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West Midlands Debt Collectors - Sygma Bank

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Had a nice letter from these people (WMD) telling me they are about to pass on my debt but willing to accept an offer no matter how low.... question is how low could i go? will theY or anyone else stop collecting if i make an offer? i so want to get out of this messy situation.... trying to sell everything i have on ebay to pay debts

 

this one is £2490 sygma bank - approx £400 of charges and no ppi - i offered them £400 last year to settle and they accepted but i didnt have the lump sum to give them. they said default would remain on account but would change to settled oncepaid a reduced amount.

 

can i trust these people?

 

really want life back on track and if possibly to rebuild my credit rating

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think if they could legally enforce this they wouldn't accept £400.

 

really need more information about the debt and what you credit file says about the debt


:???: what me. never heard of you never had a debt with you.

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SYGMA BANK it was a credit card £2,497 default balance July 2012 Last payment Mar 2012 passed to collectors WMD. Its on credit report by Sygma as default

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If you were to make a full and final settlement you should insist on receiving in writing, before you hand over any money.. that they are accepting this as a full and final settlement and that they will not sell on any balance to be pursued by someone else.

 

When did you stop making payments to the account ?


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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i received in in writing and they said it would be marked as settled on my account but i dont have £400 spare now, should i offer a lesser amount and does it make any difference if it says settled or not on my credit report? will a lender ever remove it it they settle? - or am i aswell paying £1 a week until i get a job?

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can the debt collecters request that the original lender mark it as settled - no debt colectors are on my credit reports - only original lenders not sure if i should trying dealing with original lender? any help much apprechiated

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If the debts are still with the original lenders and only using DCAs to collect, you can deal direct with the original lender.

 

I doubt it will matter very much whether it will matter very much whether you short settle or continue paying £1.00 until the next millennium, it will still drop off your record 6 years after the default date. :)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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oh right thanks for clarifying that - i assumed as soon as i started paying towards the debt again the default would change to x months late and so on until i managed to catch up again? have i got this all wrong? is the only way to get this off your credit report by waiting 6 years? and is it 6 years from last payment of £1 or whatever of 6 years from default date? sorry for confusion many thanks again

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6 years from default date.

 

Is there a sum you have to offer as a full and final?


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Oh right so even if i started paying something again and getting back on track they wont eventually turn the account live again to good standing once payments are upto date?.... ie is it always going to be default status now no matter if i pay it back or not?

 

I dont have a lump sum but may be able to get my sister in law to lend a bit until i get back on my feet, i would only accept this though once im back in work again. I hate owing money i really really want to get back on track asap

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Yes the default will remain but the account can be marked as settled or if they agree to a full and final with all adverse data being removed.

 

If you caught up with your payments the default will still be there


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