Full and final settlement help thread

justtrying1981

Thank you for your reply. I have read on the internet that they can just send out a generic cca now, i have no idea if that is true or not tho. What kind of barging power would it give me if they say they dont have cca? I have in 2011 reclaimed charges upto that date and also aparently i have no ppi on this card so barclaycard informed the company i used for charges reclaiming. Thank u again for your advice and help

sourcrates

justtrying1981 wrote: »

Thank you for your reply. I have read on the internet that they can just send out a generic cca now, i have no idea if that is true or not tho. What kind of barging power would it give me if they say they dont have cca? I have in 2011 reclaimed charges upto that date and also aparently i have no ppi on this card so barclaycard informed the company i used for charges reclaiming. Thank u again for your advice and help

Yes and no, if it dates from 2004, then it has to be a copy of the original, it's only on accounts after April 2007 that a reconstituted version will suffice.

In a nutshell, no agreement, creditor can't obtain judgement in court, and you may not have to pay it.

justtrying1981

Well thank you . I will look on net for draft coppies of a cca request form. Will it !!!! barclaycard off tho and will they start getting nasty with me? On noodle got red circle with 6 in it for last 15 months before that 12 months of green ap's. Im confused as to why i was never defaulted to be honest lol

sourcrates

justtrying1981 wrote: »

Well thank you . I will look on net for draft coppies of a cca request form. Will it !!!! barclaycard off tho and will they start getting nasty with me? On noodle got red circle with 6 in it for last 15 months before that 12 months of green ap's. Im confused as to why i was never defaulted to be honest lol

You have the right to a copy of your agreement under the terms of the consumer credit act, you won't !!!! them off no, it's standard practice, many people do it.

justtrying1981

Thank you for the advice. Il get onto it and keep u posted

Scrabs1

Hi,

I have received a response accepting a reduced offer of settlement from a creditor. I used the standard template, but they have responded saying that they accept the reduced amount as a partial settlement and will note my credit file accordingly. They have confirmed that they will not chase me for any additional funds, but my credit file will show a default for 6 years etc. Could someone confirm if this is standard and that effectively this debt is clear from my point of view please?

Any assistance will be very much appreciated.

Thanks.

fatbelly

Scrabs1 wrote: »

Hi,

I have received a response accepting a reduced offer of settlement from a creditor. I used the standard template, but they have responded saying that they accept the reduced amount as a partial settlement and will note my credit file accordingly. They have confirmed that they will not chase me for any additional funds, but my credit file will show a default for 6 years etc. Could someone confirm if this is standard and that effectively this debt is clear from my point of view please?

Any assistance will be very much appreciated.

Thanks.

Pretty standard response. Probably OK if this is a major creditor. You could just make sure that the balance will be marked as zero.

gemnomnom

fatbelly wrote: »

First step is to get a copy of his credit file. If it's on there (and it's likely to be) then it should have a default marker on it - exactly what you don't want if you are trying to get a mortgage.

Negotiations with Lowell would then be over them removing the default (which they may well refuse to do) rather than saving £116 on settling the debt.

If there are other defaults on his file then you will have more work to do or may even have to delay plans for a bit.

A prove-it is a good starting point for negotiations with Lowell.

Thanks for the reply, and apologies I've only just checked for it now.

We have checked his credit report with Noddle and it's showing as a default from June 2013 onwards.

The debt has now been passed to 'fidelite'. If they won't remove the default in exchange for a F&F - then is it heard of for them to update the CRF to show the default as fully satisified, rather than partially satisfied? We could pay up to £200 or even the whole amount, if it will help with bargaining.

In terms of obtaining a mortgage, do fully satisified defaults look a lot better than partially satisified - or does it not really make a difference?

As for the prove-it - he does know he owes the debt. Is this still a necessary step?

Thanks again for your help.

Stewart_78

I have a debt of just over 14k with Cabot which is an ex Barclaycard from the 90's. I doubt there is a valid CCA and I am paying £1 per month. I got letter today saying that they had noticed that it will take a 'considerable time' to pay off the balance. I make it just over 935 years. So they have offered to settle at 30% and also said it could be paid over a short period of time.

I don't have that money and can't get it in one go. But I may be able to make a monthly payment as my wife is back to work and things are better in my business. I am considering countering with an offer around 20% to be paid in 24 monthly installments. This would end about the same time as the debt falls of my credit file anyway. Has anyone ever done a F&F in installments? I would of course need a written guarantee from them and would want them to write off the 80% immediately rather than agreeing to zero it at the end.

forgotmyname

Offer them MUCH less than that 30% but try and get to a figure that you can pay off in one go if you can.