Full and final settlement help thread

irishabroad

sourcrates wrote: »

No,
You have to make a formal written request for this information, email will not do i`m afraid.
This is the template letter you should use, adapt it to your own situation :


(Your home address)
Date:
To:

Dear Sir/Madam

Account/Ref No:

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully



Your name.

Print you name rather than use your normal signature, since some DCA's have been known to scan it so they can mock up a fake CCA.

For the same reason, the statutory fee of £1 should be a postal order.

Thanks guys, really appreciate your help and hopefully this is the 1st stage of us getting our finances sorted. I wont be back in the country until June so will have wait until then to send the letters (that's why I was asking about email enquiries) but I will def quick my credit report to see which of the debts appear.

Space182

I have 5 credit cards, 2 personal loans. I went onto a payment plan with the largest credit card, Nationwide (owing them £10,700). After 6 months (and when they were threatening a default notice) I made them an offer (over the phone) at 60% which they rejected, then 70% which they’ve accepted (again, over the phone). Before paying them I asked for a letter confirming that this is full and final settlement but they insist this they cannot do this. Instead, a confirmation letter will be sent out AFTER I've made the payment. They've also given me a deadline of today to pay the 70%. My questions, which I would be very grateful for answers to, are: -

1. Am I right to be sceptical of an offer they are not willing to put into writing?
2. Should I run the risk of losing this 70% offer by not paying today and request CCAs from all my creditors?
3. Presumably Nationwide wouldn’t now accept anything less than 70% as that’s what I said I could pay?
4. Can I make offers to all my creditors even if I am not on payment plans, DMPs or IVAs with any of them or should I show signs of not being able to afford the minimum payments before making offers?

Thank you all in advance for your guidance!!

fatbelly

Space182 wrote: »

1. Am I right to be sceptical of an offer they are not willing to put into writing? Yes
2. Should I run the risk of losing this 70% offer by not paying today and request CCAs from all my creditors? Yes, 70% isn't very good anyway
3. Presumably Nationwide wouldn’t now accept anything less than 70% as that’s what I said I could pay? Correct, but you may choose to review this in a few months because of their stubbornness and may have less to offer then
4. Can I make offers to all my creditors even if I am not on payment plans, DMPs or IVAs with any of them or should I show signs of not being able to afford the minimum payments before making offers? You can do whatever you want

Thank you all in advance for your guidance!!

Answers in red above

Woodypuddy

Hi
Could I just check out something on CCA's which I have seen mentioned a lot. If my account was after April 2007 is it pointless me asking for a copy? Was it just accounts prior to this date that different rules applied to. I am on a DMP and if/when I ever have enough to offer F&F thought i had better find out if it possibly applied to me or not.
Many thanks

irishabroad

Hi I am about to make a full and final offer to the following companies and was wondering if anyone had any good/bad experiences with them?
Any help/advice on how much to offer or your own experience with them greatly accepted!

Wescot – Current debt of 30,785.
NCO – Current debt of 12,240.
Cabot Financial (Marlin) – Current debt of 2500.
Direct Legal Collections – Current debt of 1350.

Thanks in advance

babyplum

Hello. Hoping for a little bit of advice.

Me and my husband have been in a DMP with CCCS /Stepchange since 2006. We started with £26k of debt and now only have £2,186 left to pay.

My parents have offered to pay this off for us as the amount is now so low. But I was wondering if it's worth contacting our creditors to try and get a full and final offer.

Our debts are as follows:

Natwest Credit Card: £1,265
Natwest Bank Recovery: £501
HM revenue and customs: £242
Honours Student Loans: £178

I'm totally clueless as to how to go about doing this so any advice would be great.

bennyhill_2

babyplum wrote: »

Hello. Hoping for a little bit of advice.

Me and my husband have been in a DMP with CCCS /Stepchange since 2006. We started with £26k of debt and now only have £2,186 left to pay.

My parents have offered to pay this off for us as the amount is now so low. But I was wondering if it's worth contacting our creditors to try and get a full and final offer.

Our debts are as follows:

Natwest Credit Card: £1,265
Natwest Bank Recovery: £501
HM revenue and customs: £242
Honours Student Loans: £178

I'm totally clueless as to how to go about doing this so any advice would be great.

Well done on getting to this point! With such a (relatively) small amount left owing I'd recommend just settling it. If you go the F&F route the accounts would be marked partially settled, not settled. Having said that do any of the accounts still show on your credit record?

If not you could go F&F but again, for such a small amount and the amount being available, I'd go pay the full balance and congratulate yourself for getting debt free.

I'm sure someone else with far greater experience than me will be along to advise shortly.

babyplum

Thank you Benny Hill!

This is what I am wondering really. If it's even worth going down that route. I am not the best negotiator!!

I actually can't remember if they are still showing on my credit record or not. Haven't checked that recently.

sourcrates

babyplum wrote: »

Thank you Benny Hill!

This is what I am wondering really. If it's even worth going down that route. I am not the best negotiator!!

I actually can't remember if they are still showing on my credit record or not. Haven't checked that recently.

Natwest may be willing to deal, HMRC will only do a deal if you are Starbucks or the like, so expect to pay full amount, probebly same with the student loan debt.

If you are not too bothered about what is recorded on your credit file, by all means make them an offer, they can only say no, start at 30%, see what they say, do it all in writing though, don't negotiate over the phone, if they do accept any offer you make, get it put in writing that they will not chase the remainder, before you part with a penny.

thewhiteavenger

I have been trying to negotiate with Natwest and can't get them below 70%, and that's on a debt receiving £1 per month. It sounds like yours will clear soon anyway, so maybe more difficult. You can but try.