full final settlements BOS and Cahoot

jigglyjohn

Hi all

I've got debts of £24000, £12000 + £6000 to Blair Oliver and Scott from a Halifax loan and Credit Card, and £6000 to Cahoot, one of their flexible loans.

It looks like I'm about to get about £21000 from an inheritance soon. Does anyone have any experience of making full and finals to these organisations, any advice would be appreciated!

I've been on a CCCS DMP for nearly 2 years, paying £200 a month.

Cheers,

Jiggly

Tixy

Hi Jigglyjohn and welcome

It might be worth looking at this factsheet from national debtline (which also includes a sample letter to use) - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Don't have personal experience of these 2 particular companies. Have you ever requested you CCA for any of these debts? If you haven't some people suggest its worthwhile to do this before making a F&F offer as if they can't provide a legally enforceable CCA then they should accept substantially less for a F&F.

jigglyjohn

Thanks Tixy - Yes I've requested them, and they had them! (Well did for BOS, didn't for Cahoot as they haven't passed debt on yet)

jigglyjohn

^ bumpity-bump!

thefoolonthehill

Hi John

If you go intot he CCCS website there is a page regarding F&F. you input the amount you are to receive and it will work out how much to give each creditor.

In my opinion i would then amend this to a lower figure and write to the DCA. Bear in mind that they will have bought the debt for pennies in the pound. I would start at around 15 - 20%. Also dont tell them exactly how much you are getting

Tixy

Hi John

As your debts are not with DCAs but with the original creditors (Blair Oliver Scott is the inhouse DCA for HBOS, so not real DCAs) they are likely to require a higher percentage of the balance to settle than if the debts were with DCAs

As commented above definatley wouldn't let them know how much you are getting. How long have your halifax accounts been administered by Blair Oliver Scott? Do you have a default for these debts?
Realistically I think you are unlikely to be able to clear all 3 debts with you inheritance but may be able to clear 2 of the 3 debts.

westiedog

My Halifax loan went with Blair, Oliver, Scott about a week ago. A lovely lady there said they would accept interest free on the account and also accept Payplans offer. At the end of the call she said if I ever had some spare cash or if a got a gift of cash (that would be nice) call them immediately and they would accept a reduced amount.

Hope this helps xxx

jigglyjohn

Thanks guys!

No, I won't let them know how much I'm getting..BOS have been administering the two Halifax debts for about 15 months now.
Should I wait until they are passed to DCAs?
Again, thanks for your help..what a great website this is.

jigglyjohn

...and yes, all three have been defaulted

MyLastFiver

BOS have been one of my better creditors. They said that they would accept a 66% settlement any time. I don't know what they do with the rest of the balance, however; write it off or sell it on?