Really appreciate some help here

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This discussion was created from comments split from: Full and final settlement help thread.
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  • MaghelpMaghelp Forumite
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    Hi, it’s my first post, so please be gentle and I’m hoping to get some advice on my best way forward. 

    I’ve been self managing since 2018 and paying token payments as that’s all I could afford. Total debt of £28k.  

    Unfortunately I have recently been diagnosed with breast cancer and just starting my treatment. I had critical insurance cover which will pay off my mortgage and there will be some left over. 

    I don’t know what the future holds and also have a 4 year old to think about. 

    I don’t know whether I should just continue paying the token payments for now and just try and save some more money or to go for F&F settlements and see what discounts I can get and just get them cleared. 

    If I go for F&F do I mention my breast cancer or not say anything and what discount should I start with?

    I have loan and credit card debts but I’ve never asked for a CCA from the credit card debts. I have Barclaycard (now with PRA) from 2003, Santander (now with Moorcroft)was 2010 and M&S (now with HSBC) was 2016. Should I ask for them? 

    I would really appreciate some advice as having this hanging over me is causing me extra stress when I’m already struggling with my diagnosis, treatment and what I have to face in the future. 

    Hoping someone could point me in the best direction. 

    Thanking in advance of some help. 

  • edited 11 February 2022 at 4:26PM
    sourcratessourcrates Forumite
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    edited 11 February 2022 at 4:26PM
    Moved to a new thread for you, as your post won`t be seen there by the vast majority of forumites.

    In reply to your question about CCA`s, yes you should ask for them.

    Template letter here -

    Sample Letter - National Debtline | Sample letters - Information about your agreement under the Consumer Credit Act | National Debtline
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • MaghelpMaghelp Forumite
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    Thanks sourcrates for creating a new post and link to template letter. 

    Will wait and see if anyone can offer me any advice on whether to do F&Fs or carry on with token payments for now following my current health situation. 

    Thanks. 
  • DFW_ASAPDFW_ASAP Forumite
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    First of all I'm so sorry to hear about what you're going through and I pray that everything works out in terms of your health. 

    Personally, given your situation, if the debts are unsecured I would continue just paying the token payments and concentrating on your health. If you did want to clear the debts.

    1. Don't tell them about the insurance payout.
    2. Tell them about your diagnosis and that it will have a material impact on your ability to ever repay the debt and to urge them to accept a very low f+f settlement. 


    I have had 4 debts less than 4 years old recently accepted for settlement with hardly any negotiation for:-
     
    10%
    12%
    20%
    20%

    Best of luck.

    Ps. I'm no expert by any means. I am relatively new to all of this and just telling you what I would do
  • MaghelpMaghelp Forumite
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    Thanks @DFW_ASAP really appreciate your reply, advice and well wishes. I’m really torn on what to do. I think I’m just frightened of the consequences if I start asking for CCA requests and offering F&Fs as I’ve just been plodding along with token payments for so long without any issues. However it would be good just to draw a line under these and have them out of the way and offer as you say 10-20% and hope they have a heart and accept. Do you ask for a CCA on loans and credit cards? Would I ask for the CCA and offer the F&F at the same time? Thanks again. 
  • Suseka97Suseka97 Forumite
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    Firstly, I'm sorry to hear about your health issues and, above all things, that needs to be your priority.

    As for your debts, please do follow the advice given thus far and send off those CCA requests, as an initial step towards your F&F plans.  There will be no 'consequences' for you in doing so - all that will happen is they will either be able to provide you with the requisite documentation, or they won't.

    When you write to request the CCA paperwork, using the template provided above by @sourcrates, just keep it simple.  If they come back with the paperwork, or are unable to provide it - that's when you start with the F&F offers.  When you do, then would be the time to tell them about your diagnosis and the fact that it will have a material effect on your ability to repay the debts in full.  Do not tell them about your insurance payout.  

    Send off those letters and them come back to this thread as and when you start getting replies and don't expect them to respond quickly.  It can take months for some of them to get back to you, they'll be in no particular rush and have to go back to the original creditor.

    If it were me, once the letters had been posted I would stop the token payments until they respond one way or another.
  • MaghelpMaghelp Forumite
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    Hi @Suseka97 Thank you for replying and offering advice. Appreciate it. 

    I will get the letters together and write off to get the CCA’s. 

    I’ve been really worried that if my mortgage is paid off from the insurance, would the creditors have access to be able to see my mortgage details. That was my real concern and has been really worrying me. 

    If I do go for F&F’s I really only want them to be 10%-20% as I need to save as much as I can as I don’t know what the future holds. Also, need to consider once my sick pay finishes and will I go back to work. 

    Thanks again for your advice. 


  • sourcratessourcrates Forumite
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    Maghelp said:


    I’ve been really worried that if my mortgage is paid off from the insurance, would the creditors have access to be able to see my mortgage details. That was my real concern and has been really worrying me. 



    There is a little thing called data protection in this country.

    Private financial details are just that, private, they are not published on your credit report.

    Should your mortgage be settled from insurance, all it will show is as a settled status, that`s it.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • theoreticatheoretica Forumite
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    Why isn't the advice to start with asking if they would write the debt off?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • MaghelpMaghelp Forumite
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    Thanks @sourcrates
    @DFW_ASAP
    @Suseka97
    @theoretica  for your advice really appreciate it. 

    Do you think it’s definitely better to ask for the CCAs first, rather than just writing to creditors with a one time offer of 10% advising of my current health situation. Then if they reject just continue with token payments. 

    Would there be any disadvantages in doing this? 

    I think I just don’t want to drag it on and either know whether they would accept a low F&F or if not just continue with token payments.

    I’m just scared that contacting them will start them chasing me again when I have just been plodding along for the last few years and they’ve been accepting the token payments. But I’ve always got the debt hanging over me. 

    Sorry for going on I’m not having a very good day today as getting over surgery and I think all this stress isn’t helping me, I just want it all to just go away. 😢

    if anyone could offer any further advice that would be really helpful. Thank you. 
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