Sorry for being quite late with this months debt balance update, I have been unwell with the (man) flu. It has been a busy month debt wise. A few debts have moved to new debt collection agencies again and I have been offered a full and final settlement offer.
The big question, what is the balance this month? £48,415.42 is the new balance. That’s a decrease of £1,193.32. This is in part because of the full and final settlement offer I received from one of my Payday Loan Debts. You can find out more by reading my Uncle Buck Debt Settled post. With that in mind the amount I have actually paid towards my debt this month is £892.31.
From that you can see why Full and Final Settlement Offers can be quite helpful in helping you towards becoming debt free. They can also give you that little mental boost to keep you moving forward.
I wouldn’t normally do a full and final settlement, but with the amount of Interest I paid on the payday loan, they have still got all their actual money back. Naturally they have lost the interest they should have had but they made the offer and I took it. I guess because they wanted rid. That’s fine with me in that case.
Other Debt News
My debt with Virgin Mobile has been sent to an outfit called HL Legal. Seems out of the blue because I was paying Moorcroft quite happily, perhaps Virgin Mobile have become impatient. Anyway I have spoken to HL Legal and they are setting up a repayment plan exactly as it was with Moorcroft. A complete waste of time and resources if you ask me. In terms of speaking to HL Legal, I thought they were quite fair and reasonable. I explained my situation and asked if they had an e-mail address so I could send through the offer of payment. Very painless.
Whilst talking about Virgin Mobile, they are still posting a 6 month late marker on my credit file. They have not responded to any of my requests so I will be making a complaint to the Information Commissioners office soon. I will share a link to the post I will write about that once it’s done.
The Orange Corner
Still no news on who will be collecting my debt with Orange. Maybe we will find out soon. I am still guessing either Lowell Portfolio or Arrow Global will be collecting it. I will look forward to receiving their letter.
My Financial Ombudsman complaint about Payday Express
Some of you may know I made a complaint to the Financial Ombudsman last year regarding Payday Express and their breach of the Payment Services Regulations. After all this time it seems the Financial Ombudsman are upholding my complaint. You can read more here.
I will write a final post about this once I know what the full outcome is. However that’s good news and a step in the right direction. It has been almost three years since I first complained to Payday Express. Shocking I know.
So with one debt settled things have been pretty good this month. I will provide my next update next month and promise it will be on time, assuming I am not ill again. Until then, thanks for reading.
