Full and final settlement help thread

fatbelly

David848435 wrote: »

Hello,

What would a settlement offer with CCJ entail?
I have two which I would like to get rid of.

The same as a normal debt. Just don't expect a big discount. And make sure the creditor agrees to mark the ccj settled

fjimmy007

Hi ,

Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.

[Deleted User]

fjimmy007 wrote: »

Hi ,

Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.

Sorry, in a rush, but will just respond to your question about Postal Orders. You get them from any Post Office and have to pay a fee on top of the £1 cost. Not sure how much it is though.

They usually ask when you buy it if you want it crossed or not. Crossed is safer as it's like a cheque then trhat the recipient has to pay into their bank. Less chance of it just going astray IMO. The Post Office will ask who you want it made payable to so make sure you know exactly who it is that you're sending it to. Once it has been made out to someone no one else can cash it so it will be money down the drain for you if it gets returned by the creditor because you've completed the details incorrectly.

I tend to get a crossed Postal Order and then fill in the Payee bit myself when I've double-checked who it has to be sent to. You can find the detail of the correct recipient by phoning the creditor, from any paperwork they may have sent you which mentions it specifically (Paying in information) or online but please make sure you do it. I once sent off a filled-in Postal Order and had it returned as I'd done it wrong. It was then useless and I had to rip it up and buy another:eek:

sourcrates

fjimmy007 wrote: »

Hi ,

Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.

To much info to reply to all your questions really, look at these links and do some research on the subject, National Debtline cover`s the basics here :

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

Template letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

braveheart6612

Hi I've been away for a while from the forum , I have been making reduced payments for about 6 months , 2 accounts with Lowell previously Creation Finance now settled this morning ..... Balance £171 settled £50 and other account balance £471 settled £150 avg 70 % discount.......and can pay it over 2 months......all in writing just to make sure .......Once again thanks for all your help on the forum .

RW01

Hi,

I requested 2 cca's from Link at then end of Oct 17, they're still unable to provide them for me (first debt is only about £185 I think for an old Debenhams card, 2nd is for £3800 for an old MBNA loan - this is the one that concerns me most as it's still showing as a default on my credit rating and is the only negative I have). I'm going to be in a situation to make a F&F settlement offer at the end of this month, as the debts are currently now deemed 'unenforceable' why is a realistic figure to start with? has anyone else had a similar situation they can share with me? I'm currently paying c£80'per month to them as part of my DMP and have been going for about 8 years (although they only bought the debt about 18 months ago which is when I got the default notice on my credit rating). Any advice would be appreciated. Thanks

RW01

Sorry just checked and realised the larger debt is with Barclaycard not MBNA - not sure if that makes any difference!

fatbelly

RW01 wrote: »

Hi,

I requested 2 cca's from Link at then end of Oct 17, they're still unable to provide them for me (first debt is only about £185 I think for an old Debenhams card, 2nd is for £3800 for an old MBNA loan - this is the one that concerns me most as it's still showing as a default on my credit rating and is the only negative I have). I'm going to be in a situation to make a F&F settlement offer at the end of this month, as the debts are currently now deemed 'unenforceable' why is a realistic figure to start with? has anyone else had a similar situation they can share with me? I'm currently paying c£80'per month to them as part of my DMP and have been going for about 8 years (although they only bought the debt about 18 months ago which is when I got the default notice on my credit rating). Any advice would be appreciated. Thanks

I wouldn't be in a rush to make any sort of offer.

They are probably still taking the line 'we are looking for your agreement and will be back in touch when we find it'.

At some point they are likely to say 'we can't find it.'

You can then walk away or make a really low offer. In the meantime I wouldn't be paying them anything. See what the others think.

StokieBecks

Had the account defaulted before they took over the running of it? They can't change the default date or give you a second one.

[Deleted User]

Had an interesting letter from Wescot today. They are collecting my Lloyds CC debt and I've been paying all creditors £1 token payments for the past 6 months after going self-managed on my DMP so I could build up a F&F fund.

This Lloyds debt is now around £7400 after starting at £15000 in 2013 and being paid down during 4 years with StepChange,

I CCA'd all my debts eventually (didn't even know such a thing as UE debts existed until I'd already repaid about half of my overall debt burden:o). 2 debts came back as definitely UE and the other 3 creditors produced paperwork which they say is compliant:(. I am in the process of getting the paperwork for these 3 supposedly enforceable debts checked out though.


Lloyds/Wescot is my biggest debt and although Wescot have been very reasonable to deal with, Lloyds themselves have been very unhelpful over the years. They were very late to default and kept the debt 'in house' through their own collections departments for years before they let Wescot act as the middle man. Lloyds still own the debt though.


The letter from Wescot asks me to contact them to discuss my plans for payment as they had told me when I went on token payments that they would be reviewing my payment situation after 6 months. They also said that Lloyds have given them permission to negotiate a settlement figure. They don't mention what discount they might offer and want to talk to me on the phone:eek:. They have always honoured their promise just to contact me by letter so I'm wondering what I should do. I don't suppose it would do any harm to see what they have to say, I don't have to commit to anything, and I could always ask for letter contact only afterwards. I would not pay anything at all at the moment as I'm still ascertaining if the debt is UE or not. Supposing it turns out that the debt is kosher this is one I really want gone. I also have a small PPI claim I need to send to Lloyds but am holding fire until the debt is no more. I don't want them using any PPI refund towards the debt repayment.


Any advice please on what I should do next? This is the very first time any creditor has even mentioned the possibility of early settlement.