DMP Full & Final Settlement Advice

sourcrates

M1BDK wrote: »

Thanks, probably not much point for me then as I want these paid off and over, not hanging around.

The reality is this, if a creditor cant produce a valid agreement, and you tell them your not going to pay, they usually go quiet.

Occasionally they sell on the debt, without divulging to the 3rd party no agreement exists, this is easily sorted with one letter, if the owner is a debt purchaser, such as Lowell, they will write off the debt, as a commercial decision, and it will then be gone for good.

Can be a very useful tool to just have a low offer accepted as well you see, no agreement, oh, well will you take £50 then ? yes ok, thanks.

So always worth doing, could be the best quid you've ever spent.

DrWatson1

I have to agree with Sourcrates based on my experience. My letter from Lowell-Moorcroft regarding the £8k debt I mentioned earlier had a very resigned tone.

I would guess if I offered them 10% full and final, they would snap my hand off.

And that's what the CCA does - give you leverage in the negotiation. It took me less than 2 months to get to a point where I can either ignore the debt or settle for a super low amount.

If I hadn't CCA'd it, I probably would have been struggling to get them to settle for anything less than £4k within the same 2 month time frame.

In my opinion, you're just chucking (your families) money away if you don't CCA the accounts.

M1BDK

Morning
So, I've written to them all with the CCA letter and £1 postal order.
Wescot have returned my letter and are telling me I need to write to the orignal lender, despite telling me I must deal with them on every aspect of my debt in the past.
Any advice on Wescot? Surely they're either acting on the lenders behalf as relates to this debt, or they're not?

sourcrates

M1BDK wrote: »

Morning
So, I've written to them all with the CCA letter and £1 postal order.
Wescot have returned my letter and are telling me I need to write to the orignal lender, despite telling me I must deal with them on every aspect of my debt in the past.
Any advice on Wescot? Surely they're either acting on the lenders behalf as relates to this debt, or they're not?

That's incorrect, they are obliged to pass your request to the OC, but to save time you may as well do it yourself.

ramraid44

hi,
just wondered how you got on with this ? i did read your post and thought offering 50 percent of the outstanding debt was very high.

i've racked up similar credit card debt, albeit my credit report is still excellent as all my debt is on balance transfer cards, but chickens will come home to roost in 6 month when the period of 0 percent expires. Several people one even a solicitor advised me to just stop paying and then it strengthens your hand negotiationg with creditiors .

joeyf101

DrWatson1 wrote: »

I have to agree with Sourcrates based on my experience. My letter from Lowell-Moorcroft regarding the £8k debt I mentioned earlier had a very resigned tone.

I would guess if I offered them 10% full and final, they would snap my hand off.

And that's what the CCA does - give you leverage in the negotiation. It took me less than 2 months to get to a point where I can either ignore the debt or settle for a super low amount.

If I hadn't CCA'd it, I probably would have been struggling to get them to settle for anything less than £4k within the same 2 month time frame.

In my opinion, you're just chucking (your families) money away if you don't CCA the accounts.

Hi DrWatson,

Would you mind posting a template of the letter you used to get to this point? It sounds like my situation is similar with similare figures and history. I recently found that 4 of my 5 debts are unenforceable after I requested the CCAs but I am still struggling to get a decent settlement figure.