Full and final settlement help thread

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  • teleop
    teleop Posts: 104 Forumite
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    Hi folks , just an update on this. Today have received a letter asking me to fill out I/E from the DCA that said the other day that they did not do F&F settlements. It says once this is sent in then they will discuss a discount. Funny how they can change there minds once a CCA is mentioned . Has this happened to anyone else . Thanks in advance.
  • DurhamM
    DurhamM Posts: 3 Newbie
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    Many Thanks Fatbelly,

    Unfortunately not the answer I was hoping for.

    I have been looking round the site and have seen several references to DCA's being CCA'd. Could someone tell me what this means?
  • fatbelly
    fatbelly Posts: 20,494 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
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    DurhamM wrote: »
    Many Thanks Fatbelly,

    Unfortunately not the answer I was hoping for.

    I have been looking round the site and have seen several references to DCA's being CCA'd. Could someone tell me what this means?

    If it's a consumer credit act debt (cards, loans catalogues, not overdrafts or mobile phones) then you have a right to request a copy of your original agreement for a £1 fee. Enforcement action is prevented until they comply.

    If an original can't be found then there is an argument (not guaranteed to work but it can be useful in getting a better deal) that the debt is completely unenforceable if it was started pre April 2007.

    Details

    https://www.nationaldebtline.org/EW/factsheets/Pages/39%20EW%20Credit%20agreements%20-%20getting%20information/Default.aspx
  • DurhamM
    DurhamM Posts: 3 Newbie
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    Thanks again fatbelly
  • 56978
    56978 Posts: 4 Newbie
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    Hi all,

    Really helping someone can help me. I've been paying a debt collector for about 6 years. They have offered me a full and final settlement which would write off about £3k. I'm aware they'd still be making profit. I am in a position where, as my credit file is really great (after working really hard on it for 6 years) I could get a new loan to pay the settlement. I'm aware I'd then be paying interest which I currently don't pay but I want a genuine loan rather than paying a debt collector. The debt collector has said that I have to tell them where I'm getting the money from to pay the settlement. Do I have to tell them as they're demanding? And if I do could the fact I'm getting a new loan let them retract their offer? Does anyone know this?
  • Curtley99_2
    Curtley99_2 Posts: 5 Forumite
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    Hi

    I saw this question asked above, but didn't appear to get an answer.

    I am getting close to the time when I will look to negotiate F & F, (been on an interest free, nominal payment agreement for 6(ish) years) however I can do this myself or through stepchange (who state they have to offer the same % to all creditors)

    can anyone advise whether I am likely to get more joy myself or through stepchange?

    thanks
  • downhillfast
    downhillfast Posts: 968 Forumite
    First Anniversary Combo Breaker
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    Curtley99 wrote: »
    Hi

    I saw this question asked above, but didn't appear to get an answer.

    I am getting close to the time when I will look to negotiate F & F, (been on an interest free, nominal payment agreement for 6(ish) years) however I can do this myself or through stepchange (who state they have to offer the same % to all creditors)

    can anyone advise whether I am likely to get more joy myself or through stepchange?

    thanks

    It quite normal to offer the same percentage to each creditor its called a pro-rata payment. It's only fair to treat each creditor equally especially as they have ceased to charge interest!
    You will probably be better off making the offers yourself as you can decide how low you want to start as it will probably be a to-ing and fro-ing until a final figure is reached. Once a creditor agrees (in writing) and you have paid you just update your stepchange figures online to reflect the new balances - any creditors that don't take up your offer then continue to receive a monthly payment but get a bigger slice of the same monthly payment that you always pay.
    There is a good guide to how to do it below...

    https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx
  • boyblu
    boyblu Posts: 1 Newbie
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    Has anybody any experience of dealing with scott&co with regards to getting a reduced settlement? I pay £30 a month but was considering trying to get a reduced final settlement?
  • Charliefiggis
    Charliefiggis Posts: 88 Forumite
    First Anniversary Combo Breaker
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    Hi,

    When writing a f&f letter you normally included the line:
    I also request that, if accepted, you make an entry on my credit reference agency file relating to the above account as having been paid in full and the account closed.

    If the original debt was more than 6 years ago and no longer showing on your file do you still include this as there in nothing to register the settlement against?

    Thanks
  • Charliefiggis
    Charliefiggis Posts: 88 Forumite
    First Anniversary Combo Breaker
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    Anyone have any thoughts??
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