What to do about the O/D

[mk_chatham]

Hi

Looking for some advice about what to do about my outstanding O/D. I know this is not UE so have been making £1.00 token payments for about a year to Debt Managers by SO. Debt is still with LTSB and I cannot find any evidence of a default notice, have decided to get my reports from the CRAs to check.

Balance is about £530, no interest or charges are being added, so will take about 45 years to pay off at this rate .

I will probably receive a letter from Debt Managers soon about raising the payments, I simply tell them that I'm still on benefits and that all I can afford to pay is £1.00. They then go away and hide under a stone for another 6 months.

IF no default is showing for this account I'm thinking of cancelling the SO hopefully to force LTSB to issue a DN. Then maybe they would sell the debt ?

I guess I could then offer a F&F to the new owner, or shall I just keep paying the £1.00 ??

Anyone with any practical experience or advice ?

Many thanks

MK

[Never-In-Doubt]

Re: What to do about the O/D

Hi

Looking for some advice about what to do about my outstanding O/D. I know this is not UE so have been making £1.00 token payments for about a year to Debt Managers by SO. Debt is still with LTSB and I cannot find any evidence of a default notice, have decided to get my reports from the CRAs to check.

Balance is about £530, no interest or charges are being added, so will take about 45 years to pay off at this rate .

I will probably receive a letter from Debt Managers soon about raising the payments, I simply tell them that I'm still on benefits and that all I can afford to pay is £1.00. They then go away and hide under a stone for another 6 months.

IF no default is showing for this account I'm thinking of cancelling the SO hopefully to force LTSB to issue a DN. Then maybe they would sell the debt ?

I guess I could then offer a F&F to the new owner, or shall I just keep paying the £1.00 ??

Anyone with any practical experience or advice ?

Many thanks

MK

Hiya, why not just make a sensible offer to settle, being it's such a small amount? Somewhere in the region of £100 to clear it and close the account?

If interested reply and i'll sort you the right letter to send off. Tell me the debt amount and the amount you can afford to settle with (the maximum) and i'll then work you a response with those in mind. Now, just to get straight, if you say you can afford the whole balance that does not mean i'd suggest offering that, but I do need to know what the most you could afford is, otherwise pointless trying to make any offers cos we do need to haggle so if your limit was £100, it'd be fruitless me offering them £100 cos they always refuse the first offer.

I'll wait to hear from you

[caspar]

Re: What to do about the O/D

Lloyds TSB are rarely quick to pass over / sell off debts. If they can see you paying, they'd rather have the money than let someone else have it. They only pass you on to a DCA, in my experience with 4 accounts, after a lengthy time of non-payment where they can see they're just banging their heads against a brick wall.

They usually send out discounted settlements every so often - have you not received one of these "time limited" offers? As above you're well placed to over a low F&F, but if you do, make sure you get everything in writing first to ensure it is Full and Final, that the remaining "written off" debt cannot be sold on to a third party and that they will mark your credit file as satisfied.