Full and final settlement- I dont know what to do!

FireWyrm

paulo1paulo wrote: »

You'rer a diamond, thank you sooo much for your time... I'll get my head down and amend my !!!!!! accordingly... I will let you know their response on reciept... Thanks again Firewyrm!!!
paulo1paulo

No problem. Just remember to check my spelling and to change my placeholders, they will find it less than amusing in the current format :rotfl:

Like I said, they'll whine and complain, but at the end of the day, if what you have said is true and you can prove it, nothing in that letter is less than truthful. How they choose to interpret it is their business. I would love to know the outcome though.....

P.S : standard caveats apply. I'm not an expert and I'm not advising you to use what I have written and do not guarantee the outcome. It was offered publically as an example of wording only and you pursue this course of action entirely at your own risk. Meanwhile, you're welcome.

moneygunny

Thank you all for your help. I wish I had had my wits about me a bit more when I dealt with Cabot yesterday. I have learnt a very valuable lesson, and will NOT be disclosing anything to any other creditors. I take it, I don't have to tell them where the money has come from exactly? I could just say a third party? Should I have to deal with Cabot again, I will request that they do so in writing and that I am unwilling to enter into verbal negociations. That will go for all creditors. My other creditors are Moorcroft, ARC, Robinson Way, tesco credit card, and Mint credit card. As I said before, I have yet to hear back from any of them (except Cabot). Anyone had any dealings with then in full and final settlements? I have offered my creditors approx 60% of the outstanding debts, which I thought was a good whack, but obviously I now know I should have started lower and negociated up.... this whole situation is far more stressfull than I anticipated, and I only wish I had the funds available to pay up in full and be done with them all.

FireWyrm

moneygunny wrote: »

I take it, I don't have to tell them where the money has come from exactly? I could just say a third party?

Never lie. You can be as evasive as you wish and the better course of action is just to never mention where it came from in the first place. To be honest, it's none of their damned business where the money came from. This is an unsecured debt and they have no claim to it other than from a moral standpoint. If this were secured, it would be a different matter, but unsecured debt isnt all that serious and they have to work hard to get it to court although that is a possibility you should be prepared to deal with.

moneygunny wrote: »

Should I have to deal with Cabot again, I will request that they do so in writing and that I am unwilling to enter into verbal negociations.

Never hand sign your name, use a digital signature, or just plain type it. Some companies who shall remain nameless have been known to do a cut and paste job on official documents. Its deeply naughty but bloody hard to prove if it happens to you, so dont give them the ammunition.

moneygunny wrote: »

Anyone had any dealings with then in full and final settlements? I have offered my creditors approx 60% of the outstanding debts, which I thought was a good whack, but obviously I now know I should have started lower and negociated up.... this whole situation is far more stressfull than I anticipated, and I only wish I had the funds available to pay up in full and be done with them all.

Dont we all. The name of the game is to offer what you have, truthfully and honestly. They cant ask for more than that and if they do, they are immediately on the back foot because the court can only give them what you have anyway - or, time to pay. The trick is to convince them that this is their best and only option for getting even some of the debt. Once you have this done though, never ever do it again.

moneygunny

Thanks once again, FireWyrm. Can I ask one more thing? Cabot yesterday said they would like to carry out conformation of the settlement via email. Is this ok, or should I request hard copies?

FireWyrm

moneygunny wrote: »

Thanks once again, FireWyrm. Can I ask one more thing? Cabot yesterday said they would like to carry out conformation of the settlement via email. Is this ok, or should I request hard copies?

You can do preliminary negotiations for the sake of speed via email, but once you have an agreement, you need it hard copy. Emails can be faked, but solid copies are much harder to cheat on. Plus, you can photocopy it as proof if they welch later

moneygunny

I have heard back from one other creditor (ARC) who have accepted my offer, but the wording used is Short Settlement. I have no idea what that is. Is it the same as Full and Final? Also, despite me asking them to send a hard copy (or at least a read only attachment) they have just sent the confirmation letter in a normal email, with no signature, just the guy's name, position, and phone number. He has however, confirmed that the remainder of the debt will be written off and that the balance will be brought to nil, and that I will not be persued for the remainder. Does this sound all above board? this account has vanished from my credit report, as the 6 year was up at the start of the month.
Any help appreciated!!

FireWyrm

moneygunny wrote: »

I have heard back from one other creditor (ARC) who have accepted my offer, but the wording used is Short Settlement. I have no idea what that is. Is it the same as Full and Final? Also, despite me asking them to send a hard copy (or at least a read only attachment) they have just sent the confirmation letter in a normal email, with no signature, just the guy's name, position, and phone number. He has however, confirmed that the remainder of the debt will be written off and that the balance will be brought to nil, and that I will not be persued for the remainder. Does this sound all above board? this account has vanished from my credit report, as the 6 year was up at the start of the month.
Any help appreciated!!

Hmmm, step carefully. The term Full and Final has legal implications but I've never heard of a Short Settlement...but I'm not an expert. You need to write back thanking this person for their time and effort, but point out that their email is insufficient for the purposes of this type of action. You need a hard copy letter saying exactly what they have said in the email and with the words Full & Final at the top. If this ever comes back to bite you, that letter is your 'get out of jail free card'. Until then, the office bike could have written it and it has about as much authority in law. The legal beagles on here can advise you further, but I suspect the very act of having a hard copy letter with those words and the status of the account as written off is tantamount to a contract between you and them. Anything less isnt a contract and therefore not enforcable. They could turn around and recind it any time they want.

winka

just a bit of honest advice needed and will be greatly appreciated.

as we all know everybody makes mistakes but will give u a quick rundown of mine.

approx 4 year ago i was debt free with a credit of around 25k

well me being me i decided to spend it when i was in trouble in and out of work etc etc.
if i remember the detbs were as follows approx
mbna 6500
mbna 3500
barclaycard 4000
barclaycard 3500
halifax 4000
santander loan 2500 outstanding was 8000
and a few store cards.

since then i have made no payments on any of these cards and ignored all letters & numerous phonecalls.

mbna 6500 have given me a ccj very recently which i have offered £50 per month as im only on £110 per week.

but recenctly a family member has offered to help clear my debt due to inheritance of from a relative.

apart from the CCJ the is around 20K outstanding.

as you could imagine none of the original creditors now own these debts and receiveing letters of numerous companies wanting money.

would i be right in asking the current companies writing to me for a copy of my CCA??

My idea is to pay these debtors off with around 20% or 4K of the 20k but dont want to part if i dont have to.

next question will this make them sweat (asking for CCA) and accept an offer as little as 20% for full & final settlement???

any info will be greatly appreciated because after 4 years im getting sleepless night with the threat of bailiffs and currently being treated for stress off my doctor.

thanks in advance