Full and final settlement help thread

[Deleted User]

penewise wrote: »

I'm a bit of a lurker but love these pages.They have helped me loads and as a result we have over the last four years gone from £63000 to £26000.
I sent off for CCAs in November on 9 cards and loans. I received the first one back yesterday as unenforceable but they still expect to peruse the debt. It's about £2600. As some of the debts have been sold on or are outsourced I have allowed them extra time but it's now been 56 days and am yet to hear from eight of the debts.
Prior to this I made offers of 40% but they all came back with counter offers of 85-100%.What should I do now ?Should I contact them again?
I'm with payplan but they don't seem to want to help with CCAs.
I need to get there debts cleared this year as my interest only mortgage is up and I can't remortgage until they have gone.

First of all, welcome to the thread:hello:, Congratulations on paying off so much of your debt already:T:beer:

It looks as if you're late to the CCA party like I was. I too had been on a DMP (with Stepchange) for over 4 years before I CCA'd my debts:o. I have had to give myself a massive kick as 2 came back as Unenforceable and I could have saved myself thousands of pounds had I done it sooner:mad:


Could I ask if yours are 'old' debts from before 2007? It doesn't always matter though as a couple of mine from the late 1990s produced compliant paperwork so the debts are enforceable:(


Have you checked to see if your debts have already been defaulted? Most DCAs and even original lenders send a plethora of 'we may default you' letters but they don't always result in an actual default. You will be able to find this information from your credit file (Clearscore and Noddle are free:j). Defaults drop off your credit file after 6 years and although you may have debt still to pay off it won't actually show on your credit file;).


All my creditors but Lloyds defaulted me during 2013, within 6 months of starting my DMP with SC.


You will find that Debt Management companies are not interested in helping with CCAs and settlement offers. In order to get more flexibility a lot of posters on here have started self-managing their own DMP. This is not at all difficult to set up and do. Even I could do it:rotfl:. That way we have dropped our repayments to suit us and not what the likes of SC advised/insisted on. The lower the amount you are paying your creditors each month the more chance you'll have of a good settlement offer. They won't want to see the possibility of your debt being fully paid off stretching over many many years;)


The companies who have bought debts are more amenable to lower settlement figures than the original creditors and their debt management companies.


As for the time taken to receive your CCA information, financial institutions work at their own pace:eek:. 56 days is not all that long when you consider that they probably closed down complwetely for the whole Christmas and New Year period. You could try contacting them to see if they have received your request . That's if you've had absolutely no acknowledgement of it's receipt and/or your cheque hasn't been cashed. If you sent postal orders you won't know if they've even received it.


I tend to believe in the 'leave well alone' principal. They are probably still scrabbling around trying to find your paperwork:rotfl:. No news is good news in my view;). If they have definitely received your request they are duty bound to put collection of your payments on hold until they produce the paperwork. I certainly wouldn't submit any other final settlement offers at this stage,


Please keep us posted of developments. Good Luck:beer:

penewise

Thanks for the reply DrWatson.
I realise why they were reluctant to go with lower offers which is why I have gone down the CCA route in the hope of getting more leverage.
My mortgage company have already said they would consider a mortgage based on affordability but on the proviso that the £850 I pay to the debts is gone.
I have been able to scrape together £13000 to offer in full and final settlements or if the debts are enforceable make a partial payment followed by reduced monthly payments. The creditors will be getting about £100 a month between them as that money will go towards mortgage payments.
My credit score is already shot .Not much I can do about that except wait for them to drop off in 2020.

betweenarockandhardplace

I’ve just had success with a full and final settlement offer which I didn’t think they would accept!

2 catalogue accounts both defaulted in October 2016

Look again default balance £517 settlement figure accepted £200!

Freeman’s default balance £277 settlement figure accepted £100!

Been paying £1 token payments for 6 months before I offered the amount via email

I managed to get a mr lender loan settlement offer last month £815 down to £155 defaulted in May 2016, I didn’t have any payment plan set up with them

Still awaiting reply’s from another 3 creditors but so happy with the amount I’ve saved so far

emma12345

This is probably a daft question but I'd like to apply for CCA's for 2 credit cards but I'm not sure who to send them to?

Credit card 1 - Possibly from 2005, ended up as MBNA, not sure if it was this originally, defaulted a couple of years ago and pay reduced payment to PRA Group.

Credit card 2 - Again possibly from 2005, ended up as Co-op credit card, was Northern Rock at some point, not sure who I took it out with originally. Defaulted a couple of years ago and pay reduced payment to Link Financial.

Thanks for any help you can offer.

fatbelly

emma12345 wrote: »

This is probably a daft question but I'd like to apply for CCA's for 2 credit cards but I'm not sure who to send them to?

Credit card 1 - Possibly from 2005, ended up as MBNA, not sure if it was this originally, defaulted a couple of years ago and pay reduced payment to PRA Group.

Credit card 2 - Again possibly from 2005, ended up as Co-op credit card, was Northern Rock at some point, not sure who I took it out with originally. Defaulted a couple of years ago and pay reduced payment to Link Financial.

Thanks for any help you can offer.

Make the requests to those you are currently dealing with - so PRA and Link.

It sounds like the history of both is so complex I doubt anyone will find the original ccas.

moneyangel22

Hi everyone,

Just checking I understand this properly....I want to do CCA requests to my creditors...I'm sure some of them sent me the agreements in the past, not sure if it was the original lenders or debt collectors. I can do CCA requests to ask for them again and if they can't provide them again then the debts are unenforceable? even if i have the original copy they sent me last time i asked? many thanks

[Deleted User]

moneyangel22 wrote: »

Hi everyone,

Just checking I understand this properly....I want to do CCA requests to my creditors...I'm sure some of them sent me the agreements in the past, not sure if it was the original lenders or debt collectors. I can do CCA requests to ask for them again and if they can't provide them again then the debts are unenforceable? even if i have the original copy they sent me last time i asked? many thanks

It doesn't matter who sent them to you. The DCs usually have to refer back to their 'client' for the information anyway. If someone has already sent them why do you need to get them sent again? They obviously found the paperwork the first time, it's hardly likely to be any different now. They won't have sent you the original paperwork, just copies, they'll still have the originals on file.


I'm a bit confused, sorry:o, about what it is you are hoping will come out of a second request. Or maybe I misunderstood your query.

moneyangel22

Thanks for the reply carbootcrazy.

I thought I read that you can apply for a CCA request once a month and if they can't provide the paperwork (in my case years after they sent the first copies) then the debt is unenforceable?

Thanks

moneyangel22

Actually thinking about it, it wasn't a CCA request I did in the past I believe one or two of my creditors sent copies of the original agreements to show I didn't have PPI when I asked about that previously. Can I still CCA request them and hope they no longer have the info?

moneyangel22

Two more questions...if I CCA the ones I don't have agreements for...some of them drop off my credit file this year (all marked as defaulted, no CCJ's). If they are able to provide the agreements and then get annoyed with me and decide to get a CCJ against me, will they appear back on my credit report with the date of the ccj?

And if any debts do prove unenforceable and they write them off do they disappear off my credit file or do they stay on until the 6 years is up?

Many thanks