Full and final settlement help thread

happy_bunny_2

PipkinMoomin wrote: »

Yes LC do charge and I had looked at moving the debts to a charity however we are so close to sorting them all now I didn't think it was best to do (I may be wrong) we only have 5 creditors left to sort (2 of which are Moorgate's).
My partner was going to get LC to do the F&F but they were going to take a cut so I have been sorting all for him.
The HSBC credit cards were taken out between 2000-2006 (my partners estimate) I don't know much about this CCA, I will have a look on here for some more information, thank you for your advice :beer:

Sounds good.

For each HSBC debt, write to Moorgate, sending a cheque or postal order for £1, asking for a copy of the alleged agreement on the account.

If they don't have the signed original, they can't get a CCJ if defended, therefore they are mostly toothless and will settle for less.

https://www.nationaldebtline.org/EW/factsheets/Pages/39%20EW%20Credit%20agreements%20-%20getting%20information/Default.aspx

As you are doing so much, why not just sack the fee charging company and do it yourself? Again, check the terms for exit fees and timescales. You can get loads of help on here and national debtline website.

That way, you can spend the money in the pub or put it towards the debts, either way, it's going to a better cause.

happy_bunny_2

Forgot to ask, how much are they getting per card?

As sometimes, they will ignore the CCA request as it's too much hassle, or they don't have it, especially when they are receiving payments.

PipkinMoomin

One of them is £8.93 a month and the other is £25.07.

happy_bunny_2

If they don't respond to your CCA requests, you should consider stopping those until they do.

PipkinMoomin

Thank you
I'm worried about defaults etc. though, my partner's credit rating is now looking a lot better and I just don't want anything to affect that, should I try the complaint route first and see what happens?

happy_bunny_2

Yes, sorry, forgot about that bit.

See what you get from a complaint. Feel free to submit the CCA requests, that should not cause any issues.

HB

cmc_entertainment

Hi all

Would you in F&F letter append a statement of x amount of creditors - names creditor 1,2 3 etc and put the amount that they are getting and what percentage of it is of the total you have available?

Or would you just start the offers around the 25-35% mark?

btw on DMP with Payplan so I need to be seen as fair to them. FYI the will be 4 creditors not named/offered due to as I would not have the funds available to clear them from my relative.

also is this template any good?

Without Prejudice


Account No: XXXXX


I write with reference to the money which you are claiming on the above account.

I can confirm that I am are unable to pay the money which I owe in full.

My payment plan with Payplan is due to continue with current payments to yourselves at XXX per month; and at current rate it will take XXXX months to clear the balance owed. I have no change in my circumstances, and I can not see this improving in the near future.

However, I can raise £XXX and I want to offer this as an ex-gratia payment in full and final settlement of the account which is coming from a third party.

This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.

I also request that, if accepted, you make an entry on my credit reference agency files relating to the above account as having been paid and the account closed and marked as satisfied.

Payment can be made within 28 days of receiving your written agreement of this offer and method of payment.

However if you are unable to accept my offer then I will regrettably have to withdraw the offer and continue paying my monthly re-payments.

I look forward to hearing from you.

Yours faithfully

mtia

BlueIsTheColour

Hi there,

Wonder if anyone can help me?

I have 6 debts of varying amounts from £1500-£6k, all of which defaulted early 2009 so are due to come off my credit file within the next year. I have been making token payments of £1 a month since the default dates, and bar a few blips, this has been relatively peaceful...

However, I would now like to actually clear them and a family member has indicated they will help me do this through F&F settlements, but I am wondering what sort of %'s I could look to explore?

They are all now with DCA's, (Cabot-more than 1, Apex, RMA, Fenton Cooper). Two of the debts aren't reported on CRA's due to CCA issues, however I have continued the £1 payments (rightly or wrongly). I have had several offers from Cabot already to settle at different %s for each, lowest I think was about 50%, maybe a bit less.

Would welcome any thoughts or advice please? Have read many posts and realise there is no exact science but would appreciate the wisdom of others far more experienced than myself.

Thanks ever so

sourcrates

BlueIsTheColour wrote: »

Hi there,

Wonder if anyone can help me?

I have 6 debts of varying amounts from £1500-£6k, all of which defaulted early 2009 so are due to come off my credit file within the next year. I have been making token payments of £1 a month since the default dates, and bar a few blips, this has been relatively peaceful...

However, I would now like to actually clear them and a family member has indicated they will help me do this through F&F settlements, but I am wondering what sort of %'s I could look to explore?

They are all now with DCA's, (Cabot-more than 1, Apex, RMA, Fenton Cooper). Two of the debts aren't reported on CRA's due to CCA issues, however I have continued the £1 payments (rightly or wrongly). I have had several offers from Cabot already to settle at different %s for each, lowest I think was about 50%, maybe a bit less.

Would welcome any thoughts or advice please? Have read many posts and realise there is no exact science but would appreciate the wisdom of others far more experienced than myself.

Thanks ever so

General consensus of opinion is to start at around 30% of outstanding debt, then negotiate from there, every lender is different, depends on how old the debt is, whether there is correct paperwork/CCA issues etc, but whatever is eventually agreed always get it in writing, (as in the template letter above) so you have a record of what was agreed.

BlueIsTheColour

Thanks, I am hopeful as they are relatively near to not showing on my credit report and they have been on token payments for 5 years they might be more willing to offer a low settlement...

I know 2 definitely have CCA issues...

Will definitely only deal via letter, no phone calls from me ever, it does amuse me when I see in my phone call a missed call from Cabot, as all their numbers are blocked on my phone.

Thanks again