F & F offer please look at I & E

homealone_2

am about tocontact creditors to offer them f& f am not sure how i stand with having quite a big disposable income, could someone please take a look and se if i have missed something. have £7000 to pay 4 creditors owe ctc £12289.45 so the most would be offered to them although i am not offering yet as they have already refused and since found out they dont accept F & fs next is lloyds 5638.07 halifax 8490.71 and m & s 511 so they all would be offered pro ratof the 7000 below is budget i am enclosing, do you think it needs tweaking

INCOME STATEMENT
Child Tax Credit
£390
Incapacity Benefit
£365
Child Benefit
£80
Income Protection From Ex Employers
£386
Housing Benefit
£517


TOTAL MONTHLY INCOME
£1738


EXPENDITURE

Council Tax

Should get full refund when due

Rent Arrears Repayment

£354.60- paying £40.00 monthly

Rent

£517.00

Gas

£28.00

Gas Arrears

£79.38- paying £14.00 monthly

Electricity

£59.00

Electricity Arrears

£149.58- paying £20 monthly

Thames Water

£28.00

Satelitte

£21.00

T V License

£12.00

Mobile & House Phone

£60.00

Food & Household Goods

£300.00

School Meals

£40.00

Travel

£40.00

Life Insurance

£25.00

Petrol

£30.00

Medical Supplies

£35.00

House insurance

£22.50

Contents insurance

£20.00

Clothing

£50.00

Personal`hygiene`

£18.00

TOTAL MONTHLY EXPENDITURE

£1379.50

GeorgeUK

Hi homealone.

Could you try putting the data into the SOA calculator? It makes it a little easier to follow.
http://www.makesenseofcards.com/soacalc.html

If you have missed payments and not kept up with the minimum payments then they should after a period of time be open to the possibility of accepting a reduced settlement, although they may pass the debt on to a DCA, who may actually be easier to deal with. Were the offers you made in writing or over the phone?

fatbelly

You don't need to enclose a budget when offering a sum in full & final settlement.

Have you seen the factsheet here?

How long since you last paid the contractual amounts on these debts?

Have you received default notices on them?

Don't make your final offer first. Start at say 35%.

homealone_2

fatbelly wrote: »

You don't need to enclose a budget when offering a sum in full & final settlement.

Have you seen the factsheet here?

How long since you last paid the contractual amounts on these debts?

Have you received default notices on them?

Don't make your final offer first. Start at say 35%.

am struggling tweaking I & E have appox 300 disposable. full amounts paid 3 months ago and then £10 here and there- lloyds have now gone to collections, not sure about halifax then. was just about to seal envelope down on the offer which was worked out via the national debt line. was considering not putting in budget but have figure down as calculated by natonal debt line, any less seems like taking p a bit

GeorgeUK

The figures given by NDL are probably the maximum you can offer with the funds available.

Many who have done F&F here have found that with a DCA, 25%-50% may be accepted, when the original creditor may accept 50%-75%. You should always leave room for negotiating.

I wouldn't include a budget with the F&F offer. I'd leave that as a seperate issue if and when they request it.

fatbelly

So you're proposing to make your final F&F offer first?

And to give them information that shows you could make substantial repayments to your debts?

Please spend a minute thinking about this

homealone_2

yes, unfortunately the pressure of all the calls etc did push me to act too quickly and without enough thought. i was admitted to hospital tuesday and only got home today and was desperate to get these letters off asap. i know i shouldnt let them get to me and dd try what i was advised in saying to creditors i was not prepared to discuss this on the phone and had sent letters but quite stroppy reply saying they are well within their rights to call me regardless of what was sent in post. so still getting 8am calls thoughout the day and at weekend. what angers me is that i have only missed 2 payments and until now have never even been late with a payment. so yes anyway i have made what looks like quite a big boo boo in sending them letters offering the max and not trying a smaller amount first and also took advice and showed a table showing exact amounts the other 2 creditors were being offered. i now obviously have nothing left to barter with their letter of refusal besides sending the template letter asking them to reconsider. i did point out how this was a short lived offer and that my financial situation was likely to get worse opposed to better over coming months but whether they believe it or not i dont know but it is the truth. i owe £450 to m & s which i am consider just paying off in £50 incrememts to leave me with a credit card of sorts. god,again halifax have rang 6 times today so far, cant see any of them ever getting off my case. unless anyone can suggest different all i guess i can do next is offer them pro rata figures which i did not want to do as they will see then i have £300 disposable and can offer them substantial monthly payments. well all i can do now is sit back and wait for replies. will put post on here when i hear back

GeorgeUK

Just keep telling the you will not discuss financial maaters over the phone and refuse to answer any security questions.

Have you requested a copy of the CCA for any of these debts? If you can claim back charges i would do that too, but if it is for a loan or CC, request the credit agreement as part of the SAR.

Have you sent them letters requesting that they don't contact you by phone?

homealone_2

GeorgeUK wrote: »

Just keep telling the you will not discuss financial maaters over the phone and refuse to answer any security questions.

Have you requested a copy of the CCA for any of these debts? If you can claim back charges i would do that too, but if it is for a loan or CC, request the credit agreement as part of the SAR.

Have you sent them letters requesting that they don't contact you by phone?

what does this sar do and how do i go about asking for it and can i put dont contact me on same letter, is there a template for this? should i wait for the refusal letter of f and f which i am bound to get?

GeorgeUK

I would wait for a refusal letter before sending another letter.

I'd keep it simple so that each letter deals with an individual request. Here are some letters you can send to request they stop phoning you.

http://forums.moneysavingexpert.com/showpost.html?p=11571485&postcount=5
http://forums.moneysavingexpert.com/showpost.html?p=14588705&postcount=10

Under the Data Protection Act you are entitled to see all information that a company holds on you. You do this by making a subject access request (SAR - cost £10). This will allow you to request a note of all transactions for the past 6 years (some places charge £5 per statement but you are only interested in the data, not the layout) and you can also request a copy of the oroginal credit agreement and any other documentation they hold on you.

As you are requesting a copy of the credit agreement under the Data Protection Act rather than s78/79 of the Consumer Credit Act, any copy they give you must be a duplicate copy complete with signatures and not a reconstruction which the can do with a basic CCA request. I'm trying to get my brother to send one right now.

http://www.consumeractiongroup.co.uk/forum/scotland/184976-loan-charges-enforcability.html#post2000059
Worth having a look around that forum.

homealone_2

GeorgeUK wrote: »

I would wait for a refusal letter before sending another letter.

I'd keep it simple so that each letter deals with an individual request. Here are some letters you can send to request they stop phoning you.

http://forums.moneysavingexpert.com/showpost.html?p=11571485&postcount=5
http://forums.moneysavingexpert.com/showpost.html?p=14588705&postcount=10

Under the Data Protection Act you are entitled to see all information that a company holds on you. You do this by making a subject access request (SAR - cost £10). This will allow you to request a note of all transactions for the past 6 years (some places charge £5 per statement but you are only interested in the data, not the layout) and you can also request a copy of the oroginal credit agreement and any other documentation they hold on you.

As you are requesting a copy of the credit agreement under the Data Protection Act rather than s78/79 of the Consumer Credit Act, any copy they give you must be a duplicate copy complete with signatures and not a reconstruction which the can do with a basic CCA request. I'm trying to get my brother to send one right now.

http://www.consumeractiongroup.co.uk/forum/scotland/184976-loan-charges-enforcability.html#post2000059
Worth having a look around that forum.

what will getting a copy of the creditagreement do?