F+FS can it backfire?

itsalongroad

1 SAID YES!

The third one phoned me yesterday and said yes as long as I document my financial situation and their legal team is satisfied

In effect, I am to show who my creditors are and include eveidence such as default notices, bank statements

Once received the legal team will put in writing the fact its full and final settlement and I will not be chased again

My mother will send a cheque as she is the relative who offered to lend my the money.....

PLease can someone confirm the following words are OK

---

Dear sir,
Further to our conversation, and my original letter dated 19th Jan, I enclose a summary on the attached of creditors with approx balances (attached showing X £XXXXX, Y £XXXX ETC ETC)

Since commencing a Debt Management Plan, in July 2008, some of my creditors have ceased statemtns instead, but I do enclose a recent default notice from xxxx Bank, 4 credit card statements from xxxx. My Bank has frozen my account and is in the process of instrucing their solicitors xxxxxx to proceed with chasing the debt, threatening in the attached letter a charging order on the house

My Mortgage statement for Dec 08 shows a debt of £139k, and a recent valuation gave a marketing value of £145, suggesting little or no equity.

Please confirm in writing that this ex-gratia payment is full and final settlement, and that neither you nor any associate company will take any other action to enforce or pursue the debt in any way whatsoever and I will be released of liability. In addition, credit reference agency files relating to the account will be updated as "satisfied" in full

I look forward to your response and will be in a position to ask my parents to make the payment within 10 days of your written confirmation

Yours

xxxxx

fatbelly

I think you're giving away too much information in paras 2 & 3.

The most I would tell them would be to give them a statement of affairs like the ones that we post on this site, referring to it in paragraph 1

Then paras 4 & 5 are OK

If they don't already know that you are a property owner, I would 'hide' the fact in your soa (refer to rent/mortgage) and only mention your unsecured debts, so delete mortgage and secured loan.

I certainly wouldn't want them to know that another creditor is going for a charging order - I would be worried that they would then do the same.

Just because you had a 'nice' phone conversation does not mean that this is a done deal.

itsalongroad

Fatbelly

Thanks - i think thats sound caution

I wont mention solicitors and charging order from other creditors....

Did SOA a while back for CCCS,

from recollection

Income xxx
Other Income xxx

Standard expenses

Food
Mortgage
Petrol
etc etc

CCCS Payment xxxx

creditor 1 xxx
creditor 2 xxxx
etc etc

should I state how much I owe each creditor or not?

Thanks

itsalongroad

actually here i my new draft - decided not to do SOA, but instead total debts

WELCOME VIEWS!

---

Further to our conversation, and my original letter dated 19th Jan, I enclose a list of Creditors with outstanding balances

cred 1 - £xxxx
cred 2 - £xxxx
cred 3 - £xxxx
cred 15 - £xxxx

Total approx £xx,xxx

All Credit Cards are suspended with payments being made via Consumer Credit Counselling Service due to inability to make standard payments. All Loans have been defaulted, and payments are again being made by Consumer Credit Counselling Service but these fall significantly short of expected minimum. Current Account is suspended and defaulted, with payment being made monthly from the Consumer Credit Counselling Service.

By way of demonstrating the above debts, I enclose a copy of my January statement from Consumer Credit Counselling Service. Some of the figures differ slightly due to the fact the statement is from 01Jan09 and the fact further payments will have credited accounts.

Since commencing a Debt Management Plan, several of my creditors have ceased statements, but I enclose a monthly summary from the Consumer Credit Counselling Service, and photocopies demonstrating several of the debts mentioned

Once you have reviewed the Statement of Affairs and attachments, please confirm in writing that you are willing to accept this ex-gratia payment of £2,500 as full and final settlement, and that neither you nor any associate company will take any other action to enforce or pursue the debt in any way whatsoever and I will be released of liability. In addition, credit reference agency files relating to the account will be updated as "satisfied" in full.


My parents have confirmed their offer to pay this money in full and final settlement stands, and will be happy to issue payment within 10 days of your written confirmation

Yours

xxxxxxx

caramia1812

I have made long posts about my problem in the "ask cccs a question" thread and the saga gets worse by the day. I finally received a response from HBOS retails colllection department (after writing to the customer services people) telling me that my "complaint" will be looked in to and a response will be sent within 4 weeks......errrrr......I hadn't made a complaint but I most certainly have one now and am writing to them with it. I received a confusing letter in reponse to my letter of 6th Jan (re-sent 2 weeks after and finally faxed again last Friday) which did not answer my questions and cutting things short, I eventually got through to their head office last week and the lady kept me on hold while she spoke to HBOS retails collections department. She was told to inform me that they had extended my arrangement for a further month until they got themselves sorted out with paperwork and when I got home last night I have a letter from complaints department and two statements for my two credit cards. The arrangement made on the phone last week via their head office has not been put in place and interest is being charged again and they are asking for full monthly payment. I spent last night pacing the floor in between writing and re-writing letters to them and finally, after speaking to my parents I am going to send a F&!!!!!! offer with my letters. this offer will represent 38% of the debt. I have not yet been issued with a default notice but have been on an arrangement with HBOS for a year with suspended interest and charges and agreed monthly sum being paid (which is 1% of the balances and well below what the paayments should be. I am shocked at their lack of communication within one department and last night was close to walking in to the sea. I am praying for a miracle and that they will accept my F&FS. Will keep you posted.

Edited to add: My parents can pull a bit of cash together within a couple of weeks - the money will be on loan to me from them!

itsalongroad

hi mate

hbos are by far and away the worse of my creditors - they are a joke.

ic ant believe after 6 months on a dmp the letter saying no f+fs but asking me to ring them should I have financial difficulties.......



got to try and keep smiling

good luck

itsalongroad

appreciate any feedback on my draft letter in the popst 2 up

thank you

fatbelly

It looks OK

Best of luck

itsalongroad

thanks Mr Belly

will upload their written reply!

itsalongroad

GUYS, I received the following letter and need to know if this is acceptable and I can go ahead and make payment?................It ststaes bankers draft and I cant actually do that as mym mum is funding the payment and will pay by BS cheque....but I assume thats not an issue.....Is it good to go?. Thank you all

---

I refer to your letter of xxxxx 2009 regarding your outstanding balance xxxxxx to confirm that we accept your offer to pay £xxxxxx in full and final settlement of any and all claims relating to your account with xxxxxxxxxx.
The acceptance is made on condition that full payment is recieved by us in cleared funds on or before the close of business on xxxxxx 2009 by way of a bankers draft as discussed. if payment is not made by this date we reserve our rights to take any and all actions for recovery of the outstanding summ in full plus interest and costs