Marlin offer on old unsecured Northern Rock Debt

[allets]

Hello fellow caggers.

I received this from Marlin DCA a couple of days ago.

On a debt of almost £5,000 they have offered to reduce it to around £1,800, if I pay within the next 14 days. It will save me around £2,750. It is a full and final settlement and be registered as partially satisfied with the credit reference agencies.

I can just about skimp and scrape this together.

If I don't pay, I must continue making my agreed repayment amount.

What should I do?

 

 

Allets.

[ericsbrother]

well, as they arent going to show it as settled on your credit files thenthere is little benefit to you to struggle to pay thm a lump sum.

There must be a reason they are doing this so perhaps you need to do some digging. When was the default of the debt and to whom, when did Marlin get the debt assigned to them? Are you paying it off at the moment and if not, when did you last pay anything and to whom.

[Conniff]

well, as they arent going to show it as settled on your credit files thenthere is little benefit to you to struggle to pay thm a lump sum.

There must be a reason they are doing this so perhaps you need to do some digging. When was the default of the debt and to whom, when did Marlin get the debt assigned to them? Are you paying it off at the moment and if not, when did you last pay anything and to whom.

 

 

Exactly what I was going to say, if it's full and final then it must show as settled. These companies can still rip you off especially if it is only partially settled. The full and final can mean with them and then they sell the remainder of the debt to someone else to collect.

Don't trust them. They are only offering the reduced amount because they paid pennies for the debt and even at the requested amount will still be making a huge fat profit.

 

 

As you say you are making payment now, how much have you paid off the original amount and how much is left ?

[Bazooka Boo]

What is it they are demanding you pay for?

[dx100uk]

full debt history please

 

 

and is this on your credit file?

 

 

dx

[allets]

Thanks for all your replies.

 

I have had this debt since Nov 2008, it was originally with Northern Rock.

 

 

The default was registered with them to the credit reference agencies in June 2009.

 

I have been making token payments of £10.00 per month for the last 4 1/2 years, before that it was £6.00 per month.

 

When I could not afford to repay the loan it was £5,200, it is now currently £4,580.

So in nearly six years I have paid off £620.00.

 

Marlin had the debt assigned to them in October 2013.

 

I do not know if it is on my credit file (although I would think it is) as I have not seen my credit file for the last 7 years,

or around that length of time.

 

I thought also that Full and Final meant that it was to be shown as settled to the credit agencies.

 

Hope I have provided enough details.

 

 

Allets.

[renegadeimp]

Offer like that ESPECIALLY from marlin means the debt is 99.999% a lemon debt.

[allets]

Hello.

What do you mean by a lemon debt please?

[dx100uk]

do get your credit file

noddle below is freee.

 

 

get an sar off to NR ASAP.

 

 

there are numerous threads here on recent marlin NR debts.

 

 

seems like they have brought their old catalogue up.

 

 

if they are offering a discount

means there is MORe to be had than what they offer

 

 

your case could help the others in the same boat

 

 

get all the statements please

 

 

dx

[shywazz]

Had a similar letter today also, to reduce 9k debt by half if paid within 14 days....

.. I'll continue my monthly payment only...

 

 

..... think they just sending batches of letters out in hope some will take they offer up..

 

 

...... like others have posted,

 

 

if you want to do some digging to see if enforceable,

 

 

they might be a chance something is wrong..

. if like myself.

.. i'm just going to pay debt off at affordable rate to myself,

 

 

might take few years,

but will have satisfaction that I cleared my debt..

 

 

... other debt collection companies have also offered me reduced final offers,

taken none of them up on they offer.....

[dx100uk]

as long as you have investigated enforceability /reclaiming then ok.

 

 

but I question your logic on paying debts not investigated that have a a discount.

 

 

CCA request/SAR is a MUST

 

 

dx

[allets]

Signed up to noddle, boy my credit rating is dismal.

I will be sending off a SAR to Northern Rock later this week.

Will keep you posted with what happens.

 

 

Allets.

[dx100uk]

what does noddle say about the debt?

 

 

dx

[allets]

Noddle shows,

It is/was an unsecured personal loan, started in March 2005, went into default May 2009, but only listed as a default by Marlin as of Feb 2014.

Another anomaly which I can see though, I pay £10 per month, Feb and March 2014 show the same balance, then it reduces by £10 each month until July 2014. July and Aug 2014 again show the same balance. If that is the case then they have short changed me by £20 in the last six months.

[allets]

SAR posted off today. When/if I get the SAR back, is there anything specific what I should be looking for?

 

 

Allets.

Edited September 30, 2014 by allets
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