Barclays Loan

[Miki123]

Hey guys just a quick question,

 

My partner has a Barclays loan which she is repaying via a DMP. The current balance is around the £8200 mark and at the rate she's paying on the DMP it'll take her 11 years to repay the amount owed.

 

I recently made a Full and Final on an old debt of mine for £440 to clear a £1500 debt and was quite chuffed

 

My question is I currently have a little over £1500 in savings and was wondering if realistically Barclays would accept an offer of this amount in Full and Final to clear her debt? Especially considering that at around £50 per month Barclays will still be receiving payments from her for the next 10 years.

 

I know it's only a small amount but I didn't really want to get in contact with them and embarrass myself if they blatantly refused and jumped up closer to £4-5000 for me then have to tell them I can't afford it and close the door on any chance of an F&F in the near future!

[dx100uk]

any reclaiming to do first? PPI/PENALTY charges?

 

dx

[Miki123]

No mate not that I know of.

[firstship]

Hi. no PPI or charges involved,pity, is the DMP direct with Barclays or an outside DMC such as CCCS?

 

In general the best financial settlement deals happen when the Original Creditor has sold the debt to one of the numerous leaches in this market.so how long has the DMP been running?

 

Regards FS

[Miki123]

The DMP is with CCCS and has been running for two years and will still potentially run for another 11.

 

Unfortunately though the debt is still with Barclays and not an outside DCA as I would prefer. Barclays have accepted the low DMP offer and have been receiving a minimal amount for just over two years.

 

It was actually my partner calling Barclays 2 years ago to tell them that she couldn't afford the payment due to losing her job that a Barclays advisor told her to go to CCS go a DMP

[firstship]

Not the answer you are seeking,from my own experience Barclays have a tendency to hang onto the debts rather then sell them on.This is not engraved in stone however..

 

On the brighter side CCCS have set up a new division for Final Settlements ,it is very new, so to date no track record,however you can ask CCCS without having to commit to anything

 

Regards FS

[Miki123]

Ok guys need some advice on how to follow.

 

I contacted Barclays today as a third party and spoke with the collections dept. they've told me the full balance and the only settlement offer they are willing to listen to is 50% which is just over double of the maximum limit of funds I have to offer. I explained our situation and told them unless they were willing to accept my offer then they will be receiving minimal payments for the next 11-12 years but they still wouldn't budge from 50%

 

So, is this the end of it and that's what I have to raise or does anyone have any tips and tricks on how to get them to budge a little lower?

[dx100uk]

there is a reason they are offering 50% i bet

 

pers i'd sar them.

 

and def check they are not upto anything.

 

dx

[Miki123]

Ok and if I send a sar template request what do I need to look for in the information?

 

The loan was only taken out in Jul 09 and as the debt has never left Barclays I can't imagine they would have "Lost" any information.

 

What exactly will I be able to do with this information when I receive it?

 

Sorry I've never done this before as I've never had a loan of this size and never really had problems getting an acceptable F&F figure on the 3-4 loans I've personally had as I've only had to do this twice.

[dx100uk]

to get a copy of all the statements.

 

unless you already have them?

[Miki123]

to get a copy of all the statements.

 

unless you already have them?

 

I have a few of them up until Jan 2012 and a the new one should be here this month

[dx100uk]

time to sar then.

 

dx

[Miki123]

Cool. Post it in the morning after I got a £10 postal order

[brokebutnotbeatn]

How old is this debt? Is it pre or post 2007?

[Miki123]

The loan was only taken out in July 09..

.

 

July 09

[brokebutnotbeatn]

What does her CRA file show and has she been defaulted?

[Miki123]

Yeah it shows that its in default. I've had to put a summary note against it to explain.

[brokebutnotbeatn]

Ah I see, sorry - 2009. I would continue to pay the £50 then and try again in a year or so or after it has been sold on. Barcalys are now more reasonable to negotiate with than the DCA's in my experience. Make sure the interst remains frozen and try again another time.

[Miki123]

Ah I see, sorry - 2009. I would continue to pay the £50 then and try again in a year or so or after it has been sold on. Barcalys are now more reasonable to negotiate with than the DCA's in my experience. Make sure the interst remains frozen and try again another time.

 

It's cool, my father in Law just gave me the difference and I've just got back from paying it at the Bank.

 

It's all done now and finished and we are now:

 

DEBT FREE!!!!!!!

 

Woooooohooooooo!!!!!!!!!!!!!!!

[Miki123]

Thank you all for your replies and all your help

 

Much appreciated

[brokebutnotbeatn]

Isn't it a great feeling! Well done. x

[dx100uk]

ok well when the sar comes back

the reclaiming will go to your pocket then

 

i really do hope they are going to mark your debt as settled and not PARTIAL settlement

 

else it'll comeback and bite you.

 

dx

[Miki123]

It's a fantastic feeling.

 

Just hoping I can keep it this way permanently

[brokebutnotbeatn]

Partial settle with a F&F - providing its in writing - shouldn't come back and bite you. It may unless you have the F&F in writing of course.

[Miki123]

I made sure I received it in writing from Barclays first before I made payment.

 

Told them I wasn't paying a penny unless they did. I have confirmation that they payment was made as well as I went into my bank and got the cashier to make the payment so I could get a receipt for it as well as the transaction on my Bank statement.

 

Just waiting for them to send a letter to confirm payment received and acc closed.

 

Also wrote notes of all dates and times of telephone conversations and full names of persons spoke to.