Full and final settlement help thread

whambam

Is it your surplus amount left over they try and agree with your creditors? Your income/benefits minus your expenses whats left over goes to your creditors what if its between 10-50 quid would the creditors agree with that amount say you owe £10,000.

somuchindebt

Hi,
Butterfly, can I just ask if SC or creditors need to know where the money comes from?

Also, if they refunded you money, does it mean you can have savings and not pay your debts and creditors have no rights to access that money?

marzom

I owe £39,000 and have had a DMP with Stepchange for around 4 years now and due to be debt free in 2024. A relative is prepared to lend me £8000 for full and final settlement payments. I know this is not going to be enough to get agreements from all my creditors but if a few are prepared to settle at a discounted rate then this leaves more money each month for the other creditors. I am worried however that if no one agrees to settle then stepchange will expect to pay £8000 of my debt- whereas my relative only wants to give me the money for settlement. Any advice folks? Thanks.

sourcrates

marzom wrote: »

I owe £39,000 and have had a DMP with Stepchange for around 4 years now and due to be debt free in 2024. A relative is prepared to lend me £8000 for full and final settlement payments. I know this is not going to be enough to get agreements from all my creditors but if a few are prepared to settle at a discounted rate then this leaves more money each month for the other creditors. I am worried however that if no one agrees to settle then stepchange will expect to pay £8000 of my debt- whereas my relative only wants to give me the money for settlement. Any advice folks? Thanks.

Unless your debts are very old or have missing paperwork, it's unlikley you will be able to achieve the deal you are hoping for.

It's a very tall order to have 31k wiped out, and I just don't see it happening to be honest.

How old are your accounts ? Still with Original lenders or DCA's ? Have you CCA'd all relevant accounts, if so what was the outcome ?

flowerpotter_2

Hi Folks,

Has anyone had any luck getting Simply Be to agree a settlement?

marzom

sourcrates wrote: »

How old are your accounts ? Still with Original lenders or DCA's ? Have you CCA'd all relevant accounts, if so what was the outcome ?

I was hoping that some of my creditors would settle around 40% and that £8000 would cover those that agreed. My accounts are from mid 90s mostly now with DCAs. Not sure what CCA is about - is that about asking for original agreement paperwork and is it worth going down that route?

sourcrates

marzom wrote: »

I was hoping that some of my creditors would settle around 40% and that £8000 would cover those that agreed. My accounts are from mid 90s mostly now with DCAs. Not sure what CCA is about - is that about asking for original agreement paperwork and is it worth going down that route?

Ah ha, your chances of success have just expanded exponentially !!
Yes a CCA request is what you have described above, and with older debts especially, should be done as a matter of course.

Creditors are only obliged to keep paperwork 6 years, so the chances of them still having it 20 years later, is quiet slim, not impossible, but slim.

That should be your next move, send an official CCA request to each relevant debt, include a £1 postal order with each one, which is the statutory fee required by the consumer credit act, the National Debtline website has a very good template letter to use for this purpose.


If they cannot supply what there supposed to, for each account, then that account becomes, potentially unenforceable in court, so they would possibly be more open to a low offer to settle, or you could just stop paying and walk away.

Sit back and see what they come back to you with, post back if you need further advice, expect to wait up to 2 months for a proper response though.

[Deleted User]

sourcrates wrote: »

Ah ha, your chances of success have just expanded exponentially !!
Yes a CCA request is what you have described above, and with older debts especially, should be done as a matter of course.

Creditors are only obliged to keep paperwork 6 years, so the chances of them still having it 20 years later, is quiet slim, not impossible, but slim.

That should be your next move, send an official CCA request to each relevant debt, include a £1 postal order with each one, which is the statutory fee required by the consumer credit act, the National Debtline website has a very good template letter to use for this purpose.


If they cannot supply what there supposed to, for each account, then that account becomes, potentially unenforceable in court, so they would possibly be more open to a low offer to settle, or you could just stop paying and walk away.

Sit back and see what they come back to you with, post back if you need further advice, expect to wait up to 2 months for a proper response though.

sourcrates, that's really useful advice which will help a lot of us, not just the poster you aimed it at. Thanks:T

Just a quick query. Should we send our CCA requests to the original creditor (in my case MBNA) or the company (Link)now dealing with it who I assume it has been 'sold on to' please?. These are debts originating from the 1990s.

zenshi

carbootcrazy wrote: »

sourcrates, that's really useful advice which will help a lot of us, not just the poster you aimed it at. Thanks:T

Just a quick query. Should we send our CCA requests to the original creditor (in my case MBNA) or the company (Link)now dealing with it who I assume it has been 'sold on to' please?. These are debts originating from the 1990s.

I had MBNA and bcard bought by link. CCA'd link and sadly got relevant paperwork back. These were debts originating early 2000's

Definitely worth trying though just in case

[Deleted User]

zenshi wrote: »

I had MBNA and bcard bought by link. CCA'd link and sadly got relevant paperwork back. These were debts originating early 2000's

Definitely worth trying though just in case

Thanks. Will give it a go:T