Offering settlements

Tidymind

Hi,

Just looking for some advice/information regarding my credit file.

I am currently on payment arrangements with my creditors, all but one of the accounts are showing as Default on my credit file and as I understand these will drop off my file 6 years from the default date, which is in approximately 3 years . I am thinking of offering some full and final settlement offers, if they accept an offer and change the account status to settled, will the 6 years start again from then?

Thanks

[Deleted User]

It will still be from the date of default

Willing2Learn

Hi Tidymind,

Before you offer any F&F Settlements, make sure to make a CCA request for each debt first.

This will ensure that your creditors have the correct paperwork. If they do not have compliant paperwork, then you can use this to leverage lower settlement figures or alternatively not pay at all.

[Deleted User]

Depending on what the debt is for as not all debts require a CCA.

Willing2Learn

!!! wrote: »

Depending on what the debt is for as not all debts require a CCA.

Yup, It does apply for most non-secured non-priority debts though

Tidymind

Thank you for your replies. Do I have to pay to get the CCA or do I just ask for it, and what would they need to provide me with to be compliant please?

[Deleted User]

It's free.

They will supply you with a copy of the credit agreement. It doesn't need to be a photocopy or signed - it can be reconstituted.

sourcrates

Deleted_User wrote: »

It's free.

They will supply you with a copy of the credit agreement. It doesn't need to be a photocopy or signed - it can be reconstituted.

Well to be precise, its a £1 statutory fee for each relevant account.
Information and template letter can be found here :


https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx


What they are required to send you depends on how old your particular accounts are, if they date from before April 2007 then any credit card account agreement must include the prescribed terms in force at the time of signing.


For accounts after that date, that is no longer a requirement, a copy agreement does not have to be the original signed piece of paper, a reconstituted version made up from information held on file is acceptable, although if nothing is held, it cannot just be made up.


Some agreements fall down in other areas, so its always best to get someone with legal contract knowledge to give it the once over.