Full and final settlement help thread

Debt2Recovery

Does anyone know if a CCA request to a creditor restarts the 6 year statue barred clock?

Thanks in advance!

freshstart2023

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

fatbelly

Debt2Recovery said:

Does anyone know if a CCA request to a creditor restarts the 6 year statue barred clock?

Thanks in advance!

Potentially. It hasn't been tested AFAIK. You're acknowledging the agreement rather than the debt.

freshstart2023 said:

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

Well done

Debt2Recovery

Does anyone have experience with sending a F&F to HSBC?

The debt defaulted 2.5 years ago. Moorcroft had been administering it but have now handed back to HSBC because I’ve made no payments due to no available income. A family member may help me with a lump sum to help clear the debt. 

sourcrates

Debt2Recovery said:

Does anyone have experience with sending a F&F to HSBC?

The debt defaulted 2.5 years ago. Moorcroft had been administering it but have now handed back to HSBC because I’ve made no payments due to no available income. A family member may help me with a lump sum to help clear the debt. 

When was the last payment you made to this account and what exact date did it default?

Debt2Recovery

sourcrates said:

Debt2Recovery said:

Does anyone have experience with sending a F&F to HSBC?

The debt defaulted 2.5 years ago. Moorcroft had been administering it but have now handed back to HSBC because I’ve made no payments due to no available income. A family member may help me with a lump sum to help clear the debt. 

When was the last payment you made to this account and what exact date did it default?

Defaulted March 2023 apologies I thought it was earlier (my other accounts defaulted in mid 2022). Never made a payment just letters sent with Stepchange I&E form. 

freshstart2023

freshstart2023 said:

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

Just wanted to update on this incase it helps anyone else…I went back to the DCA after the 70% offer and asked if I could pay it over 6 months, they agreed to this. However, I then went back again and asked if they would consider 80% if I was to pay it over 3 months instead. They agreed to this and I now have a 3 month payment plan in place to settle the account with an 80% discount saving over £5.5K so it’s definitely worth negotiating. I never would have known that was possible if it wasn’t for this board! Thank you! 

sourcrates

Make sure you get conformation in writing, that the remaining balance will be written off, and will not be chased by them or their agents.

This is extremely important, and make certain you keep the letter safe.

freshstart2023

Thanks @sourcrates I did ask this and received the following response, is this sufficient? 

Please be assured that, once an agreed discounted balance has been paid, the account will be closed and not passed to any other company.

ManyWays

 is this sufficient?
Assuming that is in writing, it is fine, but make sure you keep it.