f&f settlement

danpro84

hi not sure what to write but here goes.
i had a loan in 2011 i have not paid anything since july 2012 i still owe just over £4000 i haven't heard off them in a long time either.
i have heard about a full and final settlement where i could pay a lump sum to get it cleared my sister has offered to help me but only if it does clear all the dept
any advice on how to start the ball rolling would be much appreciated

thank dan

fatbelly

There is a phrase 'let sleeping dogs lie'

You've heard nothing in 3 years. Why throw someone else's money at what isn't a problem?

sourcrates

danpro84 wrote: »

hi not sure what to write but here goes.
i had a loan in 2011 i have not paid anything since july 2012 i still owe just over £4000 i haven't heard off them in a long time either.
i have heard about a full and final settlement where i could pay a lump sum to get it cleared my sister has offered to help me but only if it does clear all the dept
any advice on how to start the ball rolling would be much appreciated

thank dan

Hi,

In order to do this, you would need to contact the original creditor, you say no one has contacted you in a long time, so the debt may of been sold on by now, in fact it's quite likley that it has, so you first need to confirm who the current owner is.

To be honest, if you are not been chased for this, I would wait until collection activity starts, it's not uncommon for DCA's to sit on accounts for years before recovery action commences.

If, or when, anyone contacts you, then make your settlement offer, until then, I'd sit tight.

danpro84

Thanks all but my girlfriend wants me to move in with her but doesn't want my debts coming it's her house so I understand
That's the reason I would like to pay it off start moving on with my life

TonyMMM

Your debts have no effect on her, whether you live in her house or not (unless you are financially linked through joint accounts etc.)

danpro84

I was hoping that I could pay this off so we could try for a mortgage together in the future it's all I owe now other than a credit card wich I'm managing to pay slowly if I could just clear this loan hopefully paying my credit card back would help my to rebuild my credit rating

sourcrates

danpro84 wrote: »

I was hoping that I could pay this off so we could try for a mortgage together in the future it's all I owe now other than a credit card wich I'm managing to pay slowly if I could just clear this loan hopefully paying my credit card back would help my to rebuild my credit rating

Who originally did you take the loan out with ?


Have you had any correspondence to say its been passed, or sold, to a debt collector ?

danpro84

It's with the co-op I haven't heard anything off them I checked my credit report it says last paid July 2012 and defaulted in Jan 2013 it's says satus unknown since Feb 2013 it also says in the report that it's still with the co-op

sourcrates

danpro84 wrote: »

It's with the co-op I haven't heard anything off them I checked my credit report it says last paid July 2012 and defaulted in Jan 2013 it's says satus unknown since Feb 2013

Ok,
I understand you want this matter settled, you could contact the coop, and ask them for a statement of your account, this should be done in writing.


The response you receive to this will tell you, either, (A) they still own the account, in which case you can make a settlement offer to them, or (B) they have sold your account on, and should then provide details of who they sold it to.

Regardless of who owns the debt, any settlement offers must be made in writing, using the following template letter, this will ensure that no 3rd party will ever be able to chase you for any remaining balance, this is extremely important :


https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

danpro84

Thanks for your help il get in touch with them and see what happens
Il post my results hopefully help someone else aswell