Nat

The alternative is to see Citizens Advice with a copy of the agreement to see if there is another way forward. They might suggest making a one-off small payment to clear the debt. This comes down to affordability. Sometimes these debt companies, if they have brought the debt for a fraction of debt value, are willing to settle for a lesser amount. But you would need to discuss this with CAB as to how to make an offer.

http://www.citizensadvice.org.uk/

You could look to see whether the agreement is enforceable, but this is long winded and you will still have the stress/hassle of the debt collection process.

Huckster

Thank you, we're paying it now, no point in letting it escalate.

Regards.

Yes, you do owe this. It is not the fault of the finance company that the laptop was not covered by insurance. When you buy something on finance, the finance company pay the retailer the full amount, then you pay the finance company.

First Credit are not the most reasonable people to deal with. I would suggest that you either borrow the money to get your discount, or offer to pay them in installments. Either way, you should put the matter to them in writing. They haven't got to the stage of issuing a CCJ, but there is nothing to stop them doing so should you ignore this.

Hi I hope someone can offer some advice.

My husband took out a credit agreement in 2005 for a laptop. This laptop was stolen but the company would not pay out the insurance as the vehicle was unlocked. So my husband stopped paying the amount owed on the credit agreement.

He has reiceved a letter from a Debt Collection Agency, 1st Credit, asking for full payment of this debt.

Do we have to pay this, or can we fight it? Seeing as it's a debt collection agency and not the company he had the agreement with. In 2006 i applied for both mine and my husbands Credit History from Experian and this debt was not listed. I can only assume a CCJ has never been applied?

1st Credit, are offering a 30% discount if we pay within 7 days, £1,167.93, we don't have that sort of money sitting around. should we just pay (we can borrow the money) or are there any loopholes we could use?

We have no experience with "bad debt" "debt Collection" so really need to know if there is anything we can do, apart from borrowing the money and paying the debt?

Regards.