Debt settlement offer help

Cps_2

Lowell Financial Accepted 30% full and final settlement of £3100 debt. Link financial are being a bit of pain, they have sent a full balance £1890 as from what I can remember (as it was so long ago) a lot more than what the original debt was. Ive sent a letter with a counter offer and asked for the original CCA.

sourcrates

Cps wrote: »

Lowell Financial Accepted 30% full and final settlement of £3100 debt. Link financial are being a bit of pain, they have sent a full balance £1890 as from what I can remember (as it was so long ago) a lot more than what the original debt was. Ive sent a letter with a counter offer and asked for the original CCA.

Dependant on age, the copy of the agreement you recieve, if any, does not require a signature in order to be valid.
The law regarding credit agreements can be very complex, in the end, only a court can determine if its enforceable, or not.

They can provide you with a "reconstituted" version, made up from information they hold on you, from other sources, if they don't hold the information, they can't make it up.

One fact you can reasonably rely on, is if they can't provide a copy agreement, they can't enforce it in the courts.

Cps_2

I've made them another so I'll go from there. The made an offer to accept 65% of the debt I've countered that so we'll see what comes back from that.

hayleyanne

hi all just wanted some advice.We have been with payplan for the last 4 years to be honest a total godsend when we were struggling. My husband took early retirement on a fairly decent pension lump sum so we wanted to pay off the debts but ask for a settlement figure which payplan wont help with and they started being a bit funny with us. we also took out the payment cover I felt it was a bit of a con but when you are in trouble you accept anything, anyway do i just write to them and cancel my plan?

sourcrates

hayleyanne wrote: »

hi all just wanted some advice.We have been with payplan for the last 4 years to be honest a total godsend when we were struggling. My husband took early retirement on a fairly decent pension lump sum so we wanted to pay off the debts but ask for a settlement figure which payplan wont help with and they started being a bit funny with us. we also took out the payment cover I felt it was a bit of a con but when you are in trouble you accept anything, anyway do i just write to them and cancel my plan?

Don't involve any 3rd party in full and final settlement offers, it's between you, and your creditors to agree a mutually acceptable figure, you are both happy with.

You have to go about this in the right way, Look on the national debtline website, they have a good template letter for this purpose.

Before you do anything else, you should CCA all relevant accounts, then, dependant on the outcome of that, make your offers in writing, using the template letter I mentioned above, you should start around the 30-40% mark, you can always raise your offer.
Remember, it's all a matter of negotiation, so don't be put off if your first offer is rejected.

You can write and cancel with payplan yes.

Cps_2

Have a look at national debt line .org that is were I got all my info. They have formulas to make offers and template letters

I offered my creditors 30% of the debt for full and final settlement. I used the template letters on this debt advice page. They also have a formula to help work out whats the best offer to make.
Once Id done this I contacted payplan to say Id made full and final settlement offers. They were fine about it, they have suspended my payments until its all sorted. I'd keep your plan going until you've settled your debts.
Ive read on this forum its better to do it yourself rather than let payplan do it, but let the settlements team know.
This is just my experience but I'm sure there are people with much more knowledge on this subject.
Hope that helps.

National_Debtline

Hi

Our Full and Final factsheet and sample letter that the others are referring to is here. You might find it useful for making your offers:

www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx


James
@natdebtline