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Full and final settlement help thread

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  • sourcrates
    sourcrates Posts: 29,394 Ambassador
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    Out of curiosity with regards to full and final settlement, how do you know the company will not sell on the debt they have said they have written off? 
    The settlement offer letter would include the line -

    "I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability".

    Thus making it a legally binding contract.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • shomk
    shomk Posts: 143 Forumite
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    Hi, I've just come across this thread, although I have created a new thread about this, so apologies its doubled up!

    Preferential payments - this was mentioned to me by National debtline. Now I'm worried that if one company agrees 30% and another agrees 60% that its going to be classed as preferential payments.
    Also, if I choose to pay one company because they are negotiating with me but not the other because they wont, is this preferential payment?
    I'm being gifted money so not sure this applies at all?!

    Thanks
  • fatbelly
    fatbelly Posts: 20,976 Forumite
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    Dealt with in your other thread - only applies in insolvency
  • shomk
    shomk Posts: 143 Forumite
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    fatbelly said:
    Dealt with in your other thread - only applies in insolvency
    Thank you  :)
  • tigergambit
    tigergambit Posts: 70 Forumite
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    edited 23 October 2023 at 9:59AM
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    Current state of play:
    PP+ are managing the following debt (All payments suspended 01/08/2023 when CCAs were requested):

    Capital Resolve (ex Sainsbury's Bank) £2900 - CCA provided, F&F made - further details requested and provided
    Ikano Bank £630 No response, other than to default
    Moorcroft Group Plc (ex Santander) £3860 - Overdraft - F&F made, awaiting response
    PRA Group Ltd (ex Barclaycard) £5040 - See Below
    Santander Cards £2730 - No Response
    Tesco Bank £10,020  - CCA provided, F&F made, awaiting response
    NewDay £3,080 - Cannot locate CCA

    I have received the following "statement" from PRA:

    In order to comply with our obligations under the Consumer Credit Act 1974, we are providing you with this statement of your account.

    .........

    Statement (Closing balance £5144.14)

    .... blah, blah .......

    This account is currently classified as unenforceable, which means that we cannot take court action against you at this time, however please note the balance remains payable. if your account changes status and becomes enforceable we will notify you.

    .... blah, blah .......

    In the same letter they have provided the Barclaycard reference and Agreement date (2019).

    Am I correct in thinking that this is just a holding letter and that they will (in all liklihood) be able to come up with the CCA at a later stage?

    What is my best course of action?
    - Wait and see?
    - Make a F&F whilst pointing out that it is currently unenforceable?
    - Something else?

    As ever, all advice appreciated.

    TG
  • DjangoUnchained
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    Personally i would wait and see if they can provide the CCA, in my case they failed , i never paid them a thing and it is now even more unenforceable as its now statute barred.
  • sourcrates
    sourcrates Posts: 29,394 Ambassador
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    edited 23 October 2023 at 12:16PM
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    @tigergambit

    I assume you made a CCA request to PRA, for your Barclaycard debt, was this quite recently?

    They will have to go back to Barclaycard to obtain the paperwork, which takes on average about 8 weeks, maybe longer, your debt will automatically become (temporarily) unenforceable until the process completes, and they provide what you have asked for, if they cannot do that, it remains unenforceable.

    Do they mention being able to comply with your request or not?

    Don`t do anything until you know your position in all of this.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • tigergambit
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    @tigergambit

    I assume you made a CCA request to PRA, for your Barclaycard debt, was this quite recently?

    They will have to go back to Barclaycard to obtain the paperwork, which takes on average about 8 weeks, maybe longer, your debt will automatically become (temporarily) unenforceable until the process completes, and they provide what you have asked for, if they cannot do that, it remains unenforceable.

    Do they mention being able to comply with your request or not?

    Don`t do anything until you know your position in all of this.
    Yes, I requested CCA on 1/8/2023. So it looks like this is just a holding letter from them?
  • tigergambit
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    I have just gone onto the PRA website and had a look at their FAQs. It would appear that the letter I have received has nothing to do with my CCA request but rather comes under this (which I was unaware of):

    Why have you sent me a statement?

    Where we own an account, we are required, under the terms of the Consumer Credit Act, to send an account statement every year. This is a regulatory requirement and ensures we keep you fully informed of the status of your account.

    So I'll continue to await a response to the CCA request.

  • stu12345_2
    stu12345_2 Posts: 1,226 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    edited 23 October 2023 at 2:04PM
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    Current state of play:
    PP+ are managing the following debt (All payments suspended 01/08/2023 when CCAs were requested):

    Capital Resolve (ex Sainsbury's Bank) £2900 - CCA provided, F&F made - further details requested and provided
    Ikano Bank £630 No response, other than to default
    Moorcroft Group Plc (ex Santander) £3860 - Overdraft - F&F made, awaiting response
    PRA Group Ltd (ex Barclaycard) £5040 - See Below
    Santander Cards £2730 - No Response
    Tesco Bank £10,020  - CCA provided, F&F made, awaiting response
    NewDay £3,080 - Cannot locate CCA

    I have received the following "statement" from PRA:

    In order to comply with our obligations under the Consumer Credit Act 1974, we are providing you with this statement of your account.

    .........

    Statement (Closing balance £5144.14)

    .... blah, blah .......

    This account is currently classified as unenforceable, which means that we cannot take court action against you at this time, however please note the balance remains payable. if your account changes status and becomes enforceable we will notify you.

    .... blah, blah .......

    In the same letter they have provided the Barclaycard reference and Agreement date (2019).

    Am I correct in thinking that this is just a holding letter and that they will (in all liklihood) be able to come up with the CCA at a later stage?

    What is my best course of action?
    - Wait and see?
    - Make a F&F whilst pointing out that it is currently unenforceable?
    - Something else?

    As ever, all advice appreciated.

    TG
    did you suspend payment to pp or did they suspend payment when you told them you had wrote CCA letters.i posted 9 CCA letters today.3 I didn't cos 1 was an overdraft and the other 2 were only worth between £39 and £80 so didn't ask for CCA letters.
    I'm with stepchange making manual reduced payments on DMP for 3 months as I had a large emergency repair bill 
    pay your debt at your rate.not what the creditor demands.cos they have no power.they aren't the police.
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