Full and Final Settlement Offer

treblex33_2

hi Everyone,

First of all well done to all of you for the help and advise offered, I have already read some of the threads on the subject.

I would appreciate some advice on the following case:

Dept Management Plan started on 2004 thrugh a company called TS Asossiates.
From September 2008 continued to make the payments myself as the TS Asossiates was charging a £30 monthly fee (as well as failed to notice iterested applyed on 2 accounts).
DMP payments made until January 2009 when was made reduntant.
Wrote to all creditors following redundancy to request payment break for a few months.
Currently approching the creditors to make token payments as no longer can afford the DMP payments due to unemployment.

I have now managed to secure some funds through relatives but is not enough so i will try to make F&F offers.

Has anyone had a similar case. I would apreciate to hear from your experience before i proceed. many thanks

Deep_In_Debt

Hi

National debtline letter has a good template letter you can use.

Make sure you get the offer in writing before you send any money, that it is in F&F and that your credit file will be marked as satisfied and that neither they, nor any associate or 3rd party will chase you for the remainder of the debt in the future and that you are released fromm any further liability. Also say that you have been given the money for the purpose of clearing your debts and it is for a limited time only and then the offer will be withdrawn.

Start low -30%. You tend to get better deals when debts are sold onto DCA's as they pay peanuts for them - pennies in the £.

Good luck.

rog2

Hi treblex33 - A couple of points to remember, when making Full and Final Settlement Offers:

• Always offer less than you can, actually afford - it is always easier to negociate higher rather than lower
• Keep all negiciations in writing only
• Do not make any payments until the dca/creditor has confirmed, in writing, that your offer will be accepted in 'Full and Final Settlement' of the account. - Accept no other wording.
• Put a 'time limit' on the dca/creditor to accept your offer - tell him that the money is being made available to you, to make this offer, subject to the matter being concluded within xx days (suggest 14 days).
• Tell the dca/creditor (again in writing) that if he refuses to accept your offer, it will be withdrawn and you will seek professional advice as to how best to 'deal with this debt'.
• Use the 'template letter' that you will find on the following National Debtline link: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

treblex33_2

rog2 / Deep in Debt,

guys thank you,
Should I sent the offer to the original creditor or the dca because all the creditors have now passed the debt to dca's?

mcjordi

THE DCA'S if they bought them or the oc if they are jut acting on behalf of them

rog2

treblex33 wrote: »

rog2 / Deep in Debt,

guys thank you,
Should I sent the offer to the original creditor or the dca because all the creditors have now passed the debt to dca's?

Send them to whoever is chasing you.

treblex33_2

thank you All,
will let you know the outcome

kew63

Just wanted to wish you luck and say let us know how you get on.

Hubbie in debt from business and on of the options I've come up with is F&FS by extend my mortgage and if necessary beg borrow steal from the family. Think we could raise just over 50% of total debt.

Of total debt majority is to two suppliers, and hoping they will go for a instant cash flow that little trickly of repayment with a DMP. Business account (incidently in his late fathers name - but hubbie's a sigantory) with Barclays, plus a very irate Scottish Power and probably soon to be Atlantic Electric (waiting for final bill) are my concern with F&FS. Do banks & utilities hold out for blood or can they be tempted.

Got the CCCS lined up next month for the DMP interview, but whilst that's an option it will take long time to pay them all back - estimate 5-8 years depending on how our personal circumstances stay, basically I support him & he uses majority of salary to pay debts.

Thanks for help & fingers crossed Treblex

treblex33_2

treblex33 wrote: »

hi Everyone,

First of all well done to all of you for the help and advise offered, I have already read some of the threads on the subject.

I would appreciate some advice on the following case:

Dept Management Plan started on 2004 thrugh a company called TS Asossiates.
From September 2008 continued to make the payments myself as the TS Asossiates was charging a £30 monthly fee (as well as failed to notice iterested applyed on 2 accounts).
DMP payments made until January 2009 when was made reduntant.
Wrote to all creditors following redundancy to request payment break for a few months.
Currently approching the creditors to make token payments as no longer can afford the DMP payments due to unemployment.

I have now managed to secure some funds through relatives but is not enough so i will try to make F&F offers.

Has anyone had a similar case. I would apreciate to hear from your experience before i proceed. many thanks

Guys - sorry I've returned to level one again, reading through your other threads for a few days now, I'm having second thoughts, not sure what's the best course of action at this point.

I've noticed that some of you have requested CCA's from the creditors. Although is all appears hard work and a complex case is it worth requesting one in case the creditors refuse the f&f offers?
I have already sent several letters to the OC's with my signature on it as I made a 35% F&F offer during Sep 08 (refused by all creditors)
The reason I read about CCA was that this time I can ony offer 30% because that's all the money made available to me. But they may refuse it again as they've already refused a 35% last yeas so I want to have a back up plan this time.

Secondly the reason I started DMP in 2004 was redundancy, but being a "fool" and not knowing much about credit I DID NOT check the insurance covers (as far as remember there was insurance cover on both loans and credit cards). Does this change anything?

rog2 - well done for answering all those questions on previous threads, I would appreciate your experience / advice on this,

thanks in advance

rog2

treblex33 wrote: »

Guys - sorry I've returned to level one again, reading through your other threads for a few days now, I'm having second thoughts, not sure what's the best course of action at this point.

I've noticed that some of you have requested CCA's from the creditors. Although is all appears hard work and a complex case is it worth requesting one in case the creditors refuse the f&f offers?
It is ALWAYS worth requesting your cca. Only compliant consumer credit agreements can, legally, be enforced. It is, also, an extremely valid way to check that the person who is pursuing you for money is legally entitled to do so, and failure to provide you with a true copy of the original cca, within the legally prescribed timespan, would render that person's actions invalid.
I have already sent several letters to the OC's with my signature on it as I made a 35% F&F offer during Sep 08 (refused by all creditors)
The reason I read about CCA was that this time I can ony offer 30% because that's all the money made available to me. But they may refuse it again as they've already refused a 35% last yeas so I want to have a back up plan this time.
You should continue with your F&F offers - please remember that the current economic climate has changed significantly over the last twelve months and Creditors/DCAs are more likely to be receptive to F&F offers now than they would have been a year ago.

Have you read the National Debtline factsheet on Full and Final Settlement Offers? http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers


Secondly the reason I started DMP in 2004 was redundancy, but being a "fool" and not knowing much about credit I DID NOT check the insurance covers (as far as remember there was insurance cover on both loans and credit cards). Does this change anything?
It shouldn't change anything, treblex. It is DEFINITELY worth checking, and, if you find that you were, indeed, covered by insurance you should seek advice about a retrospective claim, not only for the payments, but for compensation as this was not proposed at the time.

It also looks as though you have been very badly represented by 'TS Associates' and I would thoroughly recommend a chat with one of the Debt Counselling Charities who will NOT make any charge for their services.

hoopie_2

can i jump in and ask for advice on the same matter.

in feb 2007 i offered nationwide £11,000 to clear my £22,000 loan with them, which they confirmed in writing that once they received this payment the outstanding debt will be cancelled and the account closed.

this month i have received a letter off them showing that i am in arrears with them for the balance of the loan of just under £11,000, which means they have never closed the account and i have been incurring late fees, as i stopped paying them, for as far as i was concerned the account was closed.

i asked them at the time to confirm in writing that the account was closed, but they just told my dad verbally that it was (as it was him who paid them the money on our behalf).

as i have kept the original letter of theirs promising to settle the debt if we pay, and it is clear that we have paid them what they wanted, is this legally binding, or could they just turn round and say that as far as they are concerned, we have just cleared £11, 000 off the original balance and still owe them money.

i ws worried at the time that it could be dodgy and have another company who want to make an offer, but i don't know what to do about it.

i appreciate any advice.