HELP!!!!! Self Negotiation Help

[timmeyboy]

Hi Guys,

 

After much soul searching I've finally decided to face up to my debts and sort them out - luckily after getting my credit report I found out that they're not as bad as they seem after all!

 

I have 3 Main defaulted debts -

MBNA/Cap Quest - £3405

Next - £1106

Orange/Arrow Global - £398

 

I want to set up plans with them all

But I'm wondering if there is anything I can do to reduce the debts - I'm mainly looking at the Arrow Global debt, I know some people have had run ins with them but at the moment they haven't got any of my contact details. The debt is for a mobile phone from back in 2003 - that has been passed onto them from Orange. I have a default on my credit report, one from orange and one from arrow global, I've contacted Orange and they will remove the default as the account is terminated.

BUt I'm wondering if there is a chance I can get the Arrow Global bit written off and the default removed by asking them to prove the debt.

 

ANy thoughts or help would be greatly appreciated!!!!

[dx100uk]

if its 2003 its statute barred

 

dx

[timmeyboy]

No the account was opened in 2003 - the default date is 2006 so statue barred is still a few years away

[dx100uk]

makes no odds on the date of the DN

when was YOUR last fin in/out

 

dx

[timmeyboy]

Last time I made a payment was in 2006 as it was a monthly phone bill

[dx100uk]

i would write to AK stating orange have ack'ed there was never any actual debt, it was a clerical mistook or something and have removed their default, so could they please remove theirs as its untrue data on your file.

 

dx

[malgoode]

I had a MBNA credit card debt of over £13,000 and eventually did a deal with them. It took around 3 years of haggling but eventually they came round. I paid nothing during the haggling. I work on the principle that if an IVA can reduce a debt to 25%, then the creditor may be better of to accept 30%. I offered MBNA £4000 to clear the debt. They originally responded by requesting 70%. I always responded to their letters with the same 30% offer. More than 2 years passed with their continued rejections gradually reducing the required amount and my continued 30% offers.

 

Eventually, they accepted my offer of £4000 and I paid with the wife's help of her credit card which I am now paying faithfully. After all, £4000 is easier to pay than £13000.

 

I wiped out £9000. It worked for me but I cannot guarantee that it will work for you. You lose nothing by trying but you do need to be able to pay the reduced amount in full by one way or another. If you need to continue with monthly payments, you wont get a reduction.

 

Having said that, I have had 4 other creditors wipe the debt off completely and even mark my credit record as satisfied. So if you persevere, you can at least reduce your total debts without using an agency provided that you think logically.

[loobyloo85]

Hi Timmeyboy, if you have made contact or received correspondence etc from Arrow Global in the last 6 years, this debt will not be statue barred. Have you considered writing to each creditor, and offering them a reduced payment. Maybe worth sitting down and writing down your icnome and expenditure in detail to show how much you realistically have left to live on at the end of the month, and from this you can pro rata the payments fairly between allc reditors x

[dx100uk]

Hi Timmeyboy, if you have made contact or received correspondence etc from Arrow Global in the last 6 years, this debt will not be statue barred.

 

 

sorry??? oh yes it can be sb'ed

matters not what they send!! and unless he has made a payment or asent a SIGNED letter that says i ack this debt..then no dice!!

 

 

Have you considered writing to each creditor, and offering them a reduced payment. Maybe worth sitting down and writing down your icnome and expenditure in detail to show how much you realistically have left to live on at the end of the month, and from this you can pro rata the payments fairly between allc reditors x

 

i would not offer anyone anything without getting a cca request off to everyone!!

however a mobile phone a/c wont thave one.

 

do as in my last post

 

 

dx

[Undercover-Elsa]

Morning,

I completely agree with dx here. Only a payment or written acknowledgement restarts the statute (not "statue" ) barred status.

http://www.insolvencyhelpline.co.uk/debt_factsheets/liability_for_debts_and_the_limitation_act.php

 

I would send a CCA request to all of them. Next are notorious for not producing agreements. It's then your choice whether you withhold payment or use an unenforceable or missing agreement as a tool to aid coming to a more realistic % reduction.

Good luck with them,

 

Kind regards,

Elsa x

Edited June 14, 2010 by Undercover-Elsa
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