Early Settlement Figure

scoops82

Sorry I meant offer £1k

sourcrates

scoops82 wrote: »

Sorry I meant offer £1k

Do a CCA request first, then you will know if they have the correct paperwork or not, if not, they will settle for much less, than they normally would.

You should always do a CCA before you make any full and final settlement offers.

glentoran99

sourcrates wrote: »

Do a CCA request first, then you will know if they have the correct paperwork or not, if not, they will settle for much less, than they normally would.

You should always do a CCA before you make any full and final settlement offers.

You would think, Not the $^$&&$^ that have my final debt

WG0608

Interesting thread and info provided, thanks.

scoops82

Thanks for all the advice.


So after speaking with the other half I have found out that the debt was defaulted numerous times and that the debt now sits with Experto Credite - does anyone have any experience of dealing with them?


We will fill in the form for the CCA request - as the debt wasn't originally with them will this show up any PPI that was added as we believe it was or do we tackle that issue separately?


As I Understand it we should do things in the following order


1 - Do the CCA and see whats included on the account


2 - Either this or by conversing with the FSCS to discuss any PPI that was added which will hopefully reduce the debt. WE have no old statements though so I'm not sure how easy this will be to prove.


3 - Apply to Experto Credite in writing for an early settlement figure - in the letter we should include that she has no assets and that there's no guarantee she will be able to make future payments so there is a chance they will receive nothing.


4 - Hopefully Pay the early repayment charge


5 - Move on with our lives and start trying to build up her credit file (I am assuming no company would give her a Credit Card right now - is that right?)


I know I have asked for a lot already but if somebody could confirm if this is the righty course of action then it would be really appreciated. I want to start the ball rolling so we can get this resolved on and move on.


Many thanks
S

Tixy

The CCA, if they can provide one, probably won't show details of any PPI.
With regards to trying to reclaim PPI if missold have a look at the guides in this section - Reclaim PPI & Other Insurance

On 3 - write to offer them a settlement figure, rather than ask them for an amount (obviously only do this if they have managed to provide a CCA in 1).

On 5 - she would need to look at her credit files to see what is currently showing. This debt will only appear on her credit file for 6years from the date of default recorded on her file.
Does she have any current credit commitments that she is meeting on time that show on her credit files. In terms of obtaining a credit card, if the defaulted account still shows on her file then her only chance would be a subprime credit card - see this article - http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

scoops82

The only DD she has is for her Car tax and she has credit with Vodafone - she rings them up and pays her bill over the phone and not by DD.


Regarding the CCA - she doesn't dispute the debt so is that still action umber 1?


What is the correct paperwork they should provide? As my GF has no paperwork from the past I how would we know if what they provide is correct or cant we?


I have drafted the letter for early settlement but I need to do my CCA first if that's the correct action to take.

Tixy

I would do the CCA request first.

If they cannot provide the CCA then they cannot enforce the debt against her.
Which means she could choose not to pay at all, or be in a very good position to get them to agree to a low F&F settlement.

If they cannot produce the CCA and if default is still showing on her credit file she may choose to offer a figure so that her credit file shows the debt as having been satisfied (or partially satisfied).

If the default/account has already dropped off her crdit file and they cannot produce the CCA then she may choose not to offer them anything at all.

scoops82

Ah I see the importance now - lets hope they cant find it and its off the default file.


If they can't find it and its on the file we can offer a smaller amount as a way of getting them to agree to update the file as satisfied?


This weeks job is the CCA letter and sign up to Experian!