Debt settlement offer help

Cps_2

I just checked my credit file and noticed that none of debts from my DMP were on file. I was wonder does this hold any sway in getting your creditor to accept a lower offer or what would be the advice on the way forward with offers to them?

Thanks in advance.

sourcrates

Hi,
If it's an old debt, they may be inclined to accept a lower full and final offer, I'm assuming that, as none of these debts appear on your file, they are over 6 years old, would help if you could tell us how many debts you have, how old they are, and how much you owe, also what kind of accounts they were, loans, cards etc ?

Cps_2

They are all in around 10years old.
One is for Lowell financial £3100
Cabot financial two accounts 1 £340 & £560
The other is link financial £1860
Lowell & link were credit cards and Cabot were store cards.
Hope this helps.

swampduck

I'm not sure that it makes a lot of difference to be honest. I tried with 1st Credit on a debt of £330 - I offered 10% (£33) they came back with 10% off. I went back with paying one third i.e. £100 they came back with 50% which was still more than I want to pay! Plus they want a full Income and expenditure report, proof that I was employed etc etc etc.
I said I would stick with £1 per month and take 27 years to pay it off unless they changed their minds and to annoy them even more I've paid £12 to cover all my payments in advance for one year.
I've yet to see what reaction that brings. I'm aware that they can still contact me for updates and send me statements but I can't be bothered with these parasites anymore.:mad:
I have also started putting feelers out for CCAs - done one so far - will see what happens. These are all debts that have dropped off my credit files which now appear pristine after years of a joint personal DMP. :A

Swampy

glentoran99

swampduck wrote: »

I'm not sure that it makes a lot of difference to be honest. I tried with 1st Credit on a debt of £330 - I offered 10% (£33) they came back with 10% off. I went back with paying one third i.e. £100 they came back with 50% which was still more than I want to pay! Plus they want a full Income and expenditure report, proof that I was employed etc etc etc.
I said I would stick with £1 per month and take 27 years to pay it off unless they changed their minds and to annoy them even more I've paid £12 to cover all my payments in advance for one year.
I've yet to see what reaction that brings. I'm aware that they can still contact me for updates and send me statements but I can't be bothered with these parasites anymore.:mad:
I have also started putting feelers out for CCAs - done one so far - will see what happens. These are all debts that have dropped off my credit files which now appear pristine after years of a joint personal DMP. :A

Swampy

That's not going to stop them looking for payment and perhaps taking further action for a year, all you've done is prove you can afford more than £1 a month and they may pursue it further, Get a CCJ and balls up your clean credit file for another while

swampduck

I told 1st Credit that I'd had £90 bingo win (courtesy of a friend treating me to a night out) and had the money in the bank which was why I'd offered a F + F in the first place!
This is a debt that was defaulted over 6 years ago and has undergone the DCA shuffle numerous times - I thought only the original creditor could take you to court for a CCJ and then they would have to explain to the court why they hadn't acted on it sooner!
A search of the internet hasn't so far clarified the point of a DCA going to court without incurring costs on a small debt which was defaulted by a creditor before.
I can see it being worth their while if it's a large debt of a few grand but I'm happy to be corrected if that is the case.

Swampy

glentoran99

swampduck wrote: »

I told 1st Credit that I'd had £90 bingo win (courtesy of a friend treating me to a night out) and had the money in the bank which was why I'd offered a F + F in the first place!
This is a debt that was defaulted over 6 years ago and has undergone the DCA shuffle numerous times - I thought only the original creditor could take you to court for a CCJ and then they would have to explain to the court why they hadn't acted on it sooner!
A search of the internet hasn't so far clarified the point of a DCA going to court without incurring costs on a small debt which was defaulted by a creditor before.
I can see it being worth their while if it's a large debt of a few grand but I'm happy to be corrected if that is the case.

Swampy

No the DCA could take you to court, The fact its juggled about so much does mean its probably unlikely, Have you CCA'd them?


They don't need to explain to the court unless it was a previous CCJ that they didn't pursue sooner

swampduck

As I mentioned earlier I have started CCA-ing the DCA's.
I know the one done a few years ago with IDEM is right because they sent the paperwork through to my Husband and we agreed a monthly payment then and there has been no problem but incidentally this debt was never defaulted. It was in AR and then updated as 'up to date' as regular payments were and continue to be made and as a result still show on credit files.
I did another CCA over the weekend for Apex - and still have the others to do over the next few days. Need to pop into the post office for some more postal orders!:o

Swampy

Cps_2

Im new to all thus but what is a CCA?

Cps_2

Im definitely goin to pay them all off I was hoping that my my clean credit report could offer some leverage in acdepting my offers.

swampduck

Credit Card Agreement!! It's a copy of your original terms and conditions and should have your signature on it. If no signature then it may not be legit or enforceable and you could end up paying a reduced Full and final settlement or in some cases nothing at all. Other people on this site are far more clued up than I am. But there are template letters to start you off.

Swampy