Full and final settlement help thread

General_query

Thank you for the replies (doing this from work so have to be discrete and quick).

I am with StepChange, the UK's largest and FREE debt management company, I have been following their advice and suggestions as I have enough to worry about with an unwell 2 year old boy...

The £9,000 final offer was from my partners sister who has stepped in to help me get debt free before my lad's 3rd Birthday in 2 weeks. This stress is killing me and my partner. it isn't my fault the creditors have refused her £9,000 offer to clear/end my debts.

I didn't know anything about checking enforceabiity and CCA requests until coming on here.

Sorry

General_query

Scrimpess wrote: »

Those settlement offers from your creditors seen exceptionally high and unreasonable given your circumstances and the fact that your DMP, at the current rate of payments, will last so long.

Given your circumstances I would have expected your creditors to have snatched your hand off at 50%.

My thoughts exactly. They are aware of my family and financial circumstances

General_query

Update: Intrum had replied saying no they reject the 50% offer and will accept 70% (£760) and Westcot have now AGREED to accept 50%, so they will accept £2,088 of £4,174, and £1,335 of £2,668.

But I would still need to raise £1,729 in additional funds to clear the whole lot at those rates offered by the creditors

I really do not think my partners sister would shell out another £1,729

StepChange advised:

"Based on using the £9,000 to clear as much debt as possible you could pay the two Wescot acceptances and the two PRA Group counter offers.

This would reduce the length of your plan from 189 months to 28 months left to pay.

There’d be £129.10 left over which could be shared between the remaining creditors.


That would reduce the plan to 27 months.


Or, if you were able to raise additional funds you’d need £1,729.80 in order to clear everything and get debt free".

HELP

Willing2Learn

Hi General query

I definitely agree with the others on this thread and on your other thread too. I believe you should pause with making f&f settlement offers and instead focus on submitting CCA requests on all eligible accounts. If, after submission of the CCA requests, your creditors are unable to provide you with compliant paperwork, then you would have two choices:

1. To permanently withhold payment on the account until compliant paperwork has been received
2. To use the lack of compliant paperwork as leverage to get substantially lower f&f settlement figures.

General_query

Rang up Cabot (as recommended by StepChange) to try and negotiate a definite final deal, and of the £1,679 still owed to them - and despite StepChange offering them 50% (£840), they won't budge one bit and still want 70% = £1,193.

Only deal they would do was 3 x monthly interest free payments of £397.97 each month, totalling £1,193.

No thank you

General_query

Okay, thanks.

StepChange advised: "I can say that the PRA Group tend to inform us if they don’t have the credit agreement.

They’ve not mentioned that they don’t for your accounts, so I’d assume they do hold this for you".

So that's PRA out.

Westcot have agreed to the two 50% offers so that's another not worth getting the CCA's for.

Leaving just Intrum and Cabot.

Two simple questions (forgive my naivety):

As I don't have a cheque book with my basic bank account I'll have to send a Postal Order, but.... who do I make it payable to and to which specific address please?

There seem to be several online for Intrum and Cabot.

Thank you.

fatbelly

General_query wrote: »

Okay, thanks.

StepChange advised: "I can say that the PRA Group tend to inform us if they don’t have the credit agreement.

They’ve not mentioned that they don’t for your accounts, so I’d assume they do hold this for you".

What a stupid response! So untrue it's hard to know where to start. You have a legal right to this information under s77-79 CCA and stepchange should not dissuade you from exercising that right.

General_query wrote: »

Westcot have agreed to the two 50% offers so that's another not worth getting the CCA's for.

Unless you want to check whether you are throwing money at unenforceable debts

General_query wrote: »

Leaving just Intrum and Cabot.

Two simple questions (forgive my naivety):

As I don't have a cheque book with my basic bank account I'll have to send a Postal Order, but.... who do I make it payable to and to which specific address please?

There seem to be several online for Intrum and Cabot.

Thank you.

You're talking about the £1 fee for a CCA request? Just use a £1 postal order, uncrossed and unnamed, send it with the standard letter from the National Debtline site, to the address from which they write to you.

General_query

fatbelly wrote: »

What a stupid response! So untrue it's hard to know where to start. You have a legal right to this information under s77-79 CCA and stepchange should not dissuade you from exercising that right.



Unless you want to check whether you are throwing money at unenforceable debts



You're talking about the £1 fee for a CCA request? Just use a £1 postal order, uncrossed and unnamed, send it with the standard letter from the National Debtline site, to the address from which they write to you.

Thank you. I'm just repeating what StepChange have told me....


Re: the CCA requests, I never hear from my creditors, all is done via StepChange I'm afraid hence not knowing which addresses to send my £1 postal orders to.


StepChange take my monthly payment via Direct Debit then distribute it to them each month.


My online DMP just shows creditor name (and original - as shown in my first post), plus amount paid, balance remaining and what I've paid each month.

sourcrates

Creditors address details are freely available from their respective websites.

welwynrose

I’ve got a quandary with a really old mortgage debt - I took out a mortgage in 1989 for £49k it all went tits up & I handed back the keys in 1989, I was eventually taken to court in 1999 when the balance had gone up to near £80k and the building society took a 2nd charge against my current property - I have religiously been paying the debt off ever since & now owe in the region of £25k, we want to move and have spoken to the BS about negotiating down the amount that I owe them but they want me to give them a figure and I don’t know what a fair figure would be