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PRA Group 10% Full & Final Settlement Some Advie Please


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Hi have had letter from PRA Group which says

 

Settlement Offer - call now - valid until .......

We would like to advise you we may be able to offer you a repayment solution which could represent a significant saving on your balance. To discuss this repayment option, please a call a member of our team who will review your current financial circumstances to help come to the most appropriate solution for your account

 

Single Payment option: Full and final settlement of £ (10%)

Should you make the discounted settlement payment; your credit file will be updated to show as 'partially settled'. In order for your credit file to be marked as 'satisfied', the full outstanding balance must be cleared

 

So this account is unenforceable and has fallen off my credit report and no payments have been made for a while but it is still some time to go before statutory barred and who knows whether things will change about its enforceability so I would like to go for the 10% payment but would like any advice - I am confused about the 2 paragraphs above - are they offering a full and final or does it depend on my contacting them

 

Any help please - Thank You

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi thanks - my first reaction was will I be opening a can of worms - then but how nice to say goodbye to one of my many debts

Appreciate your quick response - I have had so much good advice on this site so thank you again

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a discount like that proves it is undoubtedly Unenforceable and prob has a ton of things wrong with it. Just ignore it. Especially if its not on your credit file.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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trouble is with these discount is you pay them

they sell the rest on...and you find you've been mugged.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi the 10% works out at just over £250 - does that make a difference

 

I must admit when I first read the single payment option I was ready to write the cheque and send off (even though PRA have told me this is unenforceable after a CCA request) but then I read the two settlement paragraphs together and felt unsure of whether the full and final settlement offer would only apply if I telephoned them

 

Any views of this please? Wonder if anyone else has received a similar offer Thanks!

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why?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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you pay it you'll be even longer away...

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi the 10% works out at just over £250 - does that make a difference

 

!

ta. just wondered what the sum was, as 10% is quite low. no worries

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  • 2 months later...

yes ofcourse they can!!

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

a full and final needs to be specifically worded. The issue is once the DCA sees the wording, they wont agree to it. As they want to get whatever money they can from a totally unenforceable debt, then sell it on to another DCA and get more money.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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any 'partial settlement' (as they call it) 'final' agreement needs to say that the remainder won't be sold on. ie final in its entirety, not just final for them.

otherwise not worth settling if the remainder will still be live.

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Forget it

All it does is gets partial settlement on your credit file

And alerts others you have money

 

And if the debt is not already defaulted

It kills credit for a further 6 yrs

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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PRA offering 10% - well I really really would ignore it

 

They have told you its unenforecable after a cca request

 

Of course it is tempting to get it dealt with but it will still show on your credit file as a default until 6 years have passed - just not worth it IMHO

 

I have a rather large debt that I have been offered a 70% discount on , I have ignored and touch wood not heard anything for well over a year , less than that to go now

Any opinion I give is from personal experience .

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