Full and final settlement help thread

sourcrates · 29 March 2015 at 12:07PM

Mamamutz2 wrote: »

I send a letter starting at around 20/30 % initially from national debt helpline or should I do a CCA letter first?

Hi,
You would be best advised to go the CCA request route first, not to would be madness.
If they all produce the paperwork, all well and good, if they don't, then that would put you in a much better position to offer settlement.

As you must be aware, problems with paperwork can still work in your favor, and can lead to a creditor been unable to gain judgement against you in court, always do CCA requests before you make any kind of offer to them.

When you are satisfied you have the best deal, it makes little difference on your method of payment, just make sure you have it in writing that the offer you make is made in full and final settlement, and that you will not be chased for any shortfall.

Mamamutz2 · 29 March 2015 at 12:33PM

Thank you sourcrates.

I think I did get a copy from one of the creditors cos I sent a PPI request to a couple of them.

Will dig it out as that was free! then send letters to the others and take it from there.

I know I owe them money but it made me so angry that when I asked for help originally they just didnt want to help me at all!!

If they can sell to a Debt agency for a fraction of the price then why cant they try and come to an understanding with us? They are more likely to get more money then surely?

Will let you know what happens.
xx

happy_bunny_2 · 29 March 2015 at 12:59PM

If that DCA search on your file was marked as Trace enquiry', it's only visible to you.

Don't bother with CCA requests for overdrafts.

CCA request is the way ahead, as advised.

HB

Mamamutz2 · 29 March 2015 at 2:57PM

Thank you happy_bunny..

wouldnt let me thank you on the post (?)

Will update you. xx

Now it has! Must have chucked me out cos I hadnt been onsite for a while.

I dont get on with technology..:-/ xx

irishabroad · 29 March 2015 at 10:09PM

Hi me and my wife are in desperate need of some advice !!
Have been on a DMP since 2009. So far paid over 22,000 with 46,000 still to pay. This is due to be paid off until 2022! The debts are as follows:

Wescot – Current debt of 30,785. Originally a personal loan of 25,000. Paid off 8,600 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to Wescot

NCO – Current debt of 12,240. Originally a personal loan of 15,000. Paid off 7,100 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to NCO.

Cabot Financial (Marlin) – Current debt of 2500. Originally a Credit Card debt. Paid off 3500 so far. Original debt was with HSBC.

Direct Legal Collections – Current debt of 1350. Originally a credit card debt. Paid off 1750 so far.
Had been bought by Red Castle Recoveries then sold to Direct Legal.

My family and my wife’s family have offered to try and pay the 46,000 off for us if a reasonable deal can be struck for a full and final settlement – very generous I know but we are hoping to clear our debts and buy a house.

Does anyone have any advice/experience on how to deal with any of these companies? What should be a starting figure and what can i realistically expect to settle for?

sourcrates · 29 March 2015 at 10:40PM

irishabroad wrote: »

Hi me and my wife are in desperate need of some advice !!
Have been on a DMP since 2009. So far paid over 22,000 with 46,000 still to pay. This is due to be paid off until 2022! The debts are as follows:

Wescot – Current debt of 30,785. Originally a personal loan of 25,000. Paid off 8,600 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to Wescot

NCO – Current debt of 12,240. Originally a personal loan of 15,000. Paid off 7,100 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to NCO.

Cabot Financial (Marlin) – Current debt of 2500. Originally a Credit Card debt. Paid off 3500 so far. Original debt was with HSBC.

Direct Legal Collections – Current debt of 1350. Originally a credit card debt. Paid off 1750 so far.
Had been bought by Red Castle Recoveries then sold to Direct Legal.

My family and my wife’s family have offered to try and pay the 46,000 off for us if a reasonable deal can be struck for a full and final settlement – very generous I know but we are hoping to clear our debts and buy a house.

Does anyone have any advice/experience on how to deal with any of these companies? What should be a starting figure and what can i realistically expect to settle for?

CCA request to each account first off, if they can't produce them, it will put you in a much better place to negotiate!!!!

This is a must do, before any negotiations take place.

happy_bunny_2 · 30 March 2015 at 8:41AM

irishabroad wrote: »

Hi me and my wife are in desperate need of some advice !!
Have been on a DMP since 2009. So far paid over 22,000 with 46,000 still to pay. This is due to be paid off until 2022! The debts are as follows:

Wescot – Current debt of 30,785. Originally a personal loan of 25,000. Paid off 8,600 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to Wescot

NCO – Current debt of 12,240. Originally a personal loan of 15,000. Paid off 7,100 so far. Had been bought by BLAIR, OLIVER & SCOTT and then sold on to NCO.

Cabot Financial (Marlin) – Current debt of 2500. Originally a Credit Card debt. Paid off 3500 so far. Original debt was with HSBC.

Direct Legal Collections – Current debt of 1350. Originally a credit card debt. Paid off 1750 so far.
Had been bought by Red Castle Recoveries then sold to Direct Legal.

My family and my wife’s family have offered to try and pay the 46,000 off for us if a reasonable deal can be struck for a full and final settlement – very generous I know but we are hoping to clear our debts and buy a house.

Does anyone have any advice/experience on how to deal with any of these companies? What should be a starting figure and what can i realistically expect to settle for?

As per Sourcrates.

Also, are any of these still showing on your credit file? If so, defaulted or arrangement?

irishabroad · 30 March 2015 at 9:11AM

happy_bunny wrote: »

As per Sourcrates.

Also, are any of these still showing on your credit file? If so, defaulted or arrangement?

Thanks for the advice guys! Sorry to sound so clueless but what exactly is a CCA and what does it mean if they cant produce them? Can I just email these companies and request this information?

I havent checked my credit file in years, again what does it mean if they show as defaulted or arrangement?

Thanks in advance!

happy_bunny_2 · 30 March 2015 at 4:40PM

Worth checking your credit file. As if you have arrangements, you may want to see if they can be defaulted to an earlier date.

Defaults fall off 6 years after default date.

Arrangements stay for 6 years from when account paid off.

So, I stop paying a loan, get a default after 3 months. Default and account gone from credit file after 6 years 3 months.

If you enter a DMP, sometimes creditor marks account as arrangement to pay. Not default. Accounts stay on file for 6 years from date closed. So if I pay it off in 5 years on the DMP, that account with the arrangement marker stays for 6 Years after that. So 11 years in total.

CCA request gets a copy of the agreement. On pre April 2007 debts (not overdrafts), if they don't have the original signed one, court action can be defended on that basis. Once a creditor, especially a DCA knows there are issues of this type, they can usually be made to settle for less as their ultimate threat of court is worthless.

sourcrates · 30 March 2015 at 5:55PM

irishabroad wrote: »

Thanks for the advice guys! Sorry to sound so clueless but what exactly is a CCA and what does it mean if they cant produce them? Can I just email these companies and request this information?
!

No,
You have to make a formal written request for this information, email will not do i`m afraid.
This is the template letter you should use, adapt it to your own situation :

(Your home address)
Date:
To:

Dear Sir/Madam

Account/Ref No:

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully

Your name.

Print you name rather than use your normal signature, since some DCA's have been known to scan it so they can mock up a fake CCA.

For the same reason, the statutory fee of £1 should be a postal order.

Full and final settlement help thread

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