Full and final settlement help thread

Cosmic-bee

Sending out CCA letters to Wescoyt, Inturn, Virgin & Barclaycard.
A DMP has been in place for 2 years. NOW outstanding £23,500.00

Can I send CCA for Barclays Overdraft or does this fit into another category.
And would Barclays settle the od with a partial settlement.
Thanks All

fatbelly

Cosmic-bee wrote: »

Sending out CCA letters to Wescoyt, Inturn, Virgin & Barclaycard.
A DMP has been in place for 2 years. NOW outstanding £23,500.00

Can I send CCA for Barclays Overdraft or does this fit into another category.
And would Barclays settle the od with a partial settlement.
Thanks All

You can't do a cca for the overdraft.

But yes they will settle

Cosmic-bee

Cheers Fatbelly

thats good to know they will settle.

Hoping to get F & F sorted in 2019, The ball is rolling xx

purplegirl7

Hi folks,

First ish post after taking control of my spiralling debt and I’m now 18 months into my DMP. I’m in a potential position to offer some f&fs and although I know this might break my DMP I’m also feeling like I need to be brave to be really clear of this debt more quickly. I’ve been paying off £466 pm towards an original debt of £52k, now at £44k, which if I say it really quickly doesn’t make me vomit, by the £466 is beginning to bite and although I could renegotiate the amount I just want to see if I can wipe some of the biggies off at least. I may then self manage a dmp. I phoned PRA and found they were willing to negotiate on one but not the other two of the CC debts they hold - one is apparently still “live” as the amount stepchange must have set may be near to the monthly amount, so I’m keen to keep this one defaulting as it would add another 18 months into my file. This debt is “only” £6k, don’t laugh, but could be paid without a discount if the others would budge. Over the phone they immediately went to £9k on a £15k debt but I feel I could do better.

Would I be in a better position to leave my dmp, offer v small token payments for a few months and then restart f&f negotiations once they realise this will go on way way longer than the 9 years I have left on my current dmp or as I feel maybe they aren’t “unhappy” enough with me really stretching myself in good faith to clear it as fast as possible?

I feel like I need to play it a bit less willing!

Any advice?

fatbelly

purplegirl7 wrote: »

Would I be in a better position to leave my dmp, offer v small token payments for a few months and then restart f&f negotiations once they realise this will go on way way longer than the 9 years I have left on my current dmp or as I feel maybe they aren’t “unhappy” enough with me really stretching myself in good faith to clear it as fast as possible?

I feel like I need to play it a bit less willing!

Any advice?

I don't know how much you have available as a lump sum. I'm guessing less than the 10-15k you will probably need.

You could start by doing cca requests on the consumer credit act debts, so that's loans, credit cards etc but not overdrafts, mobile phones etc.

If they can't comply then you could stop paying them and allow a lump sum to accumulate. Those debts are unenforceable until they comply.

The danger in going to token offers on enforceable debts when they know you could be paying more is that court action may seem more attractive. But as a strategy for getting debts cleared faster, the odds are on your side if you do this strategically.

If PRA are involved they will be the new owners of the debt and will have paid 10p in the £ for it. They will deal if you make your offers in writing using the National Debtline template.

LostControl

Hi All,

Been sitting searching for a place where I can get some advice as to what my next steps should be, and I came across this thread and thought that some of you may be able to help me out.

I have been burying my head in the sand for the past 2 years when it comes to debt, plus due to grief, I took up gambling which put me in an even worse situation. I am now passed the gambling and have sought help for both the grief and gambling to ensure that these things do not happen again.

I took contact with StepChange in all of this, but due to the number of creditors and how I get paid, their options of DMD does not seem like a viable option.

I owe a total of £82500 to 17 different places, and my initial thought was that when I do get a lump sum (I get a bonus from work quarterly and this bonus can eat a big chunk) to perform partial settlements with the various creditors.

Out of the above there is roughly £15000 that I am not able to partial settle, due to the type of debt it is. But the remaining £67000 I should be able to provide them with an offer by end of this year latest.

Would anyone here be able to advise me as to what steps I have to take (I already have defaulted on all of them) and also what would the companies be willing to settle at? I have spoken with a few and had numbers from 25-35% without any negotiations, hence I am thinking that if I have the money in hand then the offer could and should be better.

Thank you in advance.

Kind regards,
LostControl

Wilberfustian

I have 2 debts being managed by Idem. the balances are £4900 and £500.

Having done the CCA letters back in October 18 they have been unable to produce the paperwork and on the larger debt they have written to confirm they are unable to supply copies of the original agreement.

In Feb this year I sent the F+F letters offering 10%. They have written back saying we must fill in a financial statement before they consider a reduced payment even though in the letter I sent i made it clear the money I was offering was coming from a relative. They have also phoned a few times saying they won't consider a reduced payment despite the fact I stopped paying them anything 2 months ago having gone self managed.

Has anyone had similar experiences with them? Do I continue to pay nothing in the hope they are willing to accept a reduced offer finally? Do I fill in their financial form even though its nothing to do with how I will pay the F+F?

Any advice gratefully received as ever! Thank you

sourcrates

Wilberfustian wrote: »

I have 2 debts being managed by Idem. the balances are £4900 and £500.

Having done the CCA letters back in October 18 they have been unable to produce the paperwork and on the larger debt they have written to confirm they are unable to supply copies of the original agreement.

In Feb this year I sent the F+F letters offering 10%. They have written back saying we must fill in a financial statement before they consider a reduced payment even though in the letter I sent i made it clear the money I was offering was coming from a relative. They have also phoned a few times saying they won't consider a reduced payment despite the fact I stopped paying them anything 2 months ago having gone self managed.

Has anyone had similar experiences with them? Do I continue to pay nothing in the hope they are willing to accept a reduced offer finally? Do I fill in their financial form even though its nothing to do with how I will pay the F+F?

Any advice gratefully received as ever! Thank you

Another option is to just walk away and pay them nothing.


They do not possess compliant credit agreements for your debts, short of asking you nicely to pay up, there is nothing more they can do to force you to pay.

fatbelly

LostControl wrote: »

Hi All,

Been sitting searching for a place where I can get some advice as to what my next steps should be, and I came across this thread and thought that some of you may be able to help me out.

I have been burying my head in the sand for the past 2 years when it comes to debt, plus due to grief, I took up gambling which put me in an even worse situation. I am now passed the gambling and have sought help for both the grief and gambling to ensure that these things do not happen again.

I took contact with StepChange in all of this, but due to the number of creditors and how I get paid, their options of DMD does not seem like a viable option.

I owe a total of £82500 to 17 different places, and my initial thought was that when I do get a lump sum (I get a bonus from work quarterly and this bonus can eat a big chunk) to perform partial settlements with the various creditors.

Out of the above there is roughly £15000 that I am not able to partial settle, due to the type of debt it is. But the remaining £67000 I should be able to provide them with an offer by end of this year latest.

Would anyone here be able to advise me as to what steps I have to take (I already have defaulted on all of them) and also what would the companies be willing to settle at? I have spoken with a few and had numbers from 25-35% without any negotiations, hence I am thinking that if I have the money in hand then the offer could and should be better.

Thank you in advance.

Kind regards,
LostControl

Sorry only just noticed this one.

As you will know from this thread, 25-35% is the good side of typical, so to clear your debts by settlement, you are looking at 0.3 x 67k, plus 15k

So if that money is available that is an option. And if that sort of money is available it sounds a better option than insolvency.

Make the initial offer in writing using the national debtline template, get the response then negotiate by phone. You want the final deal confirmed in writing before you part with cash.

erskineman

Lifeisforliving19 wrote: »

I have made a counter offer to W*sc*t. I originally offered 20%, they said 30% and I went back with 25%. They now say that before they can consider this, they need to know if I have made any other offers to any other creditor? At this moment in time, we haven't, however, C*b*t have just written to us with an offer. What is the best thing to say to W*sc*t to get them to agree?

Wescot are part of the Cabot Group, Cabot bought Wescot a couple of years ago, so I guess whatever you say to one of them the other could find out!