Help with F&F offer

embrace1204

Hi

Can someone please advise me the best course of action following my letters to 2 x creditors re. F&F offers.

One debt with CL Finance I offered £3775, and the Co-op one I offered £3556. I'm being made redundant and that's my redundancy pay basically. Co-op are still considering. CL Finance have said no and that they want £6600 which is only £800 less than the total debt. Is there anything I can do? It's been on a DMP with CCCS for the last 6 years and I just want it gone.

Thanks

lvm

This won't help now but 50% settlement was quite high as a first offer. Starting at 25% may have got you a lower counter offer.

Anyways...best thing to do - I'd write to them again, re-stating your position and inform them that if they don't accept you will use the money for other debts/priorities.

How much are you paying on your DMP?

embrace1204

I'm paying them £200 a month, and the co-op £148 a month, obviously this won't be continuing once I've no job.

lvm

Do they know you are being made redundant?

I'd write to them again, telling them you are being made redundant on whatever date...tell them you are unlikely to find another job quickly (tell them you have no skills or your job is specialised or something).

Also tell them your last payment to them will be xxx date and you will pay token payments of £5?? a month indefinitely until future employment is secured.

Also state if they don't accept your offer then the money will be used on more important priority bills such as rent/mortgage/council tax etc.

Send them a new income and expense statement (with JSA or benefits you'll get...showing monthly deficit) and mention the word bankruptcy for good measure too - can't hurt.

Good luck!

embrace1204

lvm wrote: »

Do they know you are being made redundant?

I'd write to them again, telling them you are being made redundant on whatever date...tell them you are unlikely to find another job quickly (tell them you have no skills or your job is specialised or something).

Also tell them your last payment to them will be xxx date and you will pay token payments of £5?? a month indefinitely until future employment is secured.

Also state if they don't accept your offer then the money will be used on more important priority bills such as rent/mortgage/council tax etc.

Send them a new income and expense statement (with JSA or benefits you'll get...showing monthly deficit) and mention the word bankruptcy for good measure too - can't hurt.

Good luck!

I've sent another letter stating that the money won't be around forever (which it won't) and that as soon as I find work I'll be going into an IVA, and if I don't find work I'll be going bankrupt due to a house repossession.

I'll see what they say, but they appear to be notorious for turning down F&F's :-(

lvm

If they reply back with the same rejection then you could try sending a CCA request, as follows:

To:

Dear Sir/Madam

Account/Ref No:

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully



Your name.

embrace1204

lvm wrote: »

If they reply back with the same rejection then you could try sending a CCA request, as follows:

Ok, if they send it, what do I then do with it?

DevonGirl

embrace1204 wrote: »

Ok, if they send it, what do I then do with it?

Hello, I'm also interested in finding out about what a CCA means, please! Does it mean that you could potentially have a whole debt written off if the wording in the agreement is wrong, or is that just a blissful fantasy? I'm sure this has been covered before in previous posts, but it would be great if you could give an 'idiot's guide'.
Many thanks!

embrace1204

Sorry, another question.....do I request it from CL Finance or HSBC? Thanks

lvm

Request it from CL Finance (do you know if they have actually purchased the debt or are the just pursuing it on behalf of HSBC?)

Anyway...sounds like the debt is very old if you've been on a DMP for 6 years so there's a good chance they won't be able to provide you with the CCA (Consumer Credit Agreement) - this doesn't mean you don't have to pay but that CL Finance cannot enforce the debt through the CCA (although because you've been paying the debt regularly this constitutes a simple contract and if they wanted to take a chance they could try their luck at court).

Best case scenario 1 - they reply saying No CCA and sell your debt to someone else. The more the debt is sold on, the less is paid for it meaning you should be in a position to settle for less.

Best case scenario 2 - they reply saying No CCA but keep the debt. You can reply saying as there is no CCA, the debt is unenforcable under the agreement and (because of the time it's taken them to reply, you've used all your money on other priorities) and can now settle the debt for £1000 otherwise you will be paying them £1 a month until your circumstances change.

Obviously they could be super organised and send you the CCA - chances are they won't but if they do you'll just need to go down original route of telling them your situation but stick to your first offer.

embrace1204

I don't know. It appears that they collect on behalf of Metropolitan. I'll give them a week to reply to my 2nd letter and then request the CCA.