Full and final settlement help thread

January2015

sourcrates wrote: »

So your account was never defaulted by Lloyds prior to you negoatiating the settlement offer, is that correct ?

That's a little bit naughty of them as according to guidelines they should of defaulted you after the debt management company started passing on your payments (for anyone reading this always use a free service, not one you need to pay for).

I would write and complain, ask for the default to be backdated to when you first started having trouble, all defaults, bankruptcys insolvency of any kind will stay on your file 6 years (not 3), that's all you can do really.

As we know, what SHOULD have happened and WHEN it should have happened is not always the case with creditors. I'm in the process of arguing for BC to back date defaults. They have defaulted our accounts in the last couple of months and we have been in DMP land 2 years now. For me, it's a bit of a pointless battle - more a matter of principle. We will not be getting any further credit or mortgages so the date of the default doesn't really affect us. It's just really annoying creditors don't all act equally - especially when they do have a code of practice they should be able to follow.

Edit: Just checked my Noddle report and BC have backdated the default on one of our accounts to Feb 2015 - we stopped paying Jan 2015 and prior to that had never missed a payment. BC haven't written to us yet about this, but I anticipate a letter will arrive soon. No movement on account number 2 though.....yet!

645ImagePro

I would welcome considered opinion on this, please.
In December I received a letter from a Debt Collection Agency that appears very odd indeed. The letter stated that I had defaulted on a credit agreement with a national organisation to the tune of £1900 and I had paid nothing. Strangely it then went on to tell me that I had paid some few hundrd pounds in 2015-2016. So far so bad.
To my certain knowledge I have never had a credit agreement with the organisation, neither did I pay any money in 2015-2016.
What really floored me was that the date they state for the supposed credit agreement was 1986.
Finally they offered me a full and final settlement figure of ten percent of the supposed residual amount. They threated my credit record.
1. I immediately e-mailed the debt collection agency rejecting their claim, which they replied to by demanding personal details eg. Name and where had I lived for the past three years.
My response was to demand that they sent proof of their claim in hard copy. They have refused saying that they will not do so unless I send my personal information, nor by using e-mail.
I also wonder how, after thirty years, I would be able to prove that I had paid the amount of the agreement - had it existed. I sincerely doubt that anyone possesses documents from thirty years back of financial arrangements, other than a mortgage. So, is this some sort of scam and how does one prove a negative when any records have been gone for three decades?
I really don't want to go to law, but neither do I want to 'Pay them off', which would probably be cheaper and also tacitly admit the debt. Can any debt firm produce a 'supposed debt' from decades in the past and simply threaten people with it knowing, I suppose, that they will be undable to prove their innocence?
Thoughts please.

fatbelly

645ImagePro wrote: »

I would welcome considered opinion on this, please.
In December I received a letter from a Debt Collection Agency that appears very odd indeed. The letter stated that I had defaulted on a credit agreement with a national organisation to the tune of £1900 and I had paid nothing. Strangely it then went on to tell me that I had paid some few hundrd pounds in 2015-2016. So far so bad.
To my certain knowledge I have never had a credit agreement with the organisation, neither did I pay any money in 2015-2016.
What really floored me was that the date they state for the supposed credit agreement was 1986.
Finally they offered me a full and final settlement figure of ten percent of the supposed residual amount. They threated my credit record.
1. I immediately e-mailed the debt collection agency rejecting their claim, which they replied to by demanding personal details eg. Name and where had I lived for the past three years.
My response was to demand that they sent proof of their claim in hard copy. They have refused saying that they will not do so unless I send my personal information, nor by using e-mail.
I also wonder how, after thirty years, I would be able to prove that I had paid the amount of the agreement - had it existed. I sincerely doubt that anyone possesses documents from thirty years back of financial arrangements, other than a mortgage. So, is this some sort of scam and how does one prove a negative when any records have been gone for three decades?
I really don't want to go to law, but neither do I want to 'Pay them off', which would probably be cheaper and also tacitly admit the debt. Can any debt firm produce a 'supposed debt' from decades in the past and simply threaten people with it knowing, I suppose, that they will be undable to prove their innocence?
Thoughts please.

You've effectively asked them to prove the debt. Although we recommend doing it by old fashioned letter, it adds up to the same thing. The ball is in their court and if they start a court claim you will defend it.

It would almost certainly be statute barred even if it is yours.

It sounds like phishing - they will probably go and chase someone else

sourcrates

645ImagePro wrote: »

I really don't want to go to law, but neither do I want to 'Pay them off', which would probably be cheaper and also tacitly admit the debt. Can any debt firm produce a 'supposed debt' from decades in the past and simply threaten people with it knowing, I suppose, that they will be undable to prove their innocence?
Thoughts please.

Hi,

No need to go to law, law comes to you in the form of the Limitations act 1980.
A creditor has 6 years in which to recover any liability owed to it, after 30 years, I think they are pushing it a bit.
I can imagine the look on the secretary's face when she typed out that little beauty, times must be hard in DCA land this Christmas time !!!

Remember the golden rule, you don't need to prove anything, the onus is on them to prove you owe this money 100%.

I can tell you three ways to make this disappear for ever :

(1) send statute barred letter, success rate probably 100%

(2) send provit letter, similar rate of success.

(3) send CCA request, again, no chance of paperwork still existing.

Take your pick, there claim falls down on so many levels, personally I'd go for the statute barred defence first, please tell us what they come back to you with.

sarahb7538

I had some success with this with Arrow GLoba and a debt of mine that they purchasedl. Slightly different circumstances.I argued that the account was defaulted my the original creditor as they had sent me a default letter in 2009 ( but never actually defaulted the account with the CRA's). Thank god I keep ALL paperwork. Long story short the FOS adjudicator refused my complaint initially, it then went to the ombudsman who agreed it in the end, but it took a year of letters and emails and I was ready to give up at some points. Arrow Global backdated the default to 2009 and have now removed the account from my credit file.

I'm about to start the same with Vanquis as I was at least six months in arrears when I entered my DMP but the account was never defaulted. I've been paying a minimal payment since 2009 & paid off the last balance of £250 last year. The account is closed on my credit report but makes reference to my DMP obviously. As it stands it will report until 2022, I have complained to the ICO using the rule quoted above. This is the last blemish on my file, and if i can get it removed I feel I can finally move on with my life. I'll let you know if I have any luck x

dieselv2

My Argos Card was with Zinc. They had a 'Request Settlement Figure' link on their website and instantly came back with 50% off the £2,400 balance

sarahb7538

I've had some success this week.

After reading this on Tuesday night I used 'the settlement offer' request on the Cabot website and offered them £550 to settle a debt of £1049. The rejected this on Wednesday and offered £820.
I counter offered £700 which they accepted on Thursday. Very quick and painless.

Very happy with this as it's my largest debt and means my DMP is nearly clear!. Just waiting to hear from wescot now.

January2015

sarahb7538 wrote: »

I've had some success this week.

After reading this on Tuesday night I used 'the settlement offer' request on the Cabot website and offered them £550 to settle a debt of £1049. The rejected this on Wednesday and offered £820.
I counter offered £700 which they accepted on Thursday. Very quick and painless.

Very happy with this as it's my largest debt and means my DMP is nearly clear!. Just waiting to hear from wescot now.

I'd be interested to hear how you get on with Wescot as we have 2 accounts with them :beer:

Well done on the settlement with Cabot

sarahb7538

Thanks January2015 I will keep you posted.

Although I amnot holding out much hope as they apparently only 'manage the account' they haven't purchased it.

It is worth a try I suppose.

I've tried moorcroft but they point blank refused twice! I only owe about £100 now so that's probably why

backontrack83

Hello All

So after reading this and thread and asking a couple of questions before I started making calls today and this is where it stands with what they will accept, I need to get this down to £3000 if my mum is going to help, any advise on how to do this?. This is mine and my husbands;

Creditor/Outstanding Debt/Offer provided by creditor
Vanquis - 1392.61 - £1115.70
Vanquis - £1254.01 - £1148.03
NCO - 594.64 - 308.64
Lowell - £419.85 - 291.89 (passed to a supervisor to confirm - not confirmed at present)
Capital One - £414.15 - £409.18
NCO - £267.72 - £221.69
HSBC - £266.68 - £141.48 (passed to a supervisor to confirm - not confirmed at present)
Lowell - £184.96 - Would not even contemplate a settlement offer
NCO - £87.09 - Would not even contemplate a settlement offer
Capital One - £77.08 - Would not even contemplate a settlement offer
Argos Card - £59.94 - Would not even contemplate a settlement offer
Lowell - £51.75 - £39.99
Lowell - £169.31 - £98.77

Current total stands at £4184.44 (if the ones mentioned get agreed) but guidance on how to push for a bit more would be very welcome. I am very much out of my comfort zone here, with the negotiations etc.

Thank You