Settlement offer from DCA

happy_bunny_2

sh4un wrote: »

Thank you all so much for the time and information,advice you have given me.

The credit card was opened 2005 , i defaulted on payments in 2011 and set up the £110 a month in 2011. There is no CCJ on this debt.
The debt was sold to the DCA in December 2013.

My tasks are to

1. Only converse via letter.
2. Ask for the original credit agreement. What am I looking for when/if I receive it?
3. if the agreement is ok. I will go back with an offer off £3000 stating that the money is from my parents.
4. Haggle hard to pay the least amount
5. Ensure that the letter states "Full and Final payment
6. and will be on my credit file as "FULLY SATISFIED"

Am i missing anything.
Thanks again for you help

Post back if they send you something they claim is your agreement.

sh4un

My request for CCA will be posted in the morning,along with the £1 postal order.

Now to sit back and wait.......

Lensman_2

sh4un wrote: »

Thank you all so much for the time and information,advice you have given me.

The credit card was opened 2005 , i defaulted on payments in 2011 and set up the £110 a month in 2011. There is no CCJ on this debt.
The debt was sold to the DCA in December 2013.

My tasks are to

1. Only converse via letter.
2. Ask for the original credit agreement. What am I looking for when/if I receive it?
3. if the agreement is ok. I will go back with an offer off £3000 stating that the money is from my parents.
4. Haggle hard to pay the least amount
5. Ensure that the letter states "Full and Final payment
6. and will be on my credit file as "FULLY SATISFIED"

Am i missing anything.
Thanks again for you help

Unlikely you will get number 6. They legally have to report the status of the account accurately. If you settle for anything less than 100%, they should (and will) mark it partially satisfied.

Don't get hung up on this to get an otherwise good outcome.

In fact I am wondering if even asking for this these days is a bit amateurish.

harveybobbles

Send the CCa signed for, so you can then count the 12+2 days, before sending the non complience letter..

Lensman_2

harveybobbles wrote: »

CCA them instantly! 99% chance they wont have the paperwork and you have been giving them £110 each month for nothing.

NOW they are being greedy and chancing their arm to get £9000 out of you.

I'd stop paying NOW and CCA them. Sit back and wait to see if they bother replying (they will probably say they are passing the account back to the OC or they will pass it to another DCA)

Be prepared for a compliant agreement to come back - i.e have a Plan B.

It isn't 99% that they will fail, but it is a fair bet. But importantly they may not fail...

I also wouldn't stop paying until they come back and you can size the reply up. Stopping payment (especially if they come back with a compliant agreement) risks a County Court Claim and an unsympathetic judge when you get there.

harveybobbles

Lets wait 12+2 days

happy_bunny_2

In my experience, requests can and often are ignored while payments are made.

If you prefer to pay, after 14 days you need to take the written complaint route.

longtermplanner

sh4un wrote: »

1. and will be on my credit file as "FULLY SATISFIED"

I suggest you cross this off. There is simply no point in complicating your negotiations by asking for this because it is very unlikely to happen and will make little difference to you even if it does.

The default will be on your file for 6 years and then will drop off, regardless of whether your F&F results in a completely or partially satisfied flag. Until the default is gone, your credit rating will not be good. After it has gone , it's gone, taking the F&F settlement with it.

sh4un

Quick update.
I have not recieved my CCA yet, but they did say that it usually takes 28 days. (i wonder if thats working days)
i have stopped any payments and will just wait and see.
I have found out that the card was applied for in 2003.

regards
Shaun

Lensman_2

Unless you have a letter saying your account is on hold I would write in and dispute the account once the 12+2 days are up.

An account in dispute will stop all collection activity.

Simply stopping payment requires them to join the dots up between that and your CCA request. Most DCA's can't even do dot-to-dot.