Hope this is the right way of doing this. I have read the notes .... but.
Some time ago I got behind with payments to Barclays PF.
Instead of contracted payment I agreed to pay them a reduced payment which I did.
Then late 2009 I got a letter offering me a "Discounted" settlement.
The discounted rate was stated as @ the equivalent of two months of the agreed reduced payment (or @ 1% of the outstanding balance).
Later when they realised that I was no longer making my "agreed payment" they bombarded me with phone calls.
I just used to tell them that I had