September 7, 2017 By

Bullying Tactics by Banks

Debt Management Plan

Here is an example of how a creditor is trying to bully someone into making higher payments!

If you are in the process of trying to set up a debt management plan, then this sort of letter can be rather offputting. The problem with accepting what Vanquis want as a monthly payment, could leave you short for other creditors.

In most cases it is best to pay the creditors on a pro rata split, as this way you are not giving preferential treatment to any one creditor. However, sometimes it is best to get rid of certain debts as soon as possible, especially when some creditors refused to stop high rates of interest.

In the early stages stick to your guns and reject a creditors demand for more money. It is always advisable to make sure that the creditors do get some form of payment, as this shows that you are making an effort to clear your debts.


18 October 2017

Dear Sir/Madam

Account Number:
Customers Name:


Thank you for your recent correspondence regarding the above account. We right to advise you that the reduced offer of payment has been declined.

It is the Bank’s policy to consider a number of criteria when reviewing offers of repayment and on this occasion the offer of repayment does not meet with our criteria.

Please do not send any offers repeating this amounts or duplicate financial statements as this amount will continue to be declined.

In order for a repayment plan to be agreed on the above account, the minimum monthly offer we are willing to accept at this time would be £59.33.

Please note that the receipt and application of money to our mutual client’s Vanquis account does not in itself constitute acceptance of your offer or any revised offer that maybe made.

In the meantime, we may continue with our normal debt recovery action in respect of our mutual client.

Yours faithfully

Collections Manager