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  • #1

    Halifax Bank / IQOR

    Ok, here's another one for all you experts out there.

    I have a debt to Halifax Bank, currently approx £850 & i have been paying £25 a month for a while now.

    I have been getting regular statements showing the £25 being credited to the account, but have recently had a letter from IQOR (the latest of a few) stating that the current payment level is not enough!

    There is a number on the letter & a paragraph stating that 'It may be possible for us to offer you a substantial discount on the outstanding balance if you are able to pay immediately'.

    Rightly or wrongly i gave them a call & was told that a Full & Final settlement would set me back £650 & i could either pay it all at once, or over 2 or 3 months. Now, this sounds tempting, but as they have probably bought the debt (if they are an independent DCA) for a fraction of the original debt (my suspicion is that IQOR are part of Halifax), £200 off what i owe doesn't seem enough, or am i just being greedy?

    I have previously done a financial plan & that showed that they should be getting £2 a month pro rata, but at the present payment level i would pay this off in approx 3 years & if i pay their F&F offer, i would save myself 8 monthly payments.

    So, i guess my question is, should i pay the £650 or carry on paying £25 per month & hope the offer is better in a few months?

    Any advice would be greatly appreciated.
    Last edited by kentishbloke; 23 June 2011, 16:57.
    Tags: account, advice, arrears, bank, bank account, barclays, card, charges, claim, credit, creditor, dca, debt, defaulted, financial, full and final, funds, halifax, in-house, independent, letter, monthly, ons, owed, paid, pay, payments, refuse, restons, statements, suspicion, template, template letter, templates, update, £50
  • #2
    Re: Halifax Bank / IQOR

    Neither mate! Write back and say you'll pay £250 in full and final settlement of the debt (as a one off payment - ONLY if you can afford to do this or forget it) and it's a one time offer from funds that you can get hold of. If they refuse you'll offer it to another creditor...

    That may make them sit and up realise it's 10 months payments to recoup
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    • #3
      Re: Halifax Bank / IQOR

      I shall have a look in the letter templates here & see if there's one for that, i am sure i spotted something suitable.

      I must say i have to agree with you, they probably bought the debt for a fraction of what was owed, if they actually did that, so they're bound to make a profit whatever is paid.

      What drew me to the conclusion that iQor may be something 'in-house' with the Halifax was the fact that the whole £25 has been credited to that bank account ever since i started paying that amount, as shown on my monthly statements. Or am i wrong?

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      • #4
        Re: Halifax Bank / IQOR

        Just thought i would add, if this makes any difference (probably not), Halifax Bank have not defaulted me, all it shows up as is a delinquent account, whatever that means, with a maximum of 3 months missed payments (strange as i haven't actually missed any, just effectively reduced them), but i am certain someone will explain it to me.

        Obviously i would have to amend the template letter to suit my particular circumstances (as we all should do anyway).

        What really bugs me is that we can no longer easily claim back bank charges. I worked out that, over a 2 year period, i would have been claiming over £1,400 from a Barclays account which i only owe approx £500 to. Multiply the charges claim by 3 (for the maximum 6 years claim back) and they would owe me approx £4,000 if they take the amount i owe them into account. I do wonder if i could use that little fact to get the amount i owe Barclays totally wiped!

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        • #5
          Re: Halifax Bank / IQOR

          A delinquent account is a credit account that has been consistently in arrears of 3 months or more for around 3 months or longer.

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          • #6
            Re: Halifax Bank / IQOR

            Quick update. Sent a letter today, by recorded delivery, offering £250 as a full & final settlement, using the 2 template letters on here. Just gotta wait & see how the offer is taken. Watch this space.

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            • #7
              Re: Halifax Bank / IQOR

              Ok, quick update. Got a letter from iQor yesterday saying my offer was insufficient & that they will only accept £650. Also, they want an IE from me to set the payment level. Well, i did a couple of these recently, regarding the GM Card/HFC/Restons thread in the UE section, & based on the figures, iQor/Halifax bank would be getting £2 instead of the £25 they are currently getting!

              I guess i could send them a copy & see what their reaction would be.
              Last edited by kentishbloke; 2 July 2011, 15:18.

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