f+f settlement,no cca's - wording of letter

johannab

Hello,
I wonder if anyone can help me with this.
I wish to make f+f settlement offers to my creditors . I intend to offer 10% of balance.

None of my 5 creditors have enforceable cca's (imo).

I have been directed to the template letter on the national debt website but am wondering if the wording is correct for me as I do not want to acknowledge the debt and end up admitting I owe the whole lot :eek:.

I wish to make it clear that its a token one off final payment to lay the matter to rest.

Is this plausible or should I just continue to fight off each dca/oc as they come at me?

Thanks ,Jo

DarkConvict

Full and Final settlement will always be an acknowledgement of the debt as you are willingly making a payment to the debt.
The letter would set the statute barred clock back to been 6 years from date of the letter?

Why do you think the CCAs are not enforceable in your opinion, have you recieved the true copy from each creditor already and had them checked?

johannab

Oh ! in that case I shan't bother. I was under the impression from other members that they have followed this route.
I have posted on here and cag for opinions in the past and the ones that have produced an agreement are missing various terms etc. I have not paid a penny since July and only a couple of creditors are still writing to me following my account in dispute letters.

DarkConvict

If it is unenforceable, then admitting to the debt only affects the limitations act, which is the 6 year rule for debts to go statute barred.

If the CCA is invalid, it is still not enforceable in court even if you admit to the debt as far as i am aware. You are right in thinking if a CCA is invalid you can offer a lower settlement as payment is kind of volentary since there can be no court action, lower offers are more likely to be accepted.

johannab

Hi,thanks DarkConvict.I certainly hope that is the case .I will go ahead and do my letters then.The statute barred thing is not an issue as I have over 6 years to run until that would be a path I could use.

As for the debt helpline template letter,part of the wording is something like ..." I cannot afford to pay the full amount I owe" .I still wonder if the standard letter is ok for me .I wouldn't want it to backfire on me even with uneforceable debts. Is there another letter around that I can use to offer f+f's where the cca's are unenforceable? or anything in particular I should state?

DarkConvict

What you want from a F&F is;
Your offer
The offer is main as a full and final settlement
Credit report will be updated to show balence as £0/nil
Credit report will be updated to show account and related information as satisified in full.
Neither the original creditor or third party will pursue for the remainder as the debt is considered settled in full.

You can tag in your parts, that you are aware the CCA is invalid and unenforceable in court, as such payments made are voluntary, you do not wish to walk away from your responsibilities but are however not able to make payment in full, you are offering a full and final settlement of £xxxx.

Add in a deadline (14 days from date on letter)

never-in-doubt

Here is an example, with an added default - if you don't have a default then omit that part - the main points are bulleted at the bottom: #10

Don't give a deadline as you have no legal right to ask for one and they will realise this and ignore it - kinda suggests you're being bossy when you're indeed asking for a favour, at this stage.

never-in-doubt

johannab wrote: »

None of my 5 creditors have enforceable cca's (imo).

If they are unenforceable or you want to pursue that route then read here: Unenforceability & Template Letters II

However you will end up with a default, not then end of the world if you want to be debt free so to speak...

johannab

Hello N-i-d and Darkconvict...all noted,thank you. I think I am ready to move on this now and will get it sorted today

I have delaults on 3 of them already so I will adjust accordingly.That letter is fab ,thanks for pointing me to it .N-I-D , I have actually used your templates before and know you work hard on here:T

Is it ok to start lower than 50% ,maybe 20% or is that taking the P?

never-in-doubt

Offer 20% to DCA's but forget that with a lender, but worth a go ..... good luck.

DarkConvict

MBNA did once accept 20% offer a few days ago, they are usually a !!!!!!.