Full and final settlement help thread

braveheart6612

braveheart6612 wrote: »

Hi Everyone

Looking for some advice here. I've had a Next account since 2000 , I'm on a DMP with SC , I recently sent a CCA request , they have come back today saying that they have no record of receiving my original signed credit agreement and have enclosed blank copies of credit agreement , notice of variations and a copy of my most recent statement and have asked me to sign and return. What do I do next , is the debt enforceable?? My thinking is if I sign it they will enforce it ?? can someone help out cheers

Update from Next is that they say that the debt is not enforceable through the court but they will default me back to March last year and sell it on. Any advice as what to do next , I have a token payment plan in place for the next 3 months. cheers

sourcrates

braveheart6612 wrote: »

Update from Next is that they say that the debt is not enforceable through the court but they will default me back to March last year and sell it on. Any advice as what to do next , I have a token payment plan in place for the next 3 months. cheers

(1) Guard that letter from Next with your life.

(2) Cancel the token payment plan.

(3) When the new owner writes to you, inform them you will not be paying, due to a lack of an enforceable credit agreement, and not to bother you again, enclose a copy of the letter from Next.

The usual course of events is that the new buyer will investigate your claim, find out your telling the truth, and then they normally return the debt to the original owner.

You might find this happens a lot, i saw off 16 different DCA`s in similar circumstances.

You might want to make one of the new owners a small offer to settle if you dont want this to keep rearing its ugly head.

abby1234519

Anyone have a clue what Lowells buy debts from?

Lowells have bought a Halifax credit card debt of £566.18 and a Lloyds debt of £1061.84. Both letters saying "sold and assigned to"

Not sure whether to wait to see if they send a letter with a settlement offer although I suspect they won't as they have acknowledged the debt is through pay plan

I'd like to settle the halifax one and then save to settle the lloyds

Both are DH's debts

sourcrates

abby1234519 wrote: »

Anyone have a clue what Lowells buy debts from?

Lowells have bought a Halifax credit card debt of £566.18 and a Lloyds debt of £1061.84. Both letters saying "sold and assigned to"

Not sure whether to wait to see if they send a letter with a settlement offer although I suspect they won't as they have acknowledged the debt is through pay plan

I'd like to settle the halifax one and then save to settle the lloyds

Both are DH's debts

Lowell's actually make good settlement offers.

I have seen discounts of 60% from Lowell, usually sent within 6-8 months, being on a DMP may preclude them from making such offers to you, but theres nothing stopping you writing to them is there.

They buy these accounts for pennies in the pound, so can afford a good discount, and still turn a profit.

DrWatson1

sourcrates wrote: »

being on a DMP may preclude them from making such offers to you, but theres nothing stopping you writing to them is there.

Does being on a DMP (assuming you mean one managed by a third party) dissuade creditors from approaching you with settlements?

braveheart6612

sourcrates wrote: »

(1) Guard that letter from Next with your life.

(2) Cancel the token payment plan.

(3) When the new owner writes to you, inform them you will not be paying, due to a lack of an enforceable credit agreement, and not to bother you again, enclose a copy of the letter from Next.

The usual course of events is that the new buyer will investigate your claim, find out your telling the truth, and then they normally return the debt to the original owner.

You might find this happens a lot, i saw off 16 different DCA`s in similar circumstances.

You might want to make one of the new owners a small offer to settle if you dont want this to keep rearing its ugly head.

Thanks sourcrates appreciate ur help , I offered Next a small f&f but they want 70% , OK will carryout your advice...........Merry Christmas everyone

abby1234519

sourcrates wrote: »

Lowell's actually make good settlement offers.

I have seen discounts of 60% from Lowell, usually sent within 6-8 months, being on a DMP may preclude them from making such offers to you, but theres nothing stopping you writing to them is there.

They buy these accounts for pennies in the pound, so can afford a good discount, and still turn a profit.

Great, going self managed in January so hopefully that should help. Will approach them in 6 months

sourcrates

DrWatson1 wrote: »

Does being on a DMP (assuming you mean one managed by a third party) dissuade creditors from approaching you with settlements?

Not nessessarily, but it's more likely they will assume you can't afford settlement offers.

They send these offers out at random anyway, they have no scruples where money is concerned.

krazykaz64

hi again., so last week I sent letters to all creditors with an offer of 30%.
Had one phone me (Moorcroft) .. I owe them 309, offered 105, they have phoned me and said they would partial settle at 274. Asked them to put it in writing and that i will inform them should I wish to proceed but in the meantime I would continue with the DMP.
Had Cabot phone just now, and as I have a chest infection and unable to talk without having a coughing fit, they are phoning back next week.

It is far better to have any communication via letter isn't it ?

fatbelly

krazykaz64 wrote: »

hi again., so last week I sent letters to all creditors with an offer of 30%.
Had one phone me (Moorcroft) .. I owe them 309, offered 105, they have phoned me and said they would partial settle at 274. Asked them to put it in writing and that i will inform them should I wish to proceed but in the meantime I would continue with the DMP.
Had Cabot phone just now, and as I have a chest infection and unable to talk without having a coughing fit, they are phoning back next week.

It is far better to have any communication via letter isn't it ?

The final deal has to be in writing so you can retain proof for six years.

But it can be useful to have a phone conversation, particularly if you have both said what is acceptable but there remains a gap between the two positions, as long as the result is confirmed in writing afterwards.