Full and final settlement help thread

January2015

sourcrates wrote: »

Can I just say that all this talk of "rocking the boat" with creditors is just nonsense.

You are just an account number to them, they don't know you, you don't know them, they make business decisions, it matters not if you have made CCA requests or not, you will not be treated any differently, for doing so.

They follow procedures and guidelines as set out in the consumer credit act, they don't throw hissy fits, they don't treat you any different be it Monday morning or Friday afternoon, you are dealing with a business, not an errant teenager.

When people ask "do you think they'll mind ?" Of course they won't mind, they don't care a jot, as they have procedures to deal with all eventualities, please remember that folks ok !!

I totally agree with you Sourcrates. However, I do think it important when presenting F&F offers to not let creditors know if the funds are coming directly from you. Don't let creditors know any more about your circumstances - including any savings you've managed to accumulate - than you have to.

That's the only boat rocking I was referring to. :beer:

fatbelly

Weakmoments wrote: »

Hi I am waiting for the response from my original offer, but now I'm starting to worry that they will escalate chasing the debt by taking me to court. I am currently on dmp. I was wondering if anyone could advise on this. TIA

OK, let's be clear - that won't happen. Or, to flesh that out a little, it won't change their intentions in a negative way.

As for discussing payment coming from a third party, this IS worth doing. From National Debtline:

You can use the sample letter Full and final settlement offer to make full and final offers to your creditors. It is very important to make sure the creditor accepts your full and final settlement offer in writing. ... It helps your agreement to be more legally binding if the creditor accepts the money from a third party

and NEDCAB

Making pro rata settlement offers/ payments would not make the arrangement legally binding. There will be a legally binding agreement if either:
•an arrangement is made with all your unsecured creditors; or
•the funds are made available by a third party (eg, a relative) and the offer is made by him / her on your behalf; or
•the agreement is embodied in a formal document known as a 'deed' The services of a solicitor will be required you want a a deed to be drawn up. (eg, a deed may be required if there are any doubts as to the trustworthiness of any particular creditor)

Weakmoments wrote: »

Thanks Cbc ive started with the smallest one first and hope the others don't find out lol it feels like I'm cheating on them.:eek:

They are businesses and take business decisions. No one's cheating on anyone.

[Deleted User]

Twins wrote: »

Hi carbootcrazy, just wanted you to know that my Tesco debt also got recently passed to Hoist and therefore Robinson Way. I wrote to them this week to ask for the CCA so am waiting to hear. I'd love to be able to offer a F&F but will have to wait and see.

Would be great to know how you get on! :T

Thanks, Twins:T

Will certainly keep you posted. Good Luck:beer:

Distressed08

We are in a position to offer full and final settlements and are currently on a DMP with StepChange. Which is better to send off letters ourselves or use them? We want to get moving and StepChange seem to take ages.
We have four with Link, three with Westcott, one with Robinson Way.

Thanks for any advice.

sourcrates

Distressed08 wrote: »

We are in a position to offer full and final settlements and are currently on a DMP with StepChange. Which is better to send off letters ourselves or use them? We want to get moving and StepChange seem to take ages.
We have four with Link, three with Westcott, one with Robinson Way.

Thanks for any advice.

If you use stepchange, they will want the money paying to them first upfront, not something id be comfortable with, as i like to retain control of things.

Much better doing it yourself.

Also you will find Wescot will only be managing your accounts, as they dont buy debts, you will need to go back to the original creditor for those.

Twins

Hello everyone,

Well last week I started the process of writing off to my DCA's and asking for a copy of my CCA. I've had one letter back today from Link who said that they will have to request the documents from MBNA as the debt went back to Feb 2012 and therefore will take 30 days to send on.

Does it normally take 30 days and if the debt is 5 years old what are the chances of them having the original agreement? Anybody had any similar experience?

Thank you!

January2015

Twins wrote: »

Hello everyone,

Well last week I started the process of writing off to my DCA's and asking for a copy of my CCA. I've had one letter back today from Link who said that they will have to request the documents from MBNA as the debt went back to Feb 2012 and therefore will take 30 days to send on.

Does it normally take 30 days and if the debt is 5 years old what are the chances of them having the original agreement? Anybody had any similar experience?

Thank you!

When did you originally open you account with MBNA ? If it was 2012, then it is highly likely they will have the required documentation.

Edit: Forgot to add, sometimes it can take a couple of months to get CCA documentation when going through a DCA who has to go through to original creditor.

Twins

January2015 wrote: »

When did you originally open you account with MBNA ? If it was 2012, then it is highly likely they will have the required documentation.

Edit: Forgot to add, sometimes it can take a couple of months to get CCA documentation when going through a DCA who has to go through to original creditor.

Good question January and I'm not sure to be honest! I guess I'll just wait to see what comes back from them. What time frame is it when you think it's unlikely they'll have any documentation from? would be good to know. Thank you as always

January2015

Twins wrote: »

Good question January and I'm not sure to be honest! I guess I'll just wait to see what comes back from them. What time frame is it when you think it's unlikely they'll have any documentation from? would be good to know. Thank you as always

If you log on to your credit reference files with Noddle or Clearscore (both free) and look on the MBNA account it should show the opening date :beer:

Edit: It's always worth asking for CCAs - even newer ones may slip up somewhere (unlikely but we can hope ). Older accounts are more likely to have issues with the CCA documentation and T&Cs. I'm not an expert but I would say if an account is pre 2008 it's worth asking on here when the documentation is provided.

Twins

January2015 wrote: »

If you log on to your credit reference files with Noddle or Clearscore (both free) and look on the MBNA account it should show the opening date :beer:

Edit: It's always worth asking for CCAs - even newer ones may slip up somewhere (unlikely but we can hope ). Older accounts are more likely to have issues with the CCA documentation and T&Cs. I'm not an expert but I would say if an account is pre 2008 it's worth asking on here when the documentation is provided.

Ooh thank you again January. I just signed up to Noodle and got to the end where they said my report would be sent via email and ....nothing :mad: I checked my junk folder and still nothing. It says the link is only valid for 24hours then I have to sign in and do it all again. Wonder why it hasn't come through. Would it matter if I signed up to Clearscore as well? x