Full and final settlement help thread

anna_1977

Hi,
I hadn't realised there was a post specifically for F&F offers.
Since June 2015 I have been paying £1 token payments for the below debts. I'm planning on selling the house and downsizing in next few months, this will hopefully leave me in a position to be able to offer F&F payments to clear the below.

Can someone please advise what I should start my offer with the what is to be 'worth' accepting - thank you

Santander CC1 - £2631
Santander CC2 - £2023
Virgin CC - £3786
Barclaycard CC1 - £9890
Barclaycard CC2 - 4490
Barclays Partner Finance 1 - £328
Barclays Partner Finance 2 - £380
Barclays Partner Finance 3 - £1246
Very - £2500
First Direct OD - £405

leebo87

leebo87 wrote: »

Hi all,

I sent an SOA to the DCA I mentioned above and I have received their reply today. They are willing to accept a £1pm payment to be reviewed in 6 months. They didn't mention anything about the F&F. I'm not keen on making this min payment as I'd much rather make an F&F and have it out of the way.

I think my next step will be to send them and the DCA they are working for a CCA request and see what happens - unless anyone has a better idea?

Thanks,

Recieved this from the DCA who the other DCA were working on behalf of today...(to clarify this is the DCA who actually appear on my Credit report)...

'We thank you for your letter received on 02/03/2016 and acknowledge your request for documentation pursuant to the Consumer Credit Act 1974.

We do not accept that we are the creditor as envisaged by the above statute. However, we are willing to assist in obtaining that which has been requested. We will now process your request for documentation from the creditor and will revert in due course.

We confirm that all collection activity will be suspended pending provision of the documents.

We return the payment of £1.00.'

Somebody tell me what this means in plain English please! :cool:

National_Debtline

Hi leebo87

leebo87 wrote: »

Recieved this from the DCA who the other DCA were working on behalf of today...(to clarify this is the DCA who actually appear on my Credit report)...

'We thank you for your letter received on 02/03/2016 and acknowledge your request for documentation pursuant to the Consumer Credit Act 1974.

We do not accept that we are the creditor as envisaged by the above statute. However, we are willing to assist in obtaining that which has been requested. We will now process your request for documentation from the creditor and will revert in due course.

We confirm that all collection activity will be suspended pending provision of the documents.

We return the payment of £1.00.'

Somebody tell me what this means in plain English please! :cool:

It suggests that the DCA are going back to the original lender to seek a copy of the credit agreement you requested, and that they will not be taking any further action against you in the meantime.


Sounds like a positive outcome for now and you may wish to simply sit tight until you hear back from them.


Dennis
@natdebtline

leebo87

Thank you Dennis - will do!

somuchindebt

Good morning all, I was wondering what your views are. I have been on DMP with Step Change for about a year and a half and my debt free date is June 2048. I have over £54k to pay. Small chunk of it around £24k I am jointly responsible with my ex husband. But my ex is on IVA and it's not going to reduce a lot. I wanted to do IVA but due to my income couldn't do it. I live in the house which I pay a mortgage on and additional secured loan. We own it jointly with ex (or the equity). Ex promised that he will sign his share of the house to me, but this can't happen until he is out of IVA - around another 4.5 years. But I am tempted to just sell the house and for my share of equity buy a house in my home country and offer the rest to my creditors as full and final settlement. I haven't valued the house yet, but I think I may have around £45K. There is no charge on the house yet. So, do you think I would be able to spend around £30k for the house in home country and offer £15k to my creditors? Are they going to be chasing after me and want the house in the other country?
Now for people that may not be interested in my personal situation, but I probably owe explanation for wanting to get away with just a minimum payment for my debts while I could have so much equity. Well, majority of these debts, apart form maybe £7K are because of my ex husband. We had set up a business together originally as sole trader and bank account was in my name, we had an overdraft and credit card facility. But we incorporated the company and these facilities were left available. We had then had loads of problems with other partners in the company and because of that we were arguing and later divorced. Through the arguments my ex managed to make me use the overdraft and credit card facilities through emotional blackmail. Promised they would get paid off when money comes in. Other thing is, that I mentioned we are jointly responsible, we had personally guaranteed loan and overdraft for the limited company. Then there is my credit cad that he used to set up his new place when I wanted him to move out. The account was in my name but I had two cards, one for me, one for him I let him use p to a £1k but he went over and spend over £3k. Anyways, I had to get a job so didn't help out with the business and resigned as director as I was scared of responsibility, when I wasn't even involved. We had 50/50 shareholding. He then liquidated the company, bought all the assets and stock for fraction of the cost and is now trading as a sole trader. So I feel I have been screwed big time.
I have two children. I have a new husband and I am pregnant. This relationship is falling apart.
I feel as though I am on the verge. I need to do something. I thought that if I sell the house and get something in my home country, at least I can get back there. Though I am not even sure if I will be allowed as fathers of my kids are english and I can't even afford solicitors fees. I have got very dark thoughts going through my head, I don't know what other options I have but if I sell the house and give all the money towards F&F I will not be ale to survive, pay rent, and everything else. I wanted to keep the house but I can't even afford this. I mean the bills are fine but there is just so much that needs doing. Husband said yesterday that he had enough of me and he is going to move out. I think I want him to move out as I've had enough of the arguments. He has a go at me for everything, I am scared to say stuff to him. And I think he is an alcoholic. I really can't understand what I am doing that is so wrong but he is so horrible to me. And my kids have to witness it. I am so stupid for letting another man in my and their lives, I am embarrassed to talk to anyone about this. I am 7 months pregnant and I just want this to be over.

National_Debtline

Hi there somuchindebt


You do not owe strangers on this forum an explanation for your predicament. Your focus needs to be purely on what course of action will offer you and your children the best outcome. If that is moving away and settling elsewhere, so be it, but make sure you are doing that because it is what you want to do, rather than feeling forced into it.


Let's assume that you sell your UK property and promptly buy something in your home country. None of your creditors hold charges against your home, so there are no immediate obstacles to this. Would you then be moving there immediately? While I don't know where "home" is for you, I can safely say that your UK creditors are very unlikely to consider taking legal action against assets overseas.


At the moment your creditors are being repaid very slowly - as such, they are likely to be very interested in the prospect of a lump sum offer, as opposed to the uncertainty of piecemeal payments over potentially 32 years.


In all honesty, however, the debts do not sound like your biggest issue right now. Please take any support you can get with the relationship issues you mention, even if it is just an anonymous conversation with someone like Samaritans for now. Why not let Stepchange know that your circumstances are a little volatile, and ask to put the debt plan on hold temporarily if that helps you focus on your next steps more clearly?


All the best with whatever you decide to do.


Dennis
@natdebtline

somuchindebt

Thank you so much Dennis, you are right that my biggest issues are in the personal life, I was considering talking to GP but I am scared that they will say I am not fit mother, I may speak to someone confidential, as you suggest.
The advice you gave me is really encouraging. I haven't made up my mind yet but will get the house valued and will go from there. Just so difficult to say if I will be able to move straight away, but even if not, I would hopefully be able to rent something in the short term to sort everything out.
I will probably have to speak to Step Change soon, but I worry that if I put payments on hold, then some creditors may want to put the charge on the house, so trying to put it off.
Thank you very much

sourcrates

somuchindebt wrote: »

I will probably have to speak to Step Change soon, but I worry that if I put payments on hold, then some creditors may want to put the charge on the house, so trying to put it off.
Thank you very much

I wouldn't worry too much about that, as things move pretty slowly in the debt collection industry, can take months, even years before any action like that is likely.

KID77

Sorry to hear about your situation and as Dennis said the debt is not important, ensuring you and your children are in a safe and stable environment is.

Sort this out and then once your house is sold, look to offer your creditors a partial settlement.

I hope everything works out for you xxx

somuchindebt

Thank you so much guys, I have been thinking about ringing Samaritans but just the thought of it makes me want to burst into tears. Reading your responses makes me cry too... Thank you!