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Final demand letter - what happens next?
SuzySu
Posts: 3,478 Forumite
Hi
I have just had a final demand from my bank demanding immediate repayment of the full amount of the debt I have with them. I have not made any payments towards this debt since the end of October. What is the next step? Will this be passed to a DCA? I really want to offer them a F&F settlement offer and am selling my shares to do this.
Can I write to the bank offering them, say 50% in the first instance as F&F or wait until is passed to a DCA?
Thanks for reading.
I have just had a final demand from my bank demanding immediate repayment of the full amount of the debt I have with them. I have not made any payments towards this debt since the end of October. What is the next step? Will this be passed to a DCA? I really want to offer them a F&F settlement offer and am selling my shares to do this.
Can I write to the bank offering them, say 50% in the first instance as F&F or wait until is passed to a DCA?
Thanks for reading.
YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T
really....it's not hard to understand :T
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Comments
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If you have the 50% to give them a F&F why haven't you been paying some towards it since October?
I think the general thought is offer way less than 50% as they will try and negotiate.0 -
Hi Caroline
TBH I completely forgot about having these shares until I received a letter from them a couple of days ago
. I bought them about 20 years ago and they will do me more good clearing one of my debts than just sitting there. I can offer less to begin with, but my main question was what happens to the debt now. Will it get passed on? YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
Caroline73 wrote: »If you have the 50% to give them a F&F why haven't you been paying some towards it since October?
Sorry, forgot to say that I don't actually have the money yet. I still have to sell the shares which I will do in the next few days. It's not like I have been sitting on this money.YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
SOmeone will have better advice on F&F settelment than me, but definietely offer a stupidly low amount. They sell to DCA's for pennies so I imagine anything is better than nothing to them.0
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Depending on what type of debt it is depends whether you should request you CCA.
What type of debt is it?
How old is the debt?
If they're unable to provide a VALID CCA, you're in a stronger position to offer a F&F.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Sorry - I'm still learning what these phrases mean. What's a CCA? The debt is a combination of my overdraft + credit card which the bank added together so I would not be paying the higher APR of the CC. It is under my current account number and they merged the two last year.
Is that what you meant?YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
CCA = Consumer Credit Agreement
However, O/D are not covered, did you have some kind of consolidation loan to combine both your O/d & CC?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
No, they just said that, providing I cut up my CC, they would move the balance over and add it onto my overdraft. I can't really remember why they did that TBH, but I know I didn't have to take out a loan - it was their offer. Would they still be open to a F&F offer?YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
You could always try them with and F&f offer
Just a rough idea, how much is O/S?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
It's the one in my siggy - First Direct £1222. If I went in at 35% that would be £428. Is that taking the p*** ?
PS. You're busy on the board tonight!!YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0
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