Full and final settlement help thread

fatbelly

katiepoppycat said

Thanks for this!  What about UNenforceable debts after death?  (which is the question I meant to ask but didn't proof my post well enough)

Unenforceable debts are still debts so a solicitor working on that might want to see them paid. But there is no reason why they should be. Unenforceable against the debtor is unenforceable against an executor

welshspendthrift

Hi I am going to receive back pay at end of this month for just under £2000. 2 of my credit cards have balances of £1700 and £1200. They are not defaulted but I have an arrangement to pay a lower amount than minimum and 0% interest . Could I offer F & F settlements or as they are not defaulted is this likely to be unsuccessful? These are a small proportion of my debts but would be good mentally to get rid of 2 debts off the list. Thanks in advance for any advice. 

fatbelly

welshspendthrift said:

Hi I am going to receive back pay at end of this month for just under £2000. 2 of my credit cards have balances of £1700 and £1200. They are not defaulted but I have an arrangement to pay a lower amount than minimum and 0% interest . Could I offer F & F settlements or as they are not defaulted is this likely to be unsuccessful? These are a small proportion of my debts but would be good mentally to get rid of 2 debts off the list. Thanks in advance for any advice. 

I think they're unlikely to accept but there's no harm trying

Chika21

I have 5 accounts with Cabot which across all 5 equate to just over £14k. I have completed CCA and they haven’t been able to provide. I have provided a f&f settlement of 5% which has been declined. They have offered I think 10 or 20 % only. In the meantime I have agreed to pay £5 a month on each account. Any advice on what I should do next? I am reluctant to stop paying as all accounts are off my credit file and I don’t want to risk any CCJ ( even without CCA). Any advice would be appreciated. Thanks

fatbelly

They would be very silly to start court action when they are in default of a  s77-79 request. The courts would be required to stay the proceedings as soon as you pointed this out.

You can stop paying until they comply.

sourcrates

Chika21 said:

I am reluctant to stop paying as all accounts are off my credit file and I don’t want to risk any CCJ ( even without CCA). Any advice would be appreciated. Thanks

They can’t obtain judgement against you without the required evidence, ie, the credit agreements.

I’d follow the advice offered by Fatbelly on this one.

JAS2015

Chika21 said:

I have 5 accounts with Cabot which across all 5 equate to just over £14k. I have completed CCA and they haven’t been able to provide. I have provided a f&f settlement of 5% which has been declined. They have offered I think 10 or 20 % only. In the meantime I have agreed to pay £5 a month on each account. Any advice on what I should do next? I am reluctant to stop paying as all accounts are off my credit file and I don’t want to risk any CCJ ( even without CCA). Any advice would be appreciated. Thanks

I have an account with cabot that I cca’d last year. They have since confirmed that they cannot provide it and the debt is unenforceable. Since that letter, I have totally ignored them. They have sent another letter since offering a 75% discount ( i ignored that also) Not heard from them since 

tayajade

Hi all, hoping for some advice with regards to Link Financial settlement offers.

We entered into our DMP in 2013, we had 8 creditors and a total debt of £48,000. All accounts were defaulted in 2014 and 2015 so most have dropped off our credit file with two left to drop off this May. 

We have made token payments for the last two years via payplan. Each creditor has received £1 per month. We have recently sold our house in order to clear our debts and start again. We wrote to all creditors with an initial offer of 30% of the debt owed with it in mind that 50% was the max we could afford. Most have accepted 30% (next pushed us to 50%). 

Link however are pushing back. We have two accounts with them which were originally barclaycard credit cards. Link have confirmed that they have purchased the debt and I have requested the credit agreements tonight. We owe £6600 on one and £7200 on another. I went in with a cheeky 25% to start with, this was declined so I went back with 30% which has also been declined. I have gone up to 35% but their counteroffers are more like 70% of the balance which there is no way we can afford. 

Any tips on dealing with link please? They already have a copy of our current budget sheet and an explanation of circumstances. 

Many thanks! 

runforlife

I've found Link the most difficult to deal with in terms of flexibility. Just keep paying them low figures. Interestingly your original debt and timeline pretty much mirrors mine. I got all of my CC defaults backdated to the earliest possible time eventually despite Link refusing to do so at the same time the original lender MBNA agreed it would be changed. I was literally on the phone to them reading the MBNA letter out loud! I had to write again and enclose the MBNA letter and finally result! Good luck. 

tayajade

runforlife said:

I've found Link the most difficult to deal with in terms of flexibility. Just keep paying them low figures. Interestingly your original debt and timeline pretty much mirrors mine. I got all of my CC defaults backdated to the earliest possible time eventually despite Link refusing to do so at the same time the original lender MBNA agreed it would be changed. I was literally on the phone to them reading the MBNA letter out loud! I had to write again and enclose the MBNA letter and finally result! Good luck. 

Hi, nice to hear from someone else on a similar debt timeline to me.

I’ll keep pushing and paying the minimum, I’d have thought 2 years of £1 payments might have been enough. I’m thinking that my initial offer was just too low, I’ll keep going with counter offers in 5% increments and fingers crossed we will get somewhere soon. I just can’t afford to pay more than 50% so hoping that they don’t refuse that if I end up there 🤞