Full and final settlement help thread

slm6002

Hi, sorry if I am about to ask a stupid question (I have read many pages on this thread but couldn't read it all, and tried searing for my answer before asking) What is a CCA, and is there a template letter (I know there sometimes is) I can use please. I am in the process of looking at f&f payments so came here for ideas and support. If I can remove more before I start that would be great. Thanks in advance

sourcrates

slm6002 wrote: »

Hi, sorry if I am about to ask a stupid question (I have read many pages on this thread but couldn't read it all, and tried searing for my answer before asking) What is a CCA, and is there a template letter (I know there sometimes is) I can use please. I am in the process of looking at f&f payments so came here for ideas and support. If I can remove more before I start that would be great. Thanks in advance

Hi,

Been covered 1000 times, but latest would be a while back now.

Template letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-(sole-name).aspx

Info here on what it is, how to send one, what to expect back, and penalty for a creditor for non compliance :

https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

slm6002

Thank you for that - as I say I wasn't able to read the whole thread but have read a fair amount. I will have a read and fingers crossed

[Deleted User]

Please can someone answer my query about who to make F&Fs to, the original creditor, the DCA who are managing it or the company it has recently been sold to? Apologies if this kind of question has been asked and answered before.


This particular account is an old Mint CC, part of RBS. It has been collected by Wescot since 2014 and has recently been sold to Cabot. Wescot are still managing payments though. Confusing or what?:eek:


It is an enforceable debt (:mad:) of £2400. Is 30% a reasonable amount to offer them or should I start lower? I've been paying £1 a month for the past 5 months and planned to continue doing so for a few months longer.

sourcrates

carbootcrazy wrote: »

Please can someone answer my query about who to make F&Fs to, the original creditor, the DCA who are managing it or the company it has recently been sold to? Apologies if this kind of question has been asked and answered before.


This particular account is an old Mint CC, part of RBS. It has been collected by Wescot since 2014 and has recently been sold to Cabot. Wescot are still managing payments though. Confusing or what?:eek:

It is an enforceable debt (:mad:) of £2400. Is 30% a reasonable amount to offer them or should I start lower? I've been paying £1 a month for the past 5 months and planned to continue doing so for a few months longer.

In this case you could make the offer directly to Cabot, Wescot would only have to refer back to them anyway

[Deleted User]

sourcrates wrote: »

In this case you could make the offer directly to Cabot, Wescot would only have to refer back to them anyway

Thanks, sourcrates:T. I'll take your advice.

Do you think there'd be any hope of a 25% settlement? I don't want to start too high;). As it's been sold on now I wonder whether they might be glad to be rid of it. Does anyone know what Cabot are like to deal with for F&Fs?

Smevchenko

carbootcrazy wrote: »

Thanks, sourcrates:T. I'll take your advice.

Do you think there'd be any hope of a 25% settlement? I don't want to start too high;). As it's been sold on now I wonder whether they might be glad to be rid of it. Does anyone know what Cabot are like to deal with for F&Fs?

I recently had a 50% settlement with Cabot for a debt of £1292, paid the £646 over 3 months which was reasonable of them i thought. Maybe If I had more money available to pay in one go, they might have accepted lower. I was happy enough with 50% though.

The only issue I am having, is that the last payment was paid 8 weeks ago, and despite a few phone calls since and their insistence that they have updated things on their end, I am yet to see the debt updated as 'partially settled' with a balance of 0 on any credit report. Somewhat frustrating, but the default was for 27/12/2011, so should drop off entirely soon anyway.

[Deleted User]

Smevchenko wrote: »

I recently had a 50% settlement with Cabot for a debt of £1292, paid the £646 over 3 months which was reasonable of them i thought. Maybe If I had more money available to pay in one go, they might have accepted lower. I was happy enough with 50% though.

The only issue I am having, is that the last payment was paid 8 weeks ago, and despite a few phone calls since and their insistence that they have updated things on their end, I am yet to see the debt updated as 'partially settled' with a balance of 0 on any credit report. Somewhat frustrating, but the default was for 27/12/2011, so should drop off entirely soon anyway.

Thanks very much for the reply, Smevchenko:T.

Sorry your situation is still causing frustration especially as you paid the final instalment 2 months ago. I suspect it's just a reporting delay on the CRA websites. One of the ones that I check my balances on hasn't been updated since September and I've paid 2 more months since then. For now I'd just take Cabot at their word but if things aren't sorted to your satisfaction by the end of the year I'd definitely chase again.


Great to hear that your account will disappear from your credit file anyway very soon. It must be a great feeling:j

Congratulations too on getting a settlement with Cabot:T. I think being able to pay it off over 3 months was very reasonable of them. Now I've managed to get enough money together for a couple of F&Fs I was intending to pay in one go just to get things done and dusted. I'm so tired of having debts hanging over me:o. I was hoping for less than a 50% figure though as I've heard that lots of other companies that have bought debts settle for much less. I hadn't heard anything about Cabot though, that's why I posted my question in the first place. Your experience of them is very useful. Thank you.


I think I'll contact them today with a cheeky offer. The worst they can do is say no;)

Smevchenko

carbootcrazy wrote: »

Thanks very much for the reply, Smevchenko:T.

Sorry your situation is still causing frustration especially as you paid the final instalment 2 months ago. I suspect it's just a reporting delay on the CRA websites. One of the ones that I check my balances on hasn't been updated since September and I've paid 2 more months since then. For now I'd just take Cabot at their word but if things aren't sorted to your satisfaction by the end of the year I'd definitely chase again.


Great to hear that your account will disappear from your credit file anyway very soon. It must be a great feeling:j

Congratulations too on getting a settlement with Cabot:T. I think being able to pay it off over 3 months was very reasonable of them. Now I've managed to get enough money together for a couple of F&Fs I was intending to pay in one go just to get things done and dusted. I'm so tired of having debts hanging over me:o. I was hoping for less than a 50% figure though as I've heard that lots of other companies that have bought debts settle for much less. I hadn't heard anything about Cabot though, that's why I posted my question in the first place. Your experience of them is very useful. Thank you.


I think I'll contact them today with a cheeky offer. The worst they can do is say no;)

I have one more outstanding with Cabot, which is the last adverse debt I have after a period of over 15 years, been a long road to sorting my finances out, and knowing I'm a few months from being debt free is a great feeling. It is not reported on Equifax or Call Credit (I have used Clear Score and Noddle), and have tried to use MSE Credit Club, but they won't verify me so not able to see the current status of the debt. I owe about 3k, and currently pay a token £10 a month, they were happy with this as my wife is on maternity.

I am going to speak to them in the new year when my wife is earning again and hopefully come to a settlement figure, 30% would be affordable in one lump sum.

ehdx

I am in 17k worth of debt and almost can't afford my minimum payments every month, however I am up to date and haven't yet missed a payment. Does this stop me from being able to make an f&f settlement? Would they still consider it?


The payments each month are only coming out of my overdraft so I'm not really on top of any of it!