Full and final settlement help thread

Willing2Learn

Rjhsteel wrote: »

And this was from one of the debts that didn't have a copy of the credit agreement!!

If they don't have a copy, where do i stand?

If they are unable to provide you with a true copy of your credit agreement,
then the account becomes unenforceable, although it would still be an outstanding debt.

If it were me, I would withhold payment and instead put the money into a savings account that you can use for F&F settlements. After six months you will have a little more money in the pot and can make a new low offer.

Rjhsteel

Willing2Learn wrote: »

If they are unable to provide you with a true copy of your credit agreement,
then the account becomes unenforceable, although it would still be an outstanding debt.

If it were me, I would withhold payment and instead put the money into a savings account that you can use for F&F settlements. After six months you will have a little more money in the pot and can make a new low offer.

Its part of a Payplan repayment so not sure how to do this?

Willing2Learn

Rjhsteel wrote: »

Its part of a Payplan repayment so not sure how to do this?

Advise Payplan that you submitted CCA request to your creditors and that you no longer want to make payments to any unenforceable accounts??

If Payplan have not got that level of flexibility, then you either have to continue with the payment plan, or consider going self-managed for all the remaining accounts...

Littlebigmoose

Received a letter out of the blue from Lowell offering 90% discount on a £1000 debt. Had been making token payments for a year. Hopefully this may be useful to someone negotiating with them.

fatbelly

Littlebigmoose wrote: »

Received a letter out of the blue from Lowell offering 90% discount on a £1000 debt. Had been making token payments for a year. Hopefully this may be useful to someone negotiating with them.

I'm afraid it's only useful to you.

Before you started making the token payments, had there been a 6-year gap in payments?

If no, is there a chance that there is no signed agreement on this?

It's unusual to get a 10% offer out of the blue unless there is something defective about the debt.

Did you have a long-term plan for dealing with this?

Littlebigmoose

No 6 year gap just a debt from a network provider

PMarie1981

Hi, I'm currently with stepchange and have been for a couple of years now, I was making payments a month to them of £130 a month but struggled so dropped my payments to £69, my debt is just over £10k but have other arrears including rent etc. My sister and dad has offered to pay the £10k debt! But I would like to try offer reduced settlement so then whatever is left over I can pay my priority debts too. These are my debts, any advice on what I could offer these? Also I wont get the money till 6 weeks time, should I make the offers now to get the ball rolling?
Shop direct £2468
westcot credit (halifax) £1980 DEFAULT
Barcleycard £1751 DEFAULT
PRA group MBNA £1130 DEFAULT
Moorcroft argos £791
Intrum tesco £640 DEFAULT
westcot credit (halifax overdraft) £515 DEFAULT
Paypal £438
three £289
Diamond insurance £140
natwest £203
council tax arrears £550
studio £150
rent arrears £400

fatbelly

PMarie1981 wrote: »

Hi, I'm currently with stepchange and have been for a couple of years now, I was making payments a month to them of £130 a month but struggled so dropped my payments to £69, my debt is just over £10k but have other arrears including rent etc. My sister and dad has offered to pay the £10k debt! But I would like to try offer reduced settlement so then whatever is left over I can pay my priority debts too. These are my debts, any advice on what I could offer these? Also I wont get the money till 6 weeks time, should I make the offers now to get the ball rolling?
Shop direct £2468
westcot credit (halifax) £1980 DEFAULT
Barcleycard £1751 DEFAULT
PRA group MBNA £1130 DEFAULT
Moorcroft argos £791
Intrum tesco £640 DEFAULT
westcot credit (halifax overdraft) £515 DEFAULT
Paypal £438
three £289
Diamond insurance £140
natwest £203
council tax arrears £550
studio £150
rent arrears £400

With £69 surplus you are close to the £50 limit for a DRO.

Have you considered looking into one? Your sister and Dad could help you with the £90 fee and save the other £9910 to do something nicer with. You can still have 1k in 'assets' and a car worth up to 1k

Regardless of what you do, I would not advise them to just dump 10k into your account. If you went down the F&F route it is better to have the payment coming from a third party.

When you mention your 'priority debts' are you referring to your council tax and rent arrears that you listed? Or do you have others? Really, priority debts should be dealt with ahead of non-priorities, as the terms imply. And you won't get settlement discount on these.

PMarie1981

I will be paying of my priority debts off first. I don't think I would go down the DRO route as My plan is to hopefully buy my own place after the debts have been paid and the defaults have dropped which I know takes 6 years but gives me time to save up for a deposit. Can I just ask why they shouldn't pay the 10k into my account?

sourcrates

PMarie1981 wrote: »

I will be paying of my priority debts off first. I don't think I would go down the DRO route as My plan is to hopefully buy my own place after the debts have been paid and the defaults have dropped which I know takes 6 years but gives me time to save up for a deposit. Can I just ask why they shouldn't pay the 10k into my account?

DRO only shows for the same amount of time as the defaults, so wont be of any further detriment, you could save your familys money.


Really your priority debts should be dealt with first, unsecured credit debts are bottom of the pile to sort out.