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  • FIRST POST
    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    Weggy
    Full and final settlement help thread
    • #1
    • 19th Nov 05, 10:20 AM
    Full and final settlement help thread 19th Nov 05 at 10:20 AM
    Hi all

    Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands?

    Thanks

    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 94
    • fatbelly
    • By fatbelly 14th Sep 17, 7:37 AM
    • 11,234 Posts
    • 8,400 Thanks
    fatbelly
    Has anyone offered or been offered a F&F by Cabot?
    My old Natwest debt has just been sold to Cabot.
    Originally posted by erskineman
    I sometimes refer to an old post from whambam, as he had a huge number of debts settled and helpfully shared the results. Three were with Cabot:

    Cabot - 30%
    Cabot 1.8K 60%
    Cabot - 44%
    • sibardner
    • By sibardner 17th Sep 17, 12:28 AM
    • 4 Posts
    • 1 Thanks
    sibardner
    Hi guys, my first ever post..

    I got a letter from Arrow Global for a debt I am not aware of for £1600, owed to Shop Direct, I can only assume it is a catalogue, thing is, it says date of original debt September 2005, should I ignore the letter or try to offer a F & F? I live on a really low income, but I could probably borrow a lump sum from family, but it seems incredible that they are still chasing something from 12 years ago and I am not even aware of ever buying anything for £1600, though I think I bought a laptop for about £650, your suggestions would be most welcome, I had considered just returning the letters as addressee unknown, but I would rather sort the matter out.

    Hope you can help.
    • fatbelly
    • By fatbelly 17th Sep 17, 8:30 AM
    • 11,234 Posts
    • 8,400 Thanks
    fatbelly
    Hi guys, my first ever post..

    I got a letter from Arrow Global for a debt I am not aware of for £1600, owed to Shop Direct, I can only assume it is a catalogue, thing is, it says date of original debt September 2005, should I ignore the letter or try to offer a F & F? I live on a really low income, but I could probably borrow a lump sum from family, but it seems incredible that they are still chasing something from 12 years ago and I am not even aware of ever buying anything for £1600, though I think I bought a laptop for about £650, your suggestions would be most welcome, I had considered just returning the letters as addressee unknown, but I would rather sort the matter out.

    Hope you can help.
    Originally posted by sibardner
    Why would you offer to pay a debt you're not aware of? It might not be yours. There may not be a signed agreement. Unless you've made a payment to it in the past 6 years, it's probably statute barred.

    Send a prove-it and add the following

    "I expect you to provide a copy of the original agreement and full statements of account. Please note that this is not a request under s77-79 CCA and therefore there is no fee for this request."
    • carbootcrazy
    • By carbootcrazy 17th Sep 17, 8:40 AM
    • 4,086 Posts
    • 22,951 Thanks
    carbootcrazy
    Hi guys, my first ever post..

    I got a letter from Arrow Global for a debt I am not aware of for £1600, owed to Shop Direct, I can only assume it is a catalogue, thing is, it says date of original debt September 2005, should I ignore the letter or try to offer a F & F? I live on a really low income, but I could probably borrow a lump sum from family, but it seems incredible that they are still chasing something from 12 years ago and I am not even aware of ever buying anything for £1600, though I think I bought a laptop for about £650, your suggestions would be most welcome, I had considered just returning the letters as addressee unknown, but I would rather sort the matter out.

    Hope you can help.
    Originally posted by sibardner
    sibardner and welcome to the thread.

    I don't post on here very often as I'm still avidly saving every penny towards a fighting fund to offer F&Fs on my debts. I read the posts on here whenever I can so I've got as much info as I might need when the day comes

    I can't answer your queries myself but I'm sure that someone like fatbelly will be along to offer his advice soon.


    EDIT: I wrote in my post about not communicating with them as the debt might be Statute Barred but have deleted it as fatbelly has beaten me to it by giving you advice which is far better and to the point than what I suggested

    Good Luck and please let us know how it all pans out for you
    Last edited by carbootcrazy; 17-09-2017 at 8:48 AM.
    Make £10 A Day Challenge 2017. Jan-Aug: £4112.05 Sept: £139.86
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • sourcrates
    • By sourcrates 17th Sep 17, 10:34 AM
    • 11,973 Posts
    • 11,458 Thanks
    sourcrates
    Hi guys, my first ever post..

    I got a letter from Arrow Global for a debt I am not aware of for £1600, owed to Shop Direct, I can only assume it is a catalogue, thing is, it says date of original debt September 2005, should I ignore the letter or try to offer a F & F? I live on a really low income, but I could probably borrow a lump sum from family, but it seems incredible that they are still chasing something from 12 years ago and I am not even aware of ever buying anything for £1600, though I think I bought a laptop for about £650, your suggestions would be most welcome, I had considered just returning the letters as addressee unknown, but I would rather sort the matter out.

    Hope you can help.
    Originally posted by sibardner
    Agree with Fatbelly on this.

    Why make an offer on a debt you don't recognize ?

    Arrow Global are a Hugh company that buy up delinquent credit accounts in very large numbers, no checks are done on these accounts prior to been sold, so they literally don't know what there buying, if they are collectable or not, so never just give in, always ask for advice if your unsure, then challenge them to prove liability.

    Follow the advice given, it will most likely be statute barred and if so, we can help you deal with that also.
    Last edited by sourcrates; 17-09-2017 at 10:37 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 17th Sep 17, 2:01 PM
    • 1,044 Posts
    • 1,273 Thanks
    HairyHandofDartmoor
    My OH and I have had some success recently with full and final offers. M&S, Hoist (Barclaycard), two Barclays overdrafts, NCO (Amex), & Wescot (Lloyds) all accepted an offer of 50% of what we owed .

    I think they were influenced by the fact that we'd been paying token payments of £1 a month for two years and Stepchange said it would take us 92 years to pay off the debts based on our disposable income. As we are both in our fifties we are unlikely to live 92 years .

    My OH drew out his pension to enable us to make the offers.

    The only creditor that said no was Asset Link, whom my OH has two debts with (Barclaycards). They offered 75% on the smaller debt and 92% on the larger debt. We said we don't have the money (we don't). My OH mentioned he has health issues so Asset Link requested a doctors note as proof. Once we get the doctors note (long wait for that!) we will continue negotiations. We only have 50% to offer them so it's that or token payments again, so kind of hoping they'll say yes .
    Last edited by HairyHandofDartmoor; 17-09-2017 at 2:03 PM.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867

    Debt at highest = £58,766 Current debt = £16,234, Emergency Fund = £100

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • sibardner
    • By sibardner 17th Sep 17, 3:13 PM
    • 4 Posts
    • 1 Thanks
    sibardner
    Hi, thank you for your reply, I am pretty sure this is a laptop i ordered in 2004 for about £650, it was faulty and they refused to help fix it, so I didn't bother paying for it, I moved shortly after to my current address and have lived here for 13 years, I know for a fact I have never received any contact about this or any other debt in that time at my current address, but I do think it is the original catalogue debt, you mention something about 6 year (staute barred), I would rather not pay them anything, but I am worried that if I respond to them, once they have my response, then I am locked into communication and acknowledgement of the situation, I still think returning the letters unopened is a better solution, as you say they have no idea what they are chasing or even if I still exist...

    Your thoughts please sir.
    • sourcrates
    • By sourcrates 17th Sep 17, 3:19 PM
    • 11,973 Posts
    • 11,458 Thanks
    sourcrates
    I would rather not pay them anything, but I am worried that if I respond to them, once they have my response, then I am locked into communication and acknowledgement of the situation, I still think returning the letters unopened is a better solution, as you say they have no idea what they are chasing or even if I still exist...

    Your thoughts please sir.
    Originally posted by sibardner
    If a debt is statute barred, then nothing can unbar it.

    If you continue to ignore them, they could take you to court and then you would need to deal with it.

    Best to just follow Fatbellys advice and send the provit letter.

    The letter is specifically worded so as not to acknowledge anything.

    They must prove liability, send the letter, include what Fatbelly has said, see what comes back.
    Last edited by sourcrates; 17-09-2017 at 3:21 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • sibardner
    • By sibardner 17th Sep 17, 3:39 PM
    • 4 Posts
    • 1 Thanks
    sibardner
    Prove it.
    OK, thank you, that's very helpful, I will do as you both suggest and see what happens.
    • fatbelly
    • By fatbelly 17th Sep 17, 4:05 PM
    • 11,234 Posts
    • 8,400 Thanks
    fatbelly
    If a debt is statute barred, then nothing can unbar it.

    If you continue to ignore them, they could take you to court and then you would need to deal with it.

    Best to just follow Fatbellys advice and send the provit letter.

    The letter is specifically worded so as not to acknowledge anything.

    They must prove liability, send the letter, include what Fatbelly has said, see what comes back.
    Originally posted by sourcrates
    I've two trains of thought here:

    One is that we have often seen 'I think I know what this is', followed by 'oh no it's something different'. Let them tell you what this is.

    The second is that if they do start a court claim then it is good to already be collecting evidence to defend it, and to be letting them know that you will not just roll over and pay it.

    At this point it seems very unlikely that this is enforceable but, as you say, a prove-it letter acknowledges nothing and with my addition might even give the evidence you need about the last payment.
    • sibardner
    • By sibardner 17th Sep 17, 4:32 PM
    • 4 Posts
    • 1 Thanks
    sibardner
    Prove it.
    I think you are right, I have just printed off and posted the 'prove it' letter, the thing is, I am not short of funds, if I have to pay something (that is mine), I will, but I know these companies have a habit of adding huge charges that are not necessary and that is why I started the discussion on here, just kinda fishing about for some info, in case it comes down to me knocking them down on the price, I know this hasn't affected my credit rating, I have savings, a mortgage, credit cards, mobile phone contract etc, I just wanted to cover my bum before I commit to communicating with them and the correct way of doing so.

    Thank you once again for your help, I will post again if and when I receive something from them,.
    • fatbelly
    • By fatbelly 17th Sep 17, 8:31 PM
    • 11,234 Posts
    • 8,400 Thanks
    fatbelly
    Just to make things clear - whatever it is, Arrow (a debt buyer) will have paid less than £160 for this, and want you to pay them £1600. If I am right there is nothing they can do legally to collect on this, nothing they can do to affect your credit file and no reason why you should contribute to their profits. Even if you have funds available, I am sure you have better things to do with your money.
    • Grand Benders
    • By Grand Benders 18th Sep 17, 2:26 PM
    • 344 Posts
    • 1,344 Thanks
    Grand Benders
    In my bid to negotiate F&F's to clear my debts, I have CCA's Barclaycard (I owe them £6000). I took this credit card out in appx 1989 and have today received a reconstituted agreement... now how do i know if it is enforceable? There is no signature on the agreement and no credit limit. Any advice about how I know if it's enforceable or not?

    Thanks in advance.
    Originally posted by farmeress
    Hi farmeress - looks like your question got overlooked and we've moved on to a new page, but I spotted it when I was catching up.

    Not an expert on this but currently doing CCAs myself, so hopefully this link will help you:

    http://consumer.newbeginningsresources.co.uk/credit/dealing-with-debt/consumer-credit-act/prescribed-terms/

    The reconstituted agreement is allowed, but it needs to contain the prescribed terms as it's before a certain date (can't remember what date, but it's definitely later than your agreement date).

    So, this link should be your starting point to compare against what they've sent you. If you think they've failed in this regard, write to them telling them they have failed to meet the requirements of the CC Act, and that you believe the debt is unenforcable.

    If you're not sure, though, you might need to show it to a debt solicitor who can confirm for you whether it is unenforceable.

    Hope this helps.

    GB
    IF"Debt=0'+"SavingsInvestments">"OriginalDebt"THEN "retireEarly"ELSE"saveMore"
    Diary: 'Take it to the Mattresses!' Debt Reduced by 39% since July 2012. Debt-Free by Xmas 2017
    |||||| |||||||||| |||||| |||| |||||||||| |||||||||| ||||||||||
    Mortgage=gone, working on Debt now
    • LJB290
    • By LJB290 18th Sep 17, 4:41 PM
    • 92 Posts
    • 118 Thanks
    LJB290
    Virgin Money to Link Financial
    In 2013 we "sold" our debt to a company for a fee.
    The debt was with Virgin Money who transferred or sold it to Link financial (I'm not sure which).
    The debt is £10,500.

    After a time the debt came back to haunt us when the company we "sold" it to went out of business.
    Since then (just over 2 years) we have been paying a token payment to Link of £1 per month.

    We are now in the position to be able to offer a settlement with some money from a family member.
    Where should we start with negotiations?
    Bearing in mind our age (56), is it worth offering £1,500 (expecting to pay about £2,200 total)?
    It would certainly take a long time to pay that off at £1 per month.......

    Do you think it is worth offering?

    many thanks
    • sourcrates
    • By sourcrates 18th Sep 17, 5:19 PM
    • 11,973 Posts
    • 11,458 Thanks
    sourcrates
    In 2013 we "sold" our debt to a company for a fee.
    The debt was with Virgin Money who transferred or sold it to Link financial (I'm not sure which).
    The debt is £10,500.

    After a time the debt came back to haunt us when the company we "sold" it to went out of business.
    Originally posted by LJB290
    Hi,

    What do you mean "we sold the debt for a fee" ?

    I`m a little confused about this statement.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • January2015
    • By January2015 18th Sep 17, 8:04 PM
    • 1,754 Posts
    • 4,721 Thanks
    January2015
    In my bid to negotiate F&F's to clear my debts, I have CCA's Barclaycard (I owe them £6000). I took this credit card out in appx 1989 and have today received a reconstituted agreement... now how do i know if it is enforceable? There is no signature on the agreement and no credit limit. Any advice about how I know if it's enforceable or not?

    Thanks in advance.
    Originally posted by farmeress
    They can send a reconstituted copy but it has to be the t&c's you signed and not any from more recently than that. It's difficult for you to know if what they sent you is correct unless you kept a copy of the original yourself.

    I would think about sending a Subject Access Request - for which they can charge you £10. This will mean they need to send a copy of all information they hold on you. That might be more revealing in this instance.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • carbootcrazy
    • By carbootcrazy 19th Sep 17, 8:10 AM
    • 4,086 Posts
    • 22,951 Thanks
    carbootcrazy
    They can send a reconstituted copy but it has to be the t&c's you signed and not any from more recently than that. It's difficult for you to know if what they sent you is correct unless you kept a copy of the original yourself.
    Originally posted by January2015
    That's often what causes the confusion IMO. The T&Cs of mine look pretty comprehensive but bear no date anywhere. How is it possible to know if they are from the time of starting the agreement or from much later?
    Make £10 A Day Challenge 2017. Jan-Aug: £4112.05 Sept: £139.86
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • LJB290
    • By LJB290 19th Sep 17, 3:27 PM
    • 92 Posts
    • 118 Thanks
    LJB290
    Sold Debt - Virgin Money / Link Financial
    "In 2013 we "sold" our debt to a company for a fee.
    The debt was with Virgin Money who transferred or sold it to Link financial (I'm not sure which).
    The debt is £10,500.
    After a time the debt came back to haunt us when the company we "sold" it to went out of business.
    Originally posted by LJB290

    What do you mean "we sold the debt for a fee" ?
    I`m a little confused about this statement.


    Sorry for being unclear:
    There was a scheme whereby a company bought your debt to fight or settle on your behalf. The debt was "legally transferred" to this company.
    We signed up (due to various reasons that I wont bore you with now). The company then took on the debt and either fought it or settled it after a fight.
    That company decided to close down 2 years ago when the going got tough and the debt was then transferred back to us (even though their paperwork boldly stated that this could and would never happen).
    We found that the company had paid Virgin Money/Link a couple of £1 payments over a few years and we decided to continue to pay that £1 per month. Now we are in the position where we could make an offer.
    The debt is £10,500.
    What would be a reasonable offer to start at?
    (BTW: this case along with hundred of others was taken to the FOS many months ago and they are apparently investigating extensively).
    many thanks
    • sourcrates
    • By sourcrates 19th Sep 17, 4:13 PM
    • 11,973 Posts
    • 11,458 Thanks
    sourcrates
    LBJ290,

    I have never, ever, heard of such a scheme.

    I would be hesitant to pay anything at all, as it sounds decidedly dodgy to me, what was in this for the company that bought it ?

    Banks sell debts, I've never heard of individuals doing so.

    If it were me I'd be requesting paperwork via a sec 77/79 request for information under the consumer credit act from who ever has the debt now before I parted with a penny.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • TeaRex
    • By TeaRex 19th Sep 17, 7:10 PM
    • 32 Posts
    • 39 Thanks
    TeaRex
    I have a defaulted (Feb 2017) Barclaycard account which currently stands at £4707 owed and interest and charges have all been frozen. I am currently paying £20 monthly to Barclaycard while I pay off my Argos card and Lloyds CC. When I have paid off my other two accounts I want to pay off the Barclaycard one but will Barclaycard accept a full and final offer? Or would it have to be sold on to a debt collector first?

    Thanks
    June 2015 Debt - £23643 // Sept 2017 Debt - £3100 // Barclaycard Defaulted Debt £4707
    Online Savings - £200 // Xmas Cash Savings - £300
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