Full and final settlement help thread

fatbelly

I believe it's in the Act that you can request this as often as you like but not more than once per month!

Yep, subsections (3) and (4)

(3)Subsection (1) does not apply to—
(a)an agreement under which no sum is, or will or may become, payable by the debtor, or
(b)a request made less than one month after a previous request under that subsection relating to the same agreement was complied with.
(4)If the creditor under an agreement fails to comply with subsection (1)—
(a)he is not entitled, while the default continues, to enforce the agreement

subsection (1) is the requirement to provide a copy of the agreement on demand

bluemonday3

Thank you both for this, so I am clear(apologies I am a bit slow at this stuff) as they have not provided me with the actual agreement, only a copy of a letter they send me in 2013 that they cannot enforce it?
the letter they sent with the copy said the debt is enforceable?

sourcrates

bluemonday3 wrote: »

the letter they sent with the copy said the debt is enforceable?

Of course it did, they want paying, what else would you expect ?

They wont admit in writing that they are idiots.

See Fatbelly`s post above, sec 77/79, subsection 3 & 4, tells you all you need to know.

Non compliance with a sec 77/79 request for information, means the creditor is unable to enforce that agreement through the courts.

bluemonday3

again thanks for this. I have been in DMP for 9 years and have cleared most of my debt however I have approx 2400 left to pay but my employer of 15 years lost the contract & whilst I have been tuped to the new provider they have restructured so I am now £4.5k a year worse off. I had a small pay off for this so wanted to clear the rest of the debts as full & final settlements or more DMP monthly payment would have to reduce significantly too.

feekerry

I am hoping to pay off and finish my dmp in the new year. Having read some info on here I contacted my creditors (3 in total, 5 separate debts) I offered payment in one go with a 30% reduction with the hope they may be happy with 20%. However all creditors have come back saying they will accept a 5% discount only. The creditors are regularly named on here and seem to be agreeing much bigger discounts than that.
Am I doing something wrong?! I contacted them myself by email. The debts are defaulted in 2013 and 2014. The highest value debt is £5400 and the lowest is £1600.
Thanks

fatbelly

It could be that your dmp will pay them off quite quickly anyway.

You have also gone in quite high at 70% and so they have responded with 95%.

feekerry

fatbelly wrote: »

It could be that your dmp will pay them off quite quickly anyway.

You have also gone in quite high at 70% and so they have responded with 95%.

Thinking about it maybe I shouldn’t have offered to repay in one go on my first offer. That makes it sound like I’m dripping in money doesn’t it 😂
Maybe I will leave it a few weeks and ring them. My dmp would’ve been finished 2025

Philip624

I am 4 years into a DMP. Halifax are the only creditor who have never defaulted me, just marked the account as arrangement to pay. They have said they will settle for 75% minimum as mark the account as partially settled.

Does the fact its not been defaulted have any affect here credit record wise? By that I mean I have settled other accounts that had already defaulted. The sum needed to settle now will be the total amount owed on the account by about May next year so would it make much difference to wait until then and settle for the full amount?

aneb123

Hi Everyone,

Just looking for some advice on the above please?

I have not worked since April due to illness and it doesnt look like ill be back at work anytime soon.

I have quite a few debts as i had a good job and good salary when i was working. I havent paid any of my debts since May so i have now hit 6 months with no payments. I have sold my house as managing the mortgage was also a hindrence due to my current situation, i have some money that i have from the sale of the house, its probably about 70% of what i owe out.

I just want some advice on how i should approach the above. Some of my debts havent defaulted yet, should i wait til they have, should i offer the companies now, should i wait tlonger, im currently at a loss as i dont think my situation will change soon but i also feel a lot of stress due to the situation as its a situation i have never been in before and want to try and remove it as soon as possible.

I havent communicated anything to any of my creditors yet which i know is wrong but i just havent known how to face this situation or where to start.

Thanks in advance for your replies and help

Debts are currently 40K and are all unsecured credit card debts.

Daisypop

Hi all
Any advice please? Trying to settle a couple of my lower debts. Cabot have declined my offer of 30% saying it will be paid off anyway within 2 years . They have however offered me a 10% discount as a gesture of goodwill which is rubbish.
I only owe them 578 just wanted it paid off.
Would you leave it or go in higher?
Thanks