Full and final settlement help thread

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  • cmc_entertainment
    cmc_entertainment Posts: 338 Forumite
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    fatbelly wrote: »
    There's some evidence from earlier in this thread that they like to settle around 55%

    http://forums.moneysavingexpert.com/showthread.php?p=57565821#post57565821

    In your case try to get them to suggest a figure so that you know how far apart you are. If they suggest 50% you could try to get them to accept 40% if you could afford that.

    Remember to get everything in writing

    Thanks for that :beer:
  • Naf
    Naf Posts: 3,160 Forumite
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    I've hear that its becoming much more common for DCAs to agree F&F, then take the payment as part payment, and continue to pursue the full balance. Using a very old case involving Pinnel, where it was determined that the original contract takes precedence over any agreement for a lower amount made after the fact. How true is this in people's experience?
    Never argue with stupid people, they will drag you down to their level and then beat you with experience.
    - Mark Twain
    Arguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.
  • charmed1318
    charmed1318 Posts: 259 Forumite
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    Bumping this for others :)
  • Verity11
    Verity11 Posts: 13 Forumite
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    Hi there,
    Wondered if anyone could offer any advice/or experience dealing with the following DCA's? (current balance's below).

    Capquest - £2229
    Idem Servicing - £3200
    MFS Portfolio Ltd (Marlin) - £3139

    I've been on a StepChange DMP paying £43 a month (previously on a fee paying one since 2009). Just the Idem Servicing one left on my credit report (will fall off Dec 2016). I'm not currently working & have two young children. All debts have been sold on several times. I may be in a position (thanks to a family member) to borrow around £2000 to clear the debt if they would except a F&F. My situation will not improve & will currently be paying for the next 22 years!
    Has anyone any advice on how it effects DMP if some agree & some not? Or does it need to be all who agree? Is it better to ask StepChange to approach them? Is getting them to settle at 20-30% really possible?

    Many thanks!
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
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    It will depend on if they think they can get more. From what you say, they are unlikely to get high monthly payments.

    Do the DCAs own the debts? Or collecting for someone else? Just checking you mean sold rather than passed on for collection.

    Were ant accounts taken out before April 2007, therefore maybe having potential paperwork issues? This will help negotiations.

    HB
    :beer:
  • Verity11
    Verity11 Posts: 13 Forumite
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    Hi & thanks for the reply. Yes they were taken out before 2007. Do you think I should ask them for evidence of a credit agreement then? I don't know if they have been sold or not? they have all changed hands at least 3 times as I get a letter every year or so to say it's now with a new DCA.. I know some are actually collections for the original credit card company, is that what you mean? x
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
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    Oh hell yes. As per a Consumer credit act from here:
    https://www.nationaldebtline.org/EW/factsheets/Pages/39%20EW%20Credit%20agreements%20-%20getting%20information/Default.aspx#

    Send it to the last company to write to you about Each debt.

    Ignore the 14 days, in these circumstances it will take at least a month but it's unenforceable in court after 14 days till they stump up.

    Post back when they reply, as they may lie/stall/bluff/etc

    HB
    :beer:
  • Verity11
    Verity11 Posts: 13 Forumite
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    Thanks again for the help. Should I do this before I think about starting F&F letters? x
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
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    Yes. As if they don't have, it's up to you how much you pay, as you are then paying to stop getting letters rather than anything worse.
    :beer:
  • Verity11
    Verity11 Posts: 13 Forumite
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    Hope you don't mind me replying again to this, but is there a template for requesting this? I want to make sure it's worded correctly so they can't mess me around :-)
    Many thanks happy_bunny. x
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