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  • FIRST POST
    • shaun196809
    • By shaun196809 19th Apr 17, 10:25 PM
    • 22Posts
    • 5Thanks
    shaun196809
    Requesting Settlement figure with PRA Group
    • #1
    • 19th Apr 17, 10:25 PM
    Requesting Settlement figure with PRA Group 19th Apr 17 at 10:25 PM
    Good Evening Everyone!

    This is my first post so new to this!!

    I've had a debt management plan for the past 9 years and currently have 4 creditors with an outstanding debt of around £42k.

    Over the past week I have been requesting a full settlement figure and so far had two responses from creditors willing to accept 40% of the original figure.

    However, PRA Group will only give a 20% reduction which I was slightly surprised as the debt is over 8 years old and still £9k outstanding. I have written and spoke to them today by phone but no movement.

    I was left a small amount of money following a family bereavement.

    Any suggestions or do I have to keep paying through my DMP and try again in 6 months?

    Many thanks
    Shaun
Page 1
    • sourcrates
    • By sourcrates 19th Apr 17, 10:43 PM
    • 11,201 Posts
    • 10,864 Thanks
    sourcrates
    • #2
    • 19th Apr 17, 10:43 PM
    • #2
    • 19th Apr 17, 10:43 PM
    Hi,

    You are familiar with a CCA request ?

    Have you CCA'd all the relevant accounts to see if they have compliant paperwork ?

    That should be your first move.
    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/
    • shaun196809
    • By shaun196809 19th Apr 17, 10:48 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    • #3
    • 19th Apr 17, 10:48 PM
    • #3
    • 19th Apr 17, 10:48 PM
    No I haven't - excuse my ignorance but what are CCA requests?

    Thanks for responding so quickly - much appreciated.
    • sourcrates
    • By sourcrates 19th Apr 17, 10:59 PM
    • 11,201 Posts
    • 10,864 Thanks
    sourcrates
    • #4
    • 19th Apr 17, 10:59 PM
    • #4
    • 19th Apr 17, 10:59 PM
    No I haven't - excuse my ignorance but what are CCA requests?

    Thanks for responding so quickly - much appreciated.
    Originally posted by shaun196809
    It's a request for a copy of your original credit agreement (or recon version) without it, an account can be unenforceable in court.

    Can be a deal breaker when making settlement offers on accounts with no paperwork.

    Information and template letter here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
    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/
    • fatbelly
    • By fatbelly 19th Apr 17, 11:03 PM
    • 10,951 Posts
    • 8,158 Thanks
    fatbelly
    • #5
    • 19th Apr 17, 11:03 PM
    • #5
    • 19th Apr 17, 11:03 PM
    You can do this for any consumer credit act debt - so loans, catalogues, credit cards, HP agreements.
    • shaun196809
    • By shaun196809 19th Apr 17, 11:09 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    • #6
    • 19th Apr 17, 11:09 PM
    • #6
    • 19th Apr 17, 11:09 PM
    So effectively what you're saying is that if they can't provide the credit agreement I could just walk away? But wouldn't they still harass for the outstanding debt?
    • sourcrates
    • By sourcrates 19th Apr 17, 11:16 PM
    • 11,201 Posts
    • 10,864 Thanks
    sourcrates
    • #7
    • 19th Apr 17, 11:16 PM
    • #7
    • 19th Apr 17, 11:16 PM
    So effectively what you're saying is that if they can't provide the credit agreement I could just walk away? But wouldn't they still harass for the outstanding debt?
    Originally posted by shaun196809
    Yes that's correct, but it could also help you reach a smaller than normal settlement with them, which is what you are aiming for.
    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/
    • shaun196809
    • By shaun196809 19th Apr 17, 11:21 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    • #8
    • 19th Apr 17, 11:21 PM
    • #8
    • 19th Apr 17, 11:21 PM
    Okay great - I'll get on to that in the morning! Again, really appreciate your advice.

    I have another account with Capital One for £13k, any advice for these? Obviously it hasn't been taken on by a debt agency.
    • sourcrates
    • By sourcrates 19th Apr 17, 11:37 PM
    • 11,201 Posts
    • 10,864 Thanks
    sourcrates
    • #9
    • 19th Apr 17, 11:37 PM
    • #9
    • 19th Apr 17, 11:37 PM
    Okay great - I'll get on to that in the morning! Again, really appreciate your advice.

    I have another account with Capital One for £13k, any advice for these? Obviously it hasn't been taken on by a debt agency.
    Originally posted by shaun196809
    Well same advice applies really, although usually the older a debt is the less chance of there being paperwork, sometimes creditors can't produce paperwork for newer debts either.

    It's always worth finding out, if they produce it fine, if not it strenthens your position whilst negotiating.
    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/
    • shaun196809
    • By shaun196809 20th Apr 17, 6:58 AM
    • 22 Posts
    • 5 Thanks
    shaun196809
    Thanks again for your advice.
    • January2015
    • By January2015 20th Apr 17, 7:40 AM
    • 1,725 Posts
    • 4,656 Thanks
    January2015
    If agreement is unenforceable PRA will offer to settle at 10% of the outstanding balance. Worth considering because although the account may be unenforceable (i.e. they cannot force you to pay it), you will still owe the money. There is the potential the debt could get bounced around from DCA to DCA in the hope one of them can squeeze some money out of you. You have to evidence every time this happens that it is unenforceable. However, if you opt to settle for a low % of the balance then your credit file gets marked to show the account has been partially settled and closed - and no-one else will harrass you.

    Of course, Sourcrates is right and you do not have to pay unenforceable accounts at all....this information just gives you something to else think about
    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
    • shaun196809
    • By shaun196809 10th May 17, 2:35 AM
    • 22 Posts
    • 5 Thanks
    shaun196809
    Just as an update I sent two letters to PRA Group and Capital One. PRA Group have responded returning the £1 postal order and as a "gesture of goodwill", will not charge me!! They are now seeking the original documents and said this could take longer than 12 days.

    Capital One have sent me the original credit agreement and a reminder of the consequences if I don't continue payments as it is enforceable.

    Any suggestions on my next move with Capital One? Debt is £13.5k.

    Thanks in advance.
    • fatbelly
    • By fatbelly 10th May 17, 7:19 AM
    • 10,951 Posts
    • 8,158 Thanks
    fatbelly
    I think continue with the dmp payments and continue to nag them for a settlement.

    I notice a poster called Whambam that I often link to said he got settlements with Capital One at 52 and 58%
    Last edited by fatbelly; 10-05-2017 at 7:22 AM.
    • Twins
    • By Twins 10th May 17, 8:06 AM
    • 256 Posts
    • 1,076 Thanks
    Twins
    Just as an update I sent two letters to PRA Group and Capital One. PRA Group have responded returning the £1 postal order and as a "gesture of goodwill", will not charge me!! They are now seeking the original documents and said this could take longer than 12 days.

    Capital One have sent me the original credit agreement and a reminder of the consequences if I don't continue payments as it is enforceable.

    Any suggestions on my next move with Capital One? Debt is £13.5k.

    Thanks in advance.
    Originally posted by shaun196809
    Hi Shaun, just thought I'd let you know that I'm in the same boat as you with PRA group. I wrote to them asking for a copy of my CCA's (I have 2 accounts with them) and they returned the cheques saying they would send them as a gesture of goodwill. Turns out they couldn't find either one of my agreements.
    I've since written to them offering a F&F of 10% on one of the accounts and am waiting to hear back. I've also decided to self manage my DMP so that I can control how much I pay to all my creditors so am in the process of setting that up.

    Good luck! Do let me know how you get on
    LBM April 2011 Debt £30,800 now in DMP land
    Self Managing my DMP May 2017

    Slowly chipping away at my debts: April 17 £17,388 June 17 £11,268.06
    Debt free date: Jan 2023 Dec 2022. April 2019 I will be free
    £2 Savers club #39
    • January2015
    • By January2015 10th May 17, 9:38 AM
    • 1,725 Posts
    • 4,656 Thanks
    January2015
    Just as an update I sent two letters to PRA Group and Capital One. PRA Group have responded returning the £1 postal order and as a "gesture of goodwill", will not charge me!! They are now seeking the original documents and said this could take longer than 12 days.

    Capital One have sent me the original credit agreement and a reminder of the consequences if I don't continue payments as it is enforceable.

    Any suggestions on my next move with Capital One? Debt is £13.5k.

    Thanks in advance.
    Originally posted by shaun196809
    How old is the Capital One agreement? PRA sent us copies of all documents/agreements/T&Cs/statements - even had our signature. However, on further investigation it was unenforceable and we were able to settle for 10%. Our agreement was early 2000s and it was the T&Cs that made it unenforceable.
    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
    • shaun196809
    • By shaun196809 10th May 17, 6:49 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    Hi Shaun, just thought I'd let you know that I'm in the same boat as you with PRA group. I wrote to them asking for a copy of my CCA's (I have 2 accounts with them) and they returned the cheques saying they would send them as a gesture of goodwill. Turns out they couldn't find either one of my agreements.
    I've since written to them offering a F&F of 10% on one of the accounts and am waiting to hear back. I've also decided to self manage my DMP so that I can control how much I pay to all my creditors so am in the process of setting that up.

    Good luck! Do let me know how you get on
    Originally posted by Twins
    Hi, thanks for responding and always nice to hear I'm not the only one out there!

    Do let me know when PRA have responded - would be nice to know if they actually take 10%.

    I too have thought about stopping my DMP as I only have three creditors left (did have six). I think I'll wait and see what happens over the coming month and then make a decision. Not sure if it will be easier to negotiate a smaller F and F with each creditor.

    Incidentally - how long did it take PRA to state that they couldn't find the original credit files?

    Thanks Shaun
    • shaun196809
    • By shaun196809 10th May 17, 6:57 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    How old is the Capital One agreement? PRA sent us copies of all documents/agreements/T&Cs/statements - even had our signature. However, on further investigation it was unenforceable and we were able to settle for 10%. Our agreement was early 2000s and it was the T&Cs that made it unenforceable.
    Originally posted by January2015

    Hi, the Capital One agreement was signed in December 2005. How did you establish that the agreement was unenforceable? Did you get a claims management company to review?

    Thanks for responding to my post - very helpful. Shaun
    • January2015
    • By January2015 10th May 17, 7:53 PM
    • 1,725 Posts
    • 4,656 Thanks
    January2015
    Hi, the Capital One agreement was signed in December 2005. How did you establish that the agreement was unenforceable? Did you get a claims management company to review?

    Thanks for responding to my post - very helpful. Shaun
    Originally posted by shaun196809
    Hi Shaun
    I've sent you a PM
    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
    • Twins
    • By Twins 11th May 17, 11:31 AM
    • 256 Posts
    • 1,076 Thanks
    Twins
    Hi, thanks for responding and always nice to hear I'm not the only one out there!

    Do let me know when PRA have responded - would be nice to know if they actually take 10%.

    I too have thought about stopping my DMP as I only have three creditors left (did have six). I think I'll wait and see what happens over the coming month and then make a decision. Not sure if it will be easier to negotiate a smaller F and F with each creditor.

    Incidentally - how long did it take PRA to state that they couldn't find the original credit files?

    Thanks Shaun
    Originally posted by shaun196809
    Hi Shaun, one of the letters came back within about 3 weeks and the second took a bit longer around 4 weeks. I think the longer they take indicates that they are finding it difficult to locate, just my thinking anyway. I'm still waiting on 2 other creditors to respond on the CCA request so fingers crossed they are unenforceable too!
    LBM April 2011 Debt £30,800 now in DMP land
    Self Managing my DMP May 2017

    Slowly chipping away at my debts: April 17 £17,388 June 17 £11,268.06
    Debt free date: Jan 2023 Dec 2022. April 2019 I will be free
    £2 Savers club #39
    • shaun196809
    • By shaun196809 11th May 17, 12:16 PM
    • 22 Posts
    • 5 Thanks
    shaun196809
    That's positive news - I've been waiting for about three weeks now and no update from PRA!!

    Fingers crossed here too! :-)
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