Full and final settlement offers: What are they doing??

Tixy

All consumer credit debts (loans/catalogues/cards - not overdrafts) should have a consumer credit agreement. That agreement has to contain certain prescribed terms to make it legally enforceable in court.

There are quite a lot of agreements taken out before April 2007 that never actually met with the legislation in place at that time.

If someone has one of those 'unenforceable' credit agreements (and they know about it) it means that the debt cannot be enforced in court. The creditor can still default you and mess up your credit record but cannot get a CCJ against you.

Neiffer wrote: »

Cheers, without sounding thick, whats an enforcable credit agreement??!!

An enforceable agreement would be one with the correct terms!

Might be worth a read of the first few pages of this thread - http://forums.moneysavingexpert.com/showthread.html?t=2305463

If your DCAs realise they don't have an enforceable one then they are more likely to accept your F&F.

peeco82

Hi there, I am going through the same thing as you and having great problems with Rockwell, They are saying they will not accept payment for £1 per month also declined a f&f of 55% of balance. Thing is they have cashed the £1 payment and still chase me, my thoughts are if they cash they accept. Anyhow postive note a catalogue company has been forced to reduce the balance from 2000£'s to a all time low £250 due to constantly increasing my credit available but only signing for a credit of £250. Also O2 agreed a f&f of 40% great. Just Rockwell and Experto. Any help with Rockwell on how you did it would be great.:D