full and final settlement amount

happy_bunny_2

Just wait...

kezzygirl

Me again! They have sent the credit agreement,a photocopy of it. Theyve asked me to get in touch to arrange payment within ten days.

I also today received a letter from them saying they had bought our debt from santander In October 2014 and they are legally obliged to let me know this. Surely they are, but six months after taking it on?!!!

What should I do now? thanks,kezz

sourcrates

kezzygirl wrote: »

Me again! They have sent the credit agreement,a photocopy of it. Theyve asked me to get in touch to arrange payment within ten days.

I also today received a letter from them saying they had bought our debt from santander In October 2014 and they are legally obliged to let me know this. Surely they are, but six months after taking it on?!!!

What should I do now? thanks,kezz

Depends on what it says on the credit agreement really,
is it signed ?
Are all the prescribed terms present ?
Credit limit ?
How and when to pay ?
Interest rate applicable ?

For a pre-2007 debt anyone of these things can make an agreement unenforceable, only a court can ultimately decide, but a DCA will sometimes back off, or even write off a debt, if an agreement does not comply.

Can you post up a copy, blanking out personal info ?

kezzygirl

Apologies for long delay in responding, I have been busy. The credit agreement is dated 01/06/2007, it has our signatures and payment amount, interest rate, over what period, amount of monthly payment,etc. It is 5 pages long.

So, think we are going to have to barter with them over the amount as it appears to be enforceable

kezzygirl

Do they have to let you know within a set time they have handed it to debt collectors? In with a letter from 'Hoist portfolio holding 2' (signed robinson way) was a letter dated 21/3/15 on santander headed paper saying they are writing to let us know that the balance has been sold to Hoist on 15 October 2014.

sourcrates

kezzygirl wrote: »

Do they have to let you know within a set time they have handed it to debt collectors? In with a letter from 'Hoist portfolio holding 2' (signed robinson way) was a letter dated 21/3/15 on santander headed paper saying they are writing to let us know that the balance has been sold to Hoist on 15 October 2014.

Not really, it's common practice to recieve both letters in the same envelope.
Looks like you will be negotiating then.

happy_bunny_2

kezzygirl wrote: »

Do they have to let you know within a set time they have handed it to debt collectors? In with a letter from 'Hoist portfolio holding 2' (signed robinson way) was a letter dated 21/3/15 on santander headed paper saying they are writing to let us know that the balance has been sold to Hoist on 15 October 2014.

It's a bit off if a DCA have been trying to collect it on behalf of someone else, when in fact they owned the account. Check the text in the letters received for the account since the date of sale. If misleading, send a complaint to keep them on the back foot.

kezzygirl

we have received nothing at all in communication from hoist or santander, prior to my calling them as I was aware the debt was outstanding. santander have never once called chasing payments, whenever I called them, they said the debt is with a debt collector, you will be hearing from them' and that was their same line for two and a half years.

I called santander in January, who advised the debt had been sold to robinson way, so I called robinson way as described in my first post. The 675 over 6 months is because they went through an expenditure sheet with me on the phone and calulated I had £112 a month left, which is where they have got their figure from. I said what about days out etc and she said well you should have included it in the expenses.

happy_bunny_2

Ok, well, sounds like its yours and you need to pay it from the date of the agreement.

Never phone these clowns...

How much do you think you can afford/want to pay per month?

Realistically, on a debt that size, 20 quid a month and they will be happy.

Send them a complaint letter,stating you feel they tried to make you pay more than you can realistically afford and that you will be paying say £20 per month. If needed, include a I and E form adjusted to back this up.

Also tell them to contact you on writing only or you will complain if they don't agree.

kezzygirl

I contacted them today and have agreed to pay £675 spread over 6 months- this is a 225 reduction on the amount owed.

He said it would be in full and final settlement etc but my credit file would say 'partially settled'. I asked if they could put it as 'satisfied', but he said no, they have to put a true reflection of the debt on credit files.

The default is due to drop off tomorrow, will this debt still show on my credit file? I am just conscious that its gonna say partially settled as I dont want it to affect future borrowing (if in the distant future we decide to borrow!)

thanks