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Allied International Credit

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  • Allied International Credit

    Hi can someone please help have today received a letter from AIC offering a early settlement it states my credit file will be marked partially settled

    My questions are
    1. Is partially settled good enough or will they then sell the debt on
    2. I am not sure if this debt is statue barred
    3. I cannot access my credit report on Noodle any other suggestions

    Many thanks
    Susie
    Tags: None

  • #2
    Re: Allied International Credit

    Originally posted by RETROQUEEN View Post
    Hi can someone please help have today received a letter from AIC offering a early settlement it states my credit file will be marked partially settled

    My questions are
    1. Is partially settled good enough or will they then sell the debt on
    2. I am not sure if this debt is statue barred
    3. I cannot access my credit report on Noodle any other suggestions

    Many thanks
    Susie
    Hi welcome to LB,

    Any offer of full and final settlement must be conditional otherwise there can be problems later.

    Since changes in the Information Commissioners Offices' guidance on defaults one can't negotiate
    the way the settlement is reported on credit files so if the F&F is lower than the outstanding amount
    " partially settled" is the only way it can be reported to the CRA's.

    I would be inclined to try negotiating a lower sum, taking the first offer you may be paying more than need be.
    Offers should start at no more than 10 - 15% of the amount outstanding.

    The offer if you believe it is suitable for you should be conditional on the following points.
    1. Any remaining balance is not to sold or assigned for collection to any 3rd party at any time in the future.
    2. No payment will be made until I receive written notice that you accept the conditions above.
    3. Payment will be made within 7 days of the date your written acceptance of the offer is received.


    nem

    Comment


    • #3
      Re: Allied International Credit

      Thank you nem for the information where can I look to see if this debt is statue barred as I don't want to start negotiations with them if it is over 6 years old

      Comment


      • #4
        Re: Allied International Credit

        Originally posted by RETROQUEEN View Post
        Hi can someone please help have today received a letter from AIC offering a early settlement it states my credit file will be marked partially settled
        DCAs often send 'generous' discount offers to push people to pay. As they'd have paid probably 10% of the face value of the debt, they will still make a profit. There's nothing particularly generous about updating your file to read 'partially settled', if that's what it's going to be, it's just how it should be marked. If they are accepting a lump sum in full and final settlement they should really mark it as 'satisfied'.

        Originally posted by RETROQUEEN View Post
        My questions are
        1. Is partially settled good enough or will they then sell the debt on
        However it appears on your credit file hasn't got much to do with whether they sell on the balance or not. If you were to offer a full and final settlement, you'd need to do your best to stop the from selling it or pursuing you for the balance. This may be of assistance: http://www.legalbeagles.info/forums/...stions-success

        Originally posted by RETROQUEEN View Post
        2. I am not sure if this debt is statue barred
        3. I cannot access my credit report on Noodle any other suggestions
        Originally posted by RETROQUEEN View Post
        Thank you nem for the information where can I look to see if this debt is statue barred as I don't want to start negotiations with them if it is over 6 years old
        Your Noodle credit report won't tell you whether it's SBd or not, the default date on there will never be the date when you stopped paying because defaults are meant to be recorded between 3 and 6 months after you actually default. On the other hand, payments are often made after defaults are recorded.

        Depending on who the original creditor was, you may be able to contact them and ask them for the information, some people have been successful over the phone, otherwise a SAR could help establish when you last paid.

        In general DCAs tend to make those generous offers when they don't think they have a leg to stand on if they went to court.

        Have you ever requested a copy of your agreement for this account? Even if it's not SBd it may still be unenforceable.

        You don't say how much the balance is or how much discount they are offering.

        As for your credit file, it this is coming up to six years since defaulting, it will make little difference how it's marked as the whole thing will drop off shortly, defaults only stay on file for six years after they are recorded.

        Comment


        • #5
          Re: Allied International Credit

          Originally posted by RETROQUEEN View Post
          Thank you nem for the information where can I look to see if this debt is statue barred as I don't want to start negotiations with them if it is over 6 years old
          What type of account is this?
          Statute Barred in England and Wales = 6 clear years with no payment or unequivocal written acknowledgment of the debt.

          For a credit card or unsecured loan the relevant 6 year period starts when a contractual payment was due and not made after which no further payment or acknowledgment of the debt was ever made.

          You can try asking the original creditor when the last payment was made the 6 year period started 1 month after that.

          nem

          Comment


          • #6
            Re: Allied International Credit

            Thank you for the replies the original debt was with MBNA for a credit card the amount owing is £2700 the default date is 29/09/09 so will be Statue Barred in 4 months

            On my credit file it states it was satisfied on the 30/01/2010 bought by arrow global who have on the credit file the default date is 28/01/2010 which date is correct and as I am so close to the statue barred should I just ignore many thanks susie

            - - - Updated - - -

            The debt is £2700 they are offering a settlement of £700

            Comment


            • #7
              Re: Allied International Credit

              Originally posted by RETROQUEEN View Post
              Thank you for the replies the original debt was with MBNA for a credit card the amount owing is £2700 the default date is 29/09/09 so will be Statue Barred in 4 months

              On my credit file it states it was satisfied on the 30/01/2010 bought by arrow global who have on the credit file the default date is 28/01/2010 which date is correct and as I am so close to the statue barred should I just ignore many thanks susie

              - - - Updated - - -

              The debt is £2700 they are offering a settlement of £700
              It sounds like they are trying to tempt you with a very low figure to get you to make them an offer, thus acknowledging the debt and re-setting the clock. :scared:

              Just keep an eye on the post and do post up if you hear anything else from them. :typing:

              Comment


              • #8
                Re: Allied International Credit

                Originally posted by RETROQUEEN View Post
                Thank you nem for the information where can I look to see if this debt is statue barred as I don't want to start negotiations with them if it is over 6 years old
                Personally I would make a Subject Access Request to the original creditor to get all the personal data it holds on you/the account, the is £10 statutory fee, but it is worth it and you can specify particular requirements. There is a 40 day timescale but the response is usually quicker.
                There is a template in the forum library.

                Alternatively you could try a phone call to the OC but often the " customer service " operatives cannot access such detail and have to pass you around the various department to get a reply.

                nem

                Comment


                • #9
                  Re: Allied International Credit

                  Would the debt be statue barred on the 29/09/15 that being 6 years please
                  Susie

                  Comment


                  • #10
                    Re: Allied International Credit

                    Originally posted by RETROQUEEN View Post
                    Would the debt be statue barred on the 29/09/15 that being 6 years please
                    Susie
                    Are you basing your assumption on the default date? Bear in mind defaults are meant to be recorded 3 to 6 months after you miss a payment, so, as long as no payments were made and there was no written acknowledgment, it's likely to be earlier than that. :thumb:

                    Comment


                    • #11
                      Re: Allied International Credit

                      Originally posted by RETROQUEEN View Post
                      Would the debt be statue barred on the 29/09/15 that being 6 years please
                      Susie
                      one
                      This should clarify Statute Barred in England and Wales = On a debt arising from a "simple " contract: 6 years with no payment or unequivocal written acknowledgment of the debt.

                      As previously explained the start of the " 6 year clock " is the date a contractual payment was due and not made, after which no further payment or written acknowledgment was ever made. (i.e.) one month after the last payment made.
                      As suggested previously contact the original creditor, or send them a SAR for all the personal data it hold on you/the account.

                      nem

                      Comment


                      • #12
                        Re: Allied International Credit

                        Sadly there is no one size fits all for statute barred as it all depends on the wording of the contract . Capital one I believe give a 30 day grace period once the money is due before they do anything so in that case the cause of action i.e the date the SB starts ticking would be 30 days after the last payment was due. Overdrafts are even more complicated. To be 100% sure read the terms and conditions

                        Comment

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