Full and final settlement help thread

zeroms2024

fatbelly said:

How long are you going to give them till you stop?

I thought until the end of this month, and then I will stop.

Do you know how long this should take roughly? it's been over 3 months now!

fatbelly

Many cca requests are never complied with. That's the attraction of incorporating them in a debt strategy.

Cancel the payments now and concentrate on enforceable debts

zeroms2024

fatbelly said:

Many cca requests are never complied with. That's the attraction of incorporating them in a debt strategy.

Cancel the payments now and concentrate on enforceable debts

Thanks very much, the only one enforceable I guess is the overdraft, the others I am still waiting for information back on. I have just contacted SC to let them know I've heard nothing, and to stop paying until further notice.

PurpleMouse5

In case it helps anyone, I got offered a 55% settlement on about 3K of debt with PRA group - had been defaulted for a couple of years and on a low paying DMP while I was out of work on disability benefits. 

zeroms2024

fatbelly said:

Many cca requests are never complied with. That's the attraction of incorporating them in a debt strategy.

Cancel the payments now and concentrate on enforceable debts

Hi there, and thanks again for the advice. Moorcroft have just come back to me on one of the debts and have said that Santander cannot locate the agreement.

I have sent this to Stepchange but they have advised that this will continue to be paid as part of my plan?

fatbelly

Hi

This is about prioritisation.

Yes, the debt still exists but as they have (effectively) confirmed that it is unenforceable under s 77-79 of the Consumer Credit Act 1974, it is a lower priority than other, enforceable, debts.

The same logic would apply to statute barred debts for which payment can be legally requested (in England) but there is no good reason, unless you want to make a moral argument or work for the creditor, why you should make that payment.

Maybe politely ask for your request to be considered by a manager. However, it may be Stepchange policy and something they have agreed as part of their 'fair share' agreement of payment from the creditors, which after all is their main source of income.

You may have to move to a self-managed plan.

zeroms2024

fatbelly said:

Hi

This is about prioritisation.

Yes, the debt still exists but as they have (effectively) confirmed that it is unenforceable under s 77-79 of the Consumer Credit Act 1974, it is a lower priority that other, enforceable, debts.

The same logic would apply to statute barred debts for which payment can be legally requested (in England) but there is no good reason, unless you want to make a moral argument or work for the creditor, why you should make that payment.

Maybe politely ask for your request to be considered by a manage. However, it may be Stepchange policy and something they have agreed as part of their 'fair share' agreement of payment from the creditors, which after all is their main source of income.

You may have to move to a self-managed plan.

Understood, thanks for the clear answer. I will speak to them and see what they say.

sourcrates

If they refuse to remove the debt from your plan, which I`m guessing they will, remember this is your DMP, you don`t have to accept what they say, you can and should go your own way, and self manage.

ManyWays

fatbelly said:

Maybe politely ask for your request to be considered by a manager. However, it may be Stepchange policy and something they have agreed as part of their 'fair share' agreement of payment from the creditors, which after all is their main source of income.

You may have to move to a self-managed plan.

I would be not rude but firm: I would tell Stepchange as the debt is unenforceable you wish to stop paying it and under the FCA's Consumer Duty StepChange has to consider your interest, and continuing to pay this debt would not constitute a "good customer journey"

Rob5342

I would just manage it yourself, it really is very simple. Stepchange have a very rigid approach of paying all debts proportionally as they are funded by the creditors. If you want to take that approach then using them can save you a little bit of administration, if you don't then they just complicate everything and it's far simpler to handle it all yourself (for example with Santander it would just be a case of cancelling the standing order in your banking app instead of contacting Stepchange several times and making some posts here)