Would you accept?

ricky_balboa

Hi,

I have a situation i would like peoples opinion on what they would do.

I am on a DMP with CCCS, one of my cerditors has passed their debt onto a DCA.They have sent a letter saying they will be asking for a charging order through a CCJ, to clear the debt.
I understand that the court would want to see me making a fair and regular payment to the creditor, which i am obviously doing through the DMP.
But the threat of litigation is a worry.
They have offered me a full and final settlement option.
The debt is for £3380 on a credit card, they originally said i could pay £2000 to clear it, but i said i couldnt afford it.They then said i could have 2 weeks to come up with an amount i could afford.
After speaking to my parents, they are willing to help, as they dont want to see me goto court.I called back offering £1000, which was turned down.They said they wouldnt go less than £1700 (half the debt), again i said i couldnt afford it.They then offered an option of £1000 now and the rest within a couple of months.The conversation was ended with them saying they would commence litigation to clear the debt.

My parents are willing to help with this amount to clear the debt.
If i did accept this option, i would make sure that this was in writing including stating that it was full and final with satisfied on my credit file.

Im interested to know if people think that this is as good an offer as i will be likely to get, and would they settle at this?
If not, what would they be doing?

many thanks for all your help in advance

Ricky

Tixy

Have you ever looked at requesting the CCA for the card and have you looked at the enforcability of the CCA?

How much of the balance is interest & charges?

The court threats may just be threats. Even if it goes to court a creditor usually just gets a CCJ and only if you then miss CCJ payments would they then go for a charging order (but I think there are some circumstances where they can try and get a charging order straight away).
Do you have a lot of equity in your house? are they aware of this?

50% on a defaulted debt that is with a DCA is not bad, but people do sometimes get better deals. However now they are aware you parents will give you money to clear the debt it may be hard to get a better deal out of them.

ricky_balboa

thanks for the reply Tixy,

I havent looked at the CCA option, as i have limited knowledge of the whole procedure, but have just read the thread with the letter templates on unenforceability.

The debt is originally with Nationwide, has anyone had success with large companies and CCA's?

I only have records for the last 18 months on interest and charges, which come to roughly £1000. The card was still being used a year ago, so there must be over £1700 on interest over the whole lifetime of the card (15 years i guess), but not recently.

They do not know about equity in my house, but there isnt much anyway.

They know that someone is willing to help with the settlement, but only that we have £1000 not anymore available.

If i dont want to go down the route of a possible CCJ, have i got the best offer im likely to get in peoples opinion, or do people think there is more negotiation left?

thanks

bigegg7583

Ask yourself this - if you were owed 3K by someone, and you could prove that it was owed, would you offer to take 1.5K as "full settlement"?
No. Course you wouldn't.
The only reason that natwest are offering such a deal is because they know they can't prove the debt.


I would send a CCA request ASAP - after 15 years, the chances of them having a valid CCA are next to zero.
This will put you in a position to offer perhaps 5 or 10% as a full + final - or even just tell them to take a running jump.
lack of a CCA is a FULL defence against any court action - natwest know it, they are hoping you don't.

GeorgeUK

I would send Nationwide a subject access request (SAR-cost £10)

This will give you the last 6 years worth of transaction data as well as all the documentation for the account. You will be able to work out how much you can reclaim in charges (and will counterclaim this in court if they go ahead with the CCJ) and you will also get to see the original signed CCA which a CCA request under s.77/78 would not get you.

Once you see if all the required terms are there, you will be in a better position to determine whether the debt is enforcable or not.

ricky_balboa

I am going to request to see the CCA for this account.Should i ask for it from Nationwide or KPR (who are the DCA that now send all the letters for this debt)?

I spoke to CCCS who sent me a template letter which asks under the CCA act 1974 sections 77/78/79 for them to return to me:-
1. copy of the original signed agreement
2.a copy of the terms and conditions that apply to this agreement
3. notice of assignment (if applicable)
4.full itemisation of charges & costs applied to the account
5. confirmation of the current balance.

they then mention the mandatory fee of £1.00 is enclosed.

I am a little lost now, i thought that if i ask for just the CCA its £1.00, but i wont get a signed copy neccessarily.
But if i ask for the above its an SAR request which will cost £10.00.

which one should i ask for, and how much does it cost, (and who to send to)?

many thanks

Ricky

Oneday77

In both cases they go to the DCA as they are now the holders of the debt. In the case of N-I-D templates they state if you don't hold the CA pass it to who does.
£1.00 is CCA AND £10 is a SAR. Points 1 & 2 look like CCA and the whole package a SAR.
Either will delay any action as they can't proceed while a dispute is in place. Make sure you never sign them and sen it recorded delivery.

GeorgeUK

If you do a CCA request, they are not required to provide a copy of the original signed agreement and can just give you a reproduction without any signatures.

If you sent the SAR to the original creditor then they would be required under the Data Protection Act to provide you with a copy of any documentation you requested if it has your personal data on it.

hullight

I think being able to pay a full and final settlement over a period of a couple of months is a pretty good deal. Better than trying to get out of a debt on a technicality having already taken the money!

ricky_balboa

Thanks for the reply,

I dont need the full itemisation of charges for now, so i send a request for just the CCA.What is the N-I-D template you speak of (the one on here for asking for a CCA?).
Also glad you mentioned not to sign the letter, but why is that?


Ricky

Oneday77

Sorry N-I-D i sthe original poster of the templates on the unenforceability templates II thread.
The CCA template is the first one in the thread.