Full and final settlement help thread

sourcrates

Skoots1710 wrote: »

Ive actually no idea if Wescot had bought my debt or not.

Its painless Good luck x

Wescot no longer buy debts.


They just mange them for their client banks.

[Deleted User]

sourcrates wrote: »

Wescot no longer buy debts.


They just mange them for their client banks.

Did they use to buy them in the past, sourcrates? I feel sure they wrote to me about 4 years ago to say they had bought one of mine but until I dig the paperwork out I can't be sure:o. I know they definitely never bought the Lloyds debt though.


Not that it makes all that much difference I suppose except that people on here say companies who have bought debts at a knockdown price are more amenable to making generous F&F offers than the original creditors.

sourcrates

carbootcrazy wrote: »

Did they use to buy them in the past, sourcrates? I feel sure they wrote to me about 4 years ago to say they had bought one of mine but until I dig the paperwork out I can't be sure:o. I know they definitely never bought the Lloyds debt though.


Not that it makes all that much difference I suppose except that people on here say companies who have bought debts at a knockdown price are more amenable to making generous F&F offers than the original creditors.

They did yes.


Not sure when they got out of the debt purchase game, but a quick check of there website "about us" section, states that they "no longer buy debts, just mange them".

hoverFrog

Hi,

I was made redundant last week but I was fortunate to start a new job on roughly the same money straight away. Having been there 18 years I'm getting about £10k in redundancy. Unfortunately I've got about £25k in credit card debts.

While a holiday and some home improvements are attractive they're also stupid when I owe that much. I'd prefer to rid myself of debt entirely. I'd like to offer a full and final settlement to the credit card companies but how much should I offer? What is the minimum they are likely to accept?

For full disclosure my partner was made redundant a few years ago and we got into arrears so all of the credit cards we have are already defaulted on. I've been making interest free lower than minimum payments for years.

What I want to do is to clear the debts and have a little left over as a buffer going forward. Some may think to judge me for not paying the full amount but they've made a profit on the interest over the years so I'll just have to cope with being judged.

Thanks.

[Deleted User]

hoverFrog wrote: »

Hi,

I was made redundant last week but I was fortunate to start a new job on roughly the same money straight away. Having been there 18 years I'm getting about £10k in redundancy. Unfortunately I've got about £25k in credit card debts.

While a holiday and some home improvements are attractive they're also stupid when I owe that much. I'd prefer to rid myself of debt entirely. I'd like to offer a full and final settlement to the credit card companies but how much should I offer? What is the minimum they are likely to accept?

For full disclosure my partner was made redundant a few years ago and we got into arrears so all of the credit cards we have are already defaulted on. I've been making interest free lower than minimum payments for years.

What I want to do is to clear the debts and have a little left over as a buffer going forward. Some may think to judge me for not paying the full amount but they've made a profit on the interest over the years so I'll just have to cope with being judged.

Thanks.

Congratulations on getting a new job so quickly, it must be a weight off your mind. I'm glad you received redundancy pay too, it will be a great help whatever you decide to do:j:beer:.


Before you do anything further about offering F&F payments, have you checked that your debts are enforceable? You'll probably have read lots of mention on here of CCA requests to creditors and maybe you've already done it. If the creditors can't supply the requisite paperwork the debts are deemed unenforceable and lots of people advise just walking away from them and paying nothing else off the balance. Some of us aren't comfortable with that (or too wimpish like me:o) and I've read of people getting a 10% payable offer being accepted on UE debts.

NeverendingDMP

Apologies all as this will have been asked many times before.
A couple of my debts are unenforceable. I wrote early April and have so far had the we are looking for paperwork and until then it is unenforceable letters. Is there a standard letter to write to say due to them being unenforceable I'm not going to pay any more/I'm going to reduce it to focus on my other debts? Do I have to write specifics or can I just compile a letter myself. Also if I haven't had any letters back yet should I send a reminder with specific wording or can I just assume and send similar to them as well

I've read through previous posts and debt line template letters but couldn't find one that seemed to fit.
Thanks all for any advice offered.

[Deleted User]

NeverendingDMP wrote: »

Apologies all as this will have been asked many times before.
A couple of my debts are unenforceable. I wrote early April and have so far had the we are looking for paperwork and until then it is unenforceable letters. Is there a standard letter to write to say due to them being unenforceable I'm not going to pay any more/I'm going to reduce it to focus on my other debts? Do I have to write specifics or can I just compile a letter myself. Also if I haven't had any letters back yet should I send a reminder with specific wording or can I just assume and send similar to them as well

I've read through previous posts and debt line template letters but couldn't find one that seemed to fit.
Thanks all for any advice offered.

Sorry to have to dash so can't respond properly to your queries.

I should just say though that early April isn't all that far back to assume the creditors won't ever find the paperwork. They are not allowed to ask for payment until they comply, I think I'm correct in that. One of my creditors stopped collection activity on one of my accounts for 8 months before they eventually managed to produce the necessary paperwork:eek:. Didn't bother me as I was paying them nothing for all that time:T.

NeverendingDMP

Thanks for this.im currently still paying everyone a split and am looking to temporarily reduce or not pay the one's that haven't confirmed enforceable yet. I have fully prepared myself for still paying but I won't deny I'll be relieved if any remain unenforceable

sourcrates

NeverendingDMP wrote: »

Thanks for this.im currently still paying everyone a split and am looking to temporarily reduce or not pay the one's that haven't confirmed enforceable yet. I have fully prepared myself for still paying but I won't deny I'll be relieved if any remain unenforceable

Just do this anyway if it suites your needs.


No need to contact creditors again until they comply.

hoverFrog

carbootcrazy wrote: »

Before you do anything further about offering F&F payments, have you checked that your debts are enforceable? You'll probably have read lots of mention on here of CCA requests to creditors and maybe you've already done it. If the creditors can't supply the requisite paperwork the debts are deemed unenforceable and lots of people advise just walking away from them and paying nothing else off the balance. Some of us aren't comfortable with that (or too wimpish like me:o) and I've read of people getting a 10% payable offer being accepted on UE debts.

Im afraid that I don't even know what that is?