Earlier on this month I received a letter from a company called Debt and Revenue Services telling me that they were no longer collecting my debt with Uncle Buck. I was surprised by this so I contacted Uncle Buck, who provide payday loans to ask who will be collecting the debt.
After a couple of days they replied to me to confirm they had recalled the debt and would be collecting it themselves. They also advised me that they would offer to settle the account if I repaid £235.50. I pondered this offer and replied asking if they could let me know how many loans I had with them, and how much interest I had paid for these loans.
Making a counter offer
Once I received the information back I decided to make a counteroffer of £170. I know this is probably a bit cheeky but it is always worth a try. This counter offer was based on how much interest they had received on my previous loans and any fees they added on when I defaulted. So overall they have got all their money back.
I received acceptance of this offer of £170 and so I have now repaid it. Most of that money has come from this very blog which is just brilliant. The debt at the time I made the offer of settlement was £471.01 so the payment of £170 is a saving of £301.01 which is good. It helps towards becoming debt free and makes things look a little better than last month. Not sure I will beat it in December though as Christmas is always a bad month for money.
Whilst I haven’t hit any of the targets I set in the new year, at least one debt is gone. That’s something and it helps boost my confidence towards repaying this huge amount of debt. There is a very long way to go, but one day there won’t be any debt for me to write about and to be honest I can’t wait.
Hopefully some of my other payday loans will go this way and allow me to make a full and final settlement offer. We will see though.