Debt repayment problem.

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- public.mark.m
  
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posted
17 years ago

Thu, Oct 26, 2006 10:26 AM

I have been paying a debt through a debt recovery company for 5 years, after I defaulted on it, Ive never missed a payment. A few months ago I asked for a final balance and after receiving it decided to continue just paying it off but put the payments up to reduce it quicker. I got

5 letters this morning saying I had defaulted and it was going to the legal team. I called them and they said they agreed I hadn't missed a payment and increased it, however I had not called them back after receiving a balance? Also they said it will be on my record! What can I do?

Regards Mark

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- Colin Forrester
  
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posted
17 years ago

Thu, Oct 26, 2006 12:06 PM

Tell them to correct your record.

Do they have a formal complaints procedure? Are they regulated?

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- Ronald Raygun
  
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posted
17 years ago

Thu, Oct 26, 2006 12:29 PM

And make sure you add "OR ELSE".

This would appear to be a simple (but daft) case of misunderstanding. The borrower asking for a final settlement figure was obviously intended to be a "what if" question, but interpreted as "unless you hear further from me, you may assume that the figure you quote is acceptable to me and I undertake to repay the loan in full shortly".

It's a pretty daft interpretation, innit?

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- linkuk
  
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posted
17 years ago

Thu, Oct 26, 2006 2:06 PM

I have a feeling we will see more and more of these situations because its a fast growing profitable market and they will make more and more c*ck ups. You see more mentions of people not being helped much by these debt help companies and in some cases regretting taking that course of action.