Full and Final Offers.....

nolongerindenial

Hi All Again - I am posting this here as I have received excellent help in the past and am hoping to get a massive chunk of my debts paid off rather quickly with a letter which arrived this morning - but it appears I need to act rather quickly and unfortunately I am having problems getting through to CCCS to ask for help/advice....

Firstly onto the rather confusing matter of who should I be dealing with....... There are two debt collectors chasing this....

AIC - received the first letter from them yesterday, dated 28th April 2010 stating the following:

Allied_International_Credit_-_28th_April_2010_-_Received_17th_May_2010 wrote:

Urgent - Final Notice of intent

Allied International Credit (UK) Limited (AIC) are acting on behalf of our Client to recover the above outstanding balance. Due to your continued failure to contact AIC, despite numerous letters, or the failure to arrive at a satisfactory repayment solution, unless payment of the total amount is made to our office immediately our Client have authorised us to consider issueing proceedings against you.

Then today, again addressed to my wife we have had a letter from Eversheds who we have been sending replies to every letter they have sent us, including cheques for token payments which have not been cashed - The following arrived dated 17th May 2010:

Eversheds_-_17th_May_2010_-_Recieved_18th_May_2010 wrote:

Without Prejudice

Our Client: National Westminster Bank
Account Number: xxxxxxxx / xxxxxxxx / xxxxxxxx / xxxxxxxx
Outstanding Balance: £16,490,89

In a final effort to resolve this matter amicably, National Westminster Bank has confirmed that they would be willing to accept a reduced sum in full and final settlement of the above account, or an instalment arrangement.

To discuss this matter further, please contact us immediately on 029 2047 7674 or <email address>

If you fail to contact us within 7 Days we will have no alternative but to issue court proceedings to obtain a County Court Judgment against you. This will incur further costs which may be added to the money you currently owe.

We will then look to enforce the judgement obtained against you by obtaining a charge over any property you may own and/or applying for an attacment of earnings order to enable your employer to make any payments to us directly.

However if you contact us immediately with a repayment proposal we may be able to grant you an extension of the 7 day period before legal action is commenced.

We look forward to hearing from you.

Yours Faithfully

Eversheds LLP

Now I may be able to get together about 20-30% of what we owe, however this would be a massive undertaking to do this promptly and can not be guaranteed. My SOA shows we have about a total of £29.20 we can use to pay towards these debts based upon a pro-rata offer to all of my creditors. We have defaulted on the credit agreement.

Are they likely to accept that pro-rata offer? as for me to get the money together I am going to have to work my backside off and live on hope and a prayer and basically sell anything that is not bolted down to the highest bidder.

And what If I am unable to get the money together? Does this go against me in the eyes of the court?

Once again - Thank you everyone.

DarkConvict

Debt collectors have accepted as low as 20% before, but starting figures usually suggest to go in at 30%. But the offer they accept is based on so many factors you cannot predict it, company policy long and short term, debt size, chance of repaying it, chance of defaulting on future payments, how much they brought it for, profit margin required, age of debt etc...

A CCJ has a fee of £75, with a maximum of 8% overall interest added.
Unsure about CO fees.

Nevertheless my concern with the letter is they say they will do it, not they may do it. My advice is ring CCCS and National debtline for professional advice.

nolongerindenial

Thanks DarkConvict - you have helped me a lot (Again)

That is my concern - I need to see what I can do to sort this out...