Realistic settlement on £25,454 - ideas please!

Hippocampus

Let's talk morals then.... you do your best to repay your debts. But the original creditor decides it's time to dump everything into the lap of someone else.

But of course, their hands are tied, and couldn't possibly offer to let the debtor repay, say, 25% of the amount outstanding because of accounting regulations.

But it is, of course, perfectly acceptable to sell it on for 10% of its value.

But of course, morally (according to some), the debtor should feel obligated to pay the outstanding balance to a firm of legalised !!!!!! Turpins. Who, if they manage to recoupe everything, plus their own Brothers Grimm version of an interest rate, and quite often PENALTY (named as such on their statements) charges, could end up several HUNDREDS of percent in profit on an individual account.

So. Who REALLY has the moral high ground?

So yes, S127(3) of the CCA 1974 IS a lawful, and valid, defence. However, I can see NO reason not to use the potential unenforcability of an account as a means to bargain down a Full and Final settlement figure.

After all, if you buy for instance a £10K debt for £1K, and you accept £2K in full and final, you are not only 100% up on the deal, but you don't have to run the risk of losing everything plus costs in court.

It really is all a game once things are in the hands of the Cabots of this world. If you think otherwise, you really do need to think about getting a life.

IMVHO, of course.

[Deleted User]

Hippocampus wrote: »

Like me, you mean? No court fees as yet. In fact, Cabot have yet to show they have balls and actually initiate court proceedings.

Aye, well you must just be one in a million eh?

Though, you do strike me as one who has been on JSA for the past ten or so years..

Hippocampus

Supercharge_Me wrote: »

Aye, well you must just be one in a million eh?

You are fond of bandying figures about, but for what it's worth, Cabot have had a few disasters in court recently, so I expect an element of realism to be contributing to their decisions in some cases. :rolleyes:

Though, you do strike me as one who has been on JSA for the past ten or so years..

If I knew what the heck you were on about, I'd respond.

[Deleted User]

My god youre boring me now, there is those of course willing to pay off their debts in full, head over to the DFW boards and share your infinite knowledge of dishonesty with them.

Hippocampus

Supercharge_Me wrote: »

My god youre boring me now, there is those of course willing to pay off their debts in full, head over to the DFW boards and share your infinite knowledge of dishonesty with them.

Is English not your first language then?

If I appear to be antagonising you unnecessarily, that will be because I can see little point in your posting on someone's thread when all you have to say is to tell them how dishonest they are. Your attitude contributes nothing whatsoever to the discussion, and offers no assistance by way of answering the OP's original question.

If I'm boring you, there is always the option of ignoring me.

I, on the other hand, have nothing better to do at present than to play "bait the troll".

[Deleted User]

Hippocampus wrote: »

Is English not your first language then?

If I appear to be antagonising you unnecessarily, that will be because I can see little point in your posting on someone's thread when all you have to say is to tell them how dishonest they are. Your attitude contributes nothing whatsoever to the discussion, and offers no assistance by way of answering the OP's original question.

If I'm boring you, there is always the option of ignoring me.

I, on the other hand, have nothing better to do at present than to play "bait the troll".

Actually Maths was my stronger subject

1. A Neutral would probably see this as more of an arguement since most posts are between us.

2. You will see from the Second post (If you scroll up;) ) I have clearly given a realistic settlement amount based on my Knowledge (As requested in the OPs Post).

3. The troll is clearly you, as all you keep blatting on about is 'Unenforcable' Debt, as if its something to boast about 'beating the system'. Congratulations :think:

Hippocampus

A "realistic" figure is whever you can successfully negotiate.

Your figure appears to have been plucked at random.

Now. Is it dishonest to negotiate a figure that means neither side loses?

Or is it dishonest to buy a debt for a fraction of the face value, where even a 30% discount to the debtor means a several hundred percent profit.

Where that same company has been known to add interest that exceeds any that may have been originally agreed between OC and debtor.

And where that same company has been known to purchase a debt, sit on it for very nearly 6 years, then suddenly find they own the account, plus accrued self imposed interest, and chase for that full amount, applying and gaining a charging order by default in the full knowledge that most of their "customers" are totally ignorant of their rights. And will not even turn up to defend in court, irrespective of whether the shiny new owner of their account is in the right or no.

It must be wonderful to live in a world composed only of blacks and whites. It makes it so much easier to judge other people and their circumstances. And where you cannot possibly be accused of letting anything "colour" that judgement.

Well done, you.

NickX

I am not an expert, but I suspect that with some hard negotation you could get a "Full and Final" settlement of less than £10,000.

Your Credit Rating will suffer though.

Voyager2002

Stugall, you have left out two key pieces of information: your financial situation, and what Cabot know about it. If they had reason to believe that you were living on benefits or close to the poverty line, so that they had very little chance of screwing much out of you, they would accept a very low settlement figure. OTOH if they believed that you had a high disposable income then they would push hard for a substantial amount

Sprightlyone

Supercharge_Me wrote: »

Actually Maths was my stronger subject

1. A Neutral would probably see this as more of an arguement since most posts are between us.

2. You will see from the Second post (If you scroll up;) ) I have clearly given a realistic settlement amount based on my Knowledge (As requested in the OPs Post).

3. The troll is clearly you, as all you keep blatting on about is 'Unenforcable' Debt, as if its something to boast about 'beating the system'. Congratulations :think:

Just to add a somewhat more sinister note if I may, this Cabot lot have bought a debt, not interested in what they paid as its a commercial decision and transaction although I can understand a certain degree of morality issues here. That said, what if, as seems to be being implied by Hippo...Cabot - I take it a Debt Collection company, has no legal right to collect this debt, just suppose him right for a second, I've read somewhere that these Debt Collection companies put charging Orders and even repossession Orders into the courts on some of these debts. Would you Supercharge, hypothetically of course, feel it just that a person should lose their home as a result of some deception? because that's what it would be wouldn't it? The blaggards wouldn't be shy of trying would they? I suppose it's like someone giving you a parking ticket when legally you shouldn't have had one, but they want your money anyway. Blaggards, that's what I'd call them.

Have you fellows never heard of the Cabot Fan Club? - should aquaint yourselves, sterling bunch of chaps knocking the hell out of this company so I've heard..