F&F Settlement offer to IDEM

[nastyb]

My MBNA credit card debt was recently sold to IDEM Servicing. I had been paying regularly to MBNA and have cut my debt under this arrangement from £17,500 to just over £7,000. The letter from MBNA annoucing they had sold the credit card balance, and the letter from IDEM saying they had bought it arrived in the same envelope!. IDEM claim they have bought the debt assigned absolutely under the Law of Property Act 1925 s137 (I think), I have researched this and understand that they are entitled to claim the full outstanding balance. Not wanting to be in the embrace of Idem any longer than I had to be, I decided to make a f&f settlement of £4,000 to clear this matter , stating that I would expect my credit reference to be marked as settled, and no selling on to a third party of the remaining balance. Their response was no offer would be considered until I completed their I&E expenditure form in full, indeed they stated they would not even reply to my offer until they received this!, also if the deigned to agree to my offer they would mark my file as only partially completed. The I&E asks a hell of a lot of questions which I consider very intrusive in response to an offer, down to value of property, how many cars owned, details of my partners income, full listing of all other assets. They are the last of my creditors so I want them out of the way!. I should add a little more detail, 1). I have lived abroad for eight years, 2). I have no UK property, 3). With all other creditors I have been able to f&f after a little 'horse trading' over the amount. 4). No UK address so no CRA file I can check, 5) This card was taken out in 2004, and defaulted in November 2006, its obviously not status barred as I have been paying MBNA regularly since December 2006. Are IDEM giving me a reasonable response in not entertaining my offer without an I&E?. I have researched IDEM thorougly, as you Know they are part of Paragon Capital, if you read their annual report 2011 - 2012 you will see they have an aggressive policy in regard to purchasing large tranches of debt from banks etc, and that in the fy 2011 - 2012 it had contributed significantly to their bottom line. Comments and advice welcome

[ken100464]

Re: F&F Settlement offer to IDEM

Did you have PPI on this.?

You will get alot more replys in the morning so dont worry if no one replys today.

Welcome by the way

[Never-In-Doubt]

Re: F&F Settlement offer to IDEM

Morning,

Ok, well first things first, no DCA can demand a I&E gets completed, only a court can do this. So as we always say, never do one unless it is imperative, which this isn't by the way.

Moving forwards, there is no default etc so why not consider cessation of payment until they do start to listen and/or sell it on? Then you'll be able to negotiate much easier; chances are they paid around 12-24p per £1 for the debt so they can easily accept an offer of £4k, which I think is rather generous. I would be looking at a £1500 offer to settle, moving to a maximum of £2500. Tell you what, I'll do your letters and when they accept at less than £4k you donate the difference

I'm joking but trying to point out that £4k is way too high an offer on a £7k debt - the fact it used to be £17k is neither here nor there and the DCA can never mention this as it is irrelevant.

I would, if it was me, ignore this and stop paying and see what they send out next, if they make threats respond with a copy of your last letter (or use the one below) but this time knock it down to around £1500 to start with.

That's what I would do, I would also use our template as it's short, sweet and to the point (plus covers the legal wording of selling any trailing balance leftover) --> allaboutDEBT | Our Templates | Making Creditor Offers - Official Formal F&F Offer

You would simply amend the XXX's to read £1500 (i.e. your offer value).

[ey_137]

Re: F&F Settlement offer to IDEM

Hi nastyb,

Any update with idem servicing? I have a similar situation and have a balance of about £1300 I to made a F&F offer to them about a year ago and got the same income and expenditure letter.
Just wondering how your getting on.

[SXGuy]

Re: F&F Settlement offer to IDEM

Just seen this thread, op says hes been abroad for last 8 years, shame he paid it at all, would have been statued barred by now. nothing they can do about it if you dont live in UK, money wasted in my opinion.