Drydens Fairfax settlement help

dottyanne

Hi, I have an old egg loan debt with drydens fairfax and have been paying them religiously for months now, every 6 months or so they review and as nothing has changed payments remained the same, I have also been making offers of full and final on the best which is around 11K, the most recent of which was a 3K offer. They have responded with an income and expenditure form - this is a first ? I haven't been asked for one before on any other full and final settlement offers and as the lump sum will come for a relative I'm reluctant to fill in - any advice please ?? Thanks

National_Debtline

dottyanne wrote: »

Hi, I have an old egg loan debt with drydens fairfax and have been paying them religiously for months now, every 6 months or so they review and as nothing has changed payments remained the same, I have also been making offers of full and final on the best which is around 11K, the most recent of which was a 3K offer. They have responded with an income and expenditure form - this is a first ? I haven't been asked for one before on any other full and final settlement offers and as the lump sum will come for a relative I'm reluctant to fill in - any advice please ?? Thanks

Hi dottyanne

It's quite normal for a creditor to ask for an updated list of your income and expenditure when contemplating a lump sum offer. They are trying to weigh up whether they have more to gain than to lose by accepting this one-off payment, and this information will help them make that decision.

As the lump sum is coming from a third party, it doesn't have any bearing on your personal budget, which only reflects your personal resources. This is information you have been providing every six months anyway. How much have you been paying monthly under the existing arrangement?

Does the creditor understand that it is a third party offering the settlement? It is worth making this clear as it should increase their sense of urgency in deciding whether to accept it.

Dennis
@natdebtline

dottyanne

I haven't provided an income and expenses form every 6 months, just a letter advising that the situation remains unchanged and that payments will remain the same amount monthly paid is £125.

The debt is around 11K and the full and final offer was 3K, thus is from a third party.

Shall I write to say that our circumstances are the same as before and that the 3K uh from a third party as previously advised ?

Thanks

harveybobbles

Have you CCA'd them?

Does this debt appear on your credit file?

Just wondering if you are being used as a cash cow here?

Have they bought the debt or just collecting it? I'm assuming bought, if so, they probbaly paid a penny in the pound for it.

dottyanne

Hi, thus is our debt and we've been paying to one organisation or another for a very long time, the debt was originally to egg, they used various agencies to collect on their behalf and subsequently sod the remainder of the debt if arrow global, drydens fairfax collect on their behalf. We do want to pay the debt off and of the original nearly 29k we owe just over 11K, what I want to know is do we HAVE to provide an income end expense form if the money for the full and final is coming from a third party ? Just some advice on how to proceed would be greatly appreciated ? Thanks in advance

National_Debtline

dottyanne wrote: »

I haven't provided an income and expenses form every 6 months, just a letter advising that the situation remains unchanged and that payments will remain the same amount monthly paid is £125.

The debt is around 11K and the full and final offer was 3K, thus is from a third party.

Shall I write to say that our circumstances are the same as before and that the 3K uh from a third party as previously advised ?

Thanks

I see, thanks for clarifying - mistaken assumption on my part. Did you provide them with one at the outset?

Presumably, if you were to list your income and expenditure out it would more or less show that you were left with £125 per month to offer this creditor?

You can of course just write back advising that your circumstances are unchanged and referencing the third party. The worst they can do is refuse.

If they insist on the form as a condition for accepting a lump sum offer, then you need to decide whether you are happy to comply. It is their prerogative if they want to hold out for this - bear in mind that an I & E statement is not sensitive information in the sense that a payslip or bank statement might be.

Dennis
@natdebtline

dottyanne

Thank you, will do this in the first instance and see what response we get, thanks again for your advice.

harveybobbles

I still think the OP is being used as a cash cow here?

when did this loan get taken out? Whan did it get passed to the first DCA?