would you accept this full and final

sourcrates

If it dates from 2004, chances are it will have an unenforceable credit agreement, that's if they can still find it after all this time, even now after all the court cases, lots of DCA`s are still sent packing if a copy of the original agreement is not available or cannot be found, they still have to produce something to a court, if it doesn't exist, they cant fabricate it, chances are the creditor knows this hence the reduced settlement figure, you nearly always get offered big discounts on debts that are either nearly/or statute barred, or there is a question mark over paperwork, if it was me and I was struggling money wise, I would CCA them and see what comes back, my gut feeling is they wont have the agreement.

dinky201

if its old it unenforcable. if you aint paid or acknowledged it over 6+years.

sounds MH bought the alledge debt for about 10p to the pound, if you pay that £1400 they still profit £1000+ thats how they looking at it.
word of warning if you do except to pay you are ackowleging it and could sell the rest of the 70% for anouther DCA.

have they ever proved the debt exists? if its enforcable and they are legal owners by showing you legal documention?

I trust debtcollectors as much as a house on fire with leaking gas.

all upto you what you do with what your happy with.

StuC75

In the first post the OP states that its only the last 6 months that they haven't paid, with prior to that payments on a DMP..

There letter also confirm that it states a Full and final Settlement which would show as Partially satisfied with a Zero balance and no further action.. That is all that they need, and most the discussion here is over the Semantics of Partial & Full and Final -- Make the payment, keep the letter offering and the subsequent settlement letter they send to confirm it is closed.. and keep it safe for a number of years.. I did this in a previous 'financial life'.. and all went ok.. though I still have the letters in an old file...

dinky201 wrote: »

if its old it unenforcable. if you aint paid or acknowledged it over 6+years.

sounds MH bought the alledge debt for about 10p to the pound, if you pay that £1400 they still profit £1000+ thats how they looking at it.

have they ever proved the debt exists? if its enforcable and they are legal owners by showing you legal documention?

rizla_king

Point of sending the CCA would be that you might be able to drive them down to a much lower figure if the agreement isn't enforceable.

This is Mackenzie Hall here. Most of the accounts that go to them have something wrong with them. They will have paid #### all for the debt in the first place, so you may as well get as low a deal as you can. If unenforceable they might even just get lost altogether.

dinky201

they might of promise no further action by them, but did they promise further action cant be taken out by another DCA?

cant trust the wording.

If there is no CCA its unenforcable because you want legal documentation.
If you do get an agreement see if it has any breaches to see if it enforcable.
Only exercise your legal rights, all upto you if you wanna pay or CCA them.

jules1973

Thank you so much for all the useful replies. I have asked for a written statement to be sent by post and longer to pay. If they do not reply I am sure there will be further opportunities down the road when we get more financially sorted. I am wondering if the offer is to do with the fact we have just clawed our way out of 5 months of mortgage arrears.

ValHaller

Madhatter2 wrote: »

I thought if you was in DMP you could not pay 1 creditor over another? I was told its illigal to favour one over another.

Once entered all money towards your debts had to be split equally with all creditors.

I may be wrong and am genuinely interested to know

For a DMP, there is as I understand it, no legal framework. It is basically voluntary agreements. So there is no question of it being illegal to favour one creditor over another. The situation is different for bankruptcy where it is illegal to favour one over another.

However, as it is voluntary agreements all round on a DMP, favouring one over another is just not cricket and you might find that creditors will make favouring any other creditor rather painful by restarting interest.

But in the present case, a reduced settlement funded by a gift will leave more for the remaining creditors, so they are not disadvantaged.