made by the customer to them and you catch them at the point when they have decided to sell the debt rather than take court action).

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