Do I Have To Show Bank Statements

[MrsLadyBug]

Hi, I have had an outstanding debt with a credit card for sometime now and have been paying off with an agreed amount monthly. The debt itself has been passed to one of those asset purchase companies.
They have been offered a settlement amount, not full payment unfortunately, but an amount that is all I can afford. As my health is not good and I am in my 70's I was hoping to get this sorted now.
They are asking to see 3 yrs of Bank statements before deciding whether to accept or not.
I was just wondering if I am obligated to show them.

[bookbinder]

If you want to avoid hassle and worry, it might be best if you did what the company asks.

[Buenchico]

The company is fully entitled to make their offer conditional upon being able to see your bank statements. You're entitled to refuse but they could then withdraw their offer.

[Calicogirl]

What Chris says but they're likely to prefer something to nothing so you could go down the I'm very elderly, feel poorly, can't be doing with this, take it or leave it route and see if they jump your way, if not you could always buckle and show them x

[rumpelstiltskin]

As an unsecured loan, they know they have limited "cards" to play. They generally use hassle-and-worry to get you to comply and maximise your offer as their only other option is to pay for a ccj which lasts 6 years and will provide them minimum payments. Understandably a lot of people want to avoid this hit on their credit rating. To you it may be irrelevant and you will end up with a direct debit you can leave running and forget about. The company will want to look at whether any other debtors are getting a bigger share than they are to push up your offer. Bearing in mind if they have actually bought the debt -as opposed to being a collection agent- they will only have paid 10-20% of its value. If you dont mind giving them your bank statements make sure you have deleted all personal identifiers.