F&F - Realistic?

Miss_Poohs

need the benefit of your collective, thoughts and experience.

Another cropper of my husbands financial annihilation was NR.

I've already sorted out the PPI situation and they have agreed they were naughty - see my siggy.

Anyway, this debt is still currently under my husbands DMP (and covered by DAS), and the payments are still being made.

NR want husband to sign a new agreement to the tune of £18,000 - £22,000 by the time they add interest.

Its a big debt and we'd love to get rid of it - so we're toying with figures that maybe acceptable to NR as a F&F.

I was thinking £8000 - is that a good starting point?

Thanks

Miss P

Hannah_10

It's between 45% and 36% of the debt (depends if you're saying it's £18k or £22k), how stale is this one? How long ago did he start getting into trouble with it and how foul and smelly has it gone since then? Meaning.. How long has it gone without payments, if payments were made between then and now what were they, what are they getting on the DMP and that kinda info. This is one of those rare situations in life where being more in the sh*t is better than being a good boy!

Miss_Poohs

LOL - he didn't have the loan long when he started getting into problems with it - he took it out 2007 and it all went t1ts up 2008.

He missed a fair few payments before the DAS (DMP) was set up (june 2008) and he made payments to NR regularly via Payplan.

I had a go at reclaiming the PPI on the loan and was successful - which is why they now want to set up a new agreement.

DH hasn't signed anything to agree to the new loan - which is why I thought it mite be the right time to make an offer.

If he carries on paying the way he has been it will take approx 10yrs to repay the debt in full.

Not having signed any new loan paper I'm estimating any F+F on the £18000.

So - I'm guessing it's not as smelly as it was, but its still not rose like!!

Hannah_10

Ooh I dunno, that's definately yesterdays fish at the very least. Not quite a cowpat, but certainly enough to make you change the bin bag! :rotfl:

You said he took it in 2007, this could be even more mouldy than it looks, shall we poke it with a stick and find out?...

What MONTH in 2007?

Miss_Poohs

Stick at the ready - I'm thinkin back I'm sayin' April-ish

Hannah_10

Ooooh, the plot thickens (or is that fish goo?). If it's BEFORE April 2007 there is a good chance it is much smellier than it looks, if it is AFTER April 1st 2007 then what you see it what you get.

If it turns out to be before 1st April 2007 (you might need to dig out some paperwork) I suggest you start on the Unenforcibility route coz... if it does turn out to be unenforcible he has no need to repay it. The bank will know that too (and you will be super helpful in reminding them of this at every opportunity of course :A) which means all of a sudden they break out in a sweat and think 10% sounds like a most generous F&F indeed.

If it's AFTER 1st April 2007 there's no chance as that was when the lenders had to tighten up thier act and stop issuing totally illegal credit agreements, so the agreement will be sound, sadly. He's still sounding like a terrible risk to me though so I would open the F&F negotiations lower than you're doing, I'd go for 25-30%, see what they counter offer with.

Miss_Poohs

The loan was taken out 5th April 2007 - but when I challenged the PPI on the loan for DH they backed down straight away, now you've got me wondering is this is because they know they were naughty over the PPI issues or if the whole loan agreement is iffy?!! Hmmmm

I have the agreement in here some where I'm going to go through it today, and get back to ye.

Miss P

Hannah_10

I'm at the limit of what I know about iffy agreements, but I know a man much more learned than me. He's called Never-In-Doubt and he now resides on the forums at https://www.all-about-debt.co.uk, probably would be a good idea to have a word.

Miss_Poohs

Thanks Hannah you're a star - the wonderful NID - why didn't I think of that.

Miss P x