Full and final settlement help thread

sourcrates

dipsy wrote: »

This is from Post office:

Thank you for your email.

If you make the payment to partially settle your account your credit file will update as follows.

Where it reads the “Current Balance” on your credit file this will be marked as PS, there will be no figure here. It will not show a balance.

Your credit file will show the default date and the balance on this date.

It will show a breakdown of the last twelve months payments/balance’s. When the partial settlement is paid this space will be left blank.

It will not give that months balance but it does still show the previous 12 months. It does not update as 0.00. It is a blank space. All lenders who view your credit file will be aware this was partially settled and we will not pursue you for the remaining debt.



Hopefully this clears up the confusion.


Is this ok. or am I leaving myself vulnerable?

thanks

Think the important bit is the last sentence to say they won't pursue you for the remaining balance.
I would be happy to accept this as proof enough, you don't need to dig too deep with this one, I would say what you have here is sufficient to cover yourself against future claims, just keep it safe.

City1

sourcrates wrote: »

Start at £30 and see what they come back to you with.

Thanks for the advice.

Just by way of interest, if I have defaults against me (and the wife), is their actually any point in doing f and f's? Would I not be better making
token payments for a further 5 years and in that time save like mad and then do f & f's.

Also what are CCA's?

Cheers

sourcrates

City1 wrote: »

Thanks for the advice.

Just by way of interest, if I have defaults against me (and the wife), is their actually any point in doing f and f's? Would I not be better making
token payments for a further 5 years and in that time save like mad and then do f & f's.

Also what are CCA's?

Cheers

Up to you really, your credit file would clear quicker, as lenders only look so far back in your history, that's only if further borrowing is likely.

CCA stands for "consumer credit act".

It can also be referred to as a "CCA Request", which is a request for a copy of your original credit agreement for any running credit agreement.

lynns3cookies

Hi Guys... Some advice please.

I am about to start a DMP with step change. The one large debt i have is now owned by Cabot and totals £24950. My DMP payment to them will be around £335 per month and will take around 6 years to clear. If I could get a family loan how much do you think they would be prepared to take on F&F?

Thanks in advance.

sourcrates

lynns3cookies wrote: »

Hi Guys... Some advice please.

I am about to start a DMP with step change. The one large debt i have is now owned by Cabot and totals £24950. My DMP payment to them will be around £335 per month and will take around 6 years to clear. If I could get a family loan how much do you think they would be prepared to take on F&F?

Thanks in advance.

Hi,
How old is the debt ?

What was it for, loan, credit card ?

Have they provided proof of credit agreement ? Have you asked ?

Answers to these questions first.

lynns3cookies

sourcrates wrote: »

Hi,
How old is the debt ?

What was it for, loan, credit card ?

Have they provided proof of credit agreement ? Have you asked ?

Answers to these questions first.

Thanks...

Originally a secured loan with welcome finance but my property was repossessed so now shows as an unsecured loan. Date of default 16/01/2011, I don't have anything which shows when the loan was taken out but I think around 2009?? I don't have proof of credit agreement and I haven't asked for this. Step change are due to take my first payment on 10/4 and I'm not sure if I should try a F&F first if I can get the money from family.

sourcrates

Ok, as it was a secured loan, they will most likely be able to produce the credit agreement, as they take more care normally, but still may be worth a CCA request first.

If you really want to go down this road, offer 10k for starters, see what response you get, then negotiate from there if need be.

lynns3cookies

sourcrates wrote: »

Ok, as it was a secured loan, they will most likely be able to produce the credit agreement, as they take more care normally, but still may be worth a CCA request first.

If you really want to go down this road, offer 10k for starters, see what response you get, then negotiate from there if need be.

Thanks for your advice sourcrates 👍

Mamamutz2

Hello, fab advice in previous threads.

Just wanted to check I would be doing the right thing.

Ive been on a DMP with stepchange since 2006. I was made redundant from my job in a bank (!) and none of my creditors would help by coming to negotiations with me re reducing payments, so I started a DMP.

I did get other jobs though not as well paid, but am now a student and a carer for my son who is disabled. My payments are only £99 a month now.

My partner has just had a bit of money left to him so he has offered to help with f & f settlements as otherwise I will be paying my debt for years (sorry debt is now about 12,500 to 5 creditors).

I send a letter starting at around 20/30 % initially from national debt helpline or should I do a CCA letter first?

If we have favourable offers, should my partner pay the money direct from his account? or would I be able to do it if he transfers to me?

One last thing, due to my sons disability we are hoping to buy a house in the future, none of my debts are showing any longer on my credit file (although a debt agency did a search last year which I can see, not sure if others can see it?). If we did partially settle, would I have to confirm that I used to have a DMP etc on the mortgage app, from looking on the internet it says they do ask you to declare ANY past financial problems. Also with paying partially, will these debts now reappear on file?

Thank you so much for reading this and sorry if I sound clueless, but I am about this!!

XX

Mamamutz2

sorry forgot to say.

People I owe are

Robinson way (HSBC) 5668 -80
Transcom (MBNA) 3822.46
Tesco 2189.76
Barclaycard (egg) 817.18
Robinson way (HSBC) 496.10

Used to owe around £25k, so has come down, but have also been on maternity leave twice as well so payments have been v low at times.