Full and Final Settlement Offer

Eupho

rog2 wrote: »

Have replied to your pm - suggest slightly different letter than the one you have posted above - Go for it.

Thanks Rog!.. I've just glimpsed at it.. but am on the phone to SKY about getting my stinking £17 per month BB reduced.. (or moved) :rolleyes:

Thankyooo I'll look properly in a mo.. :wave:

conker89

Hi all,

I have been reading the above but after a while you get a little blind to all of the words. I guess fortunately my situation is not as bad as some have discussed on here, I managed to get into a mess at uni and not be able to afford most of the money I borrowed. I learnt the hardway and 3 or 4 years ago I took stock of my sorry state and decided to try and make amends.

At 28 i still have a good few thousand outstanding and whislt it is obviously not great to want to not pay back what I borrowed, at my current rate (via a debt management agency) I will continue to pay out £215 a month to 15 odd creditors for atleast three years.

I have now requested a statement from Gregory Pennington of the outstanding amounts, the company now in possession of the debt and my current monthly arrangements with those companies.

My plan (and this is what I wanted to run by you all) is to keep the minimum payments in place for now and write to the companies with the lower balances and offer a settlement as advised in this thread. If they accept I can look to make the pre-arranged monthly payments to the larger debts myself so that I dont default in the meantime. Then I guess once I have cleared a few of the smaller (£200-£300) debts I maybe be able to go in with a proposal for the bigger debts and save myself paying out all this money each month.

Does this make sense? Sound any good?

Finally, assuming I ask them to mark my credit record accordingly - will I still have to wait the total 6 years before it would not hinder me in credit searches etc?

All help and comments gratefully received

Tixy

Firstly Gregory Pennington charge you a monthly fee for doing your DMP. I would recommend you move to one of the free & charitable organisations who will do the same thing for free - this will mean all the money you pay goes off your debts and will on its own reduce your payment term.

Aside from that if you have the funds available then yes start to offer reduced full & final settlements to try to clear the debts. Start offering a lower percentage as you can always work upwards if need be. If you have been on a DMP for a while they should be more likely to accept a !!!!!!.

If you go down this route make sure you get them to agree to put settled or at least partially settled on your credit report before you pay (get this in writing). These will still appear for another 6years but obviously look better than default or 'arrangement to pay' or whatever your report shows currently.

Over time they will have less impact/importance on your credit worthiness when a new lender looks at your report.

As you say you need to keep up the agreed payments on all debts

zzzatang

rog2 wrote: »

....

Remember to send a £1 Postal Order (not cheque) with the request and to Print (not sign) your name on the letter.

Hi

I would like to know why the request letter should have the requester's name printed on it and not signed?? What if the requester prints his/her name and signs it as well?

Tixy

Hi zzzatang.

The reason it is recommended that no signature is given is because there is some evidence of the more unscrupulous lenders/DCAs using your signature to forge it on a consumer credit agreement. If you don't give them a signature then they can't do that (same goes for not sending a cheque)

rog2

zzzatang wrote: »

Hi

I would like to know why the request letter should have the requester's name printed on it and not signed?? What if the requester prints his/her name and signs it as well?

In addition to the excellent explanation, by Tixy, I would like to add that there is no legal requirement for a signature on a 'cca request'.

conker89

Tixy wrote: »

Firstly Gregory Pennington charge you a monthly fee for doing your DMP. I would recommend you move to one of the free & charitable organisations who will do the same thing for free - this will mean all the money you pay goes off your debts and will on its own reduce your payment term.

Aside from that if you have the funds available then yes start to offer reduced full & final settlements to try to clear the debts. Start offering a lower percentage as you can always work upwards if need be. If you have been on a DMP for a while they should be more likely to accept a !!!!!!.

If you go down this route make sure you get them to agree to put settled or at least partially settled on your credit report before you pay (get this in writing). These will still appear for another 6years but obviously look better than default or 'arrangement to pay' or whatever your report shows currently.

Over time they will have less impact/importance on your credit worthiness when a new lender looks at your report.

As you say you need to keep up the agreed payments on all debts

Is there a minimum level of debt required to join one of the free programmes? I got the impression that they expected me to have more debt in order for them to help

Tixy

I think all you need to have is at least 3 creditors and at least £100 to split between the creditors each month.

I don't know of a minimum but you said before you still had a few thousand outstanding - so providing the other 2 points are met they'll be able to help.

Have you tried using the online debt remedy tool?

Eupho

rog2 wrote: »

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=getting_a_copy_of_your_credit_agreement_and_account_details

Remember to send a £1 Postal Order (not cheque) with the request and to Print (not sign) your name on the letter.

Thats the dimwit mistake I made on ALL mine.. :rolleyes::rolleyes::rolleyes:

Funny too.. because my signature has altered a little over the years.. I noticed this morning when I got my two CCAs back from Cahoot.. that they weren't both the same.. (one on Loan CCA and one on Bank Account CCA agreements) Similar sigs.. But I did wonder about it this morning.. before I even remembeedr not to have sent cheques.. :rolleyes:
hmmm.. I suppose I will never know for sure. Stupid ME! :wall:

treblex33_2

rog2 wrote: »

It is 12 working days from receipt of the cca request, treblex - so allow 12+2 days.

hi rog, hope you're doing well,
Can I run this past you; I had a reply from one creditor following my request for a CCA. They sent me an unsigned copy of their terms and conditions in year 2000 (that's the year when I opened the account). The letter also shows the defaulted & the current outstanding balance. Additionally they say they will send me a copy of their current t&c's as well.
I requested "statements of the account with a breakdown of interest and charges" and a copy of my "credit agreement" but what they've send does not have any details of me at all.
The T&C's is formed of an A4 sheet, blank on one side and a bad quality copy of t&c on the other side. There is another completely blanck A4 sheet with it that only reads "Terms and conditions in year 2000". does this form a cca?