Full and final settlement help thread

That all sounds good. You correspond with the DCA if there is one and the present owner if there isn't.

The only thing in your post I wasn't sure about was FCA guidance as I wasn't sure what you were planning to quote.

sgx.saint wrote: »

Thanks for the reply, I was thinking of citing information from the FCA Consumer Credit sourcebook (CONC) 7.14.14.

Which will emphasize to the creditors that I know my rights and I also know how the FCA expect the creditor to behave when presented with a legitimate settlement offer.

Edit: https://dl.dropboxusercontent.com/u/337010/MSE/FCA%20Settlement.png

If a firm accepts a customer's offer to settle a debt, it must communicate formally and unequivocally that the offer accompanied by the relevant payment has been accepted as settlement of the customer's liability. [Note: paragraph 3.3h of DCG]

OK, no harm in that. Definitely something to remind them of if what you get back is capable of more than one interpretation, as is often the case.

Hi!
I am currently on a step change DMP with debts of £6,700.
I currently pay £75 a month towards that via the DMP but I have recently got a pay raise meaning I have a bit extra each month.
Instead of paying extra into my DMP account, I am thinking of trying to clear some of the smaller debts with the extra cash through full and final settlement. Will this be a problem to creditors who I owe more to or can I get on with it how I chose?
The second question is whether it is possible to make f+f offers via email instead of post?
I have seen templates and advice on what offers to make around the Internet, but emailing companies and how it will affect DMP seems a bit of a grey area.
Any advice will be gratefully received.
I will be ringing all my creditors Friday anyway to make a payment (bank problems meant I wasn't able to pay step change but pay day friday which includes a bonus so affordable)

I was asking my DMP provider similar question as I have some debts fairly low (low £1000s) and others much higher, the "what would happen if I came into enough money to pay off one of the lower ones" scenario - they said you might get some tantrum letters from the other non paid off creditors but they usually get back in the pram as ultimately it means more money to pay them.

Hello.

Quick question.

I am making F&F offers to some creditors. These debts no longer appear on CRA records due to their age.

In the F&F letter, it asks the creditor to mark the debt as satisfied/settled and the account closed.

Am I asking for trouble by including this on the F&F letter if the account no longer shows anyway?

As in, would it make a reappearance if the original creditor was to update their records? I don't want to damage my credit rating which is now much repaired and better.