CCA Agreements Request Help - Full and Final Settlement offers

M_CP

Hi

I was wondering if you could help me with the following:

I have been in a DMP for the last couple of years. All my debt has been sold to debt collectors.

Could someone point out to a template on how to request CCAs?

How and to whom do I send the postal order of £1? 

Do the postal order for £1 needs to be per debt collector or account?

For example; my debt is split as followed 

ARC LTD 1 account
DRS Ardent 3 accounts
Link Financial 1 account
Moorcroft Group 2 accounts
PRA Group 1 account
Brencon Debt Recovery 1 account

So will I need to send 2 postal orders of £1 each to Moorcroft?

I have recently come into some inheritance money which I would like to use to offer F&F settlement offers. This money is not enough to cover all my debt so I’m relying on some CCAs not being able to be produced and a percentage of the debt being accepted by the debt collectors. I’m going on Maternity in April so my income is going to be cut by 3 thirds which I’m going to explain to them when I’m making offers.

 

Does anyone know how to start the F&F conversations and what percentage to go for?

 

Thank you for reading and I hope someone can help me as I would like to be debt free before this baby arrives.

ManyWays

How to ask for CCA is in here, use the exact template letter
https://nationaldebtline.org/get-information/guides/credit-agreements-getting-information-ew/

This only applies to credit cards, catalogues, unsecured personal loans, and HP. Not overdrafts or utilities or non consumer credit debt.

The £1 is per account, not per creditor. 

I suggest you ask for the CCAs now to clarify this. But then postpone offering settlement amounts until your income has dropped and so has your DMP payments. This is pretty early in a DMP to have low offers accepted. 

M_CP

ManyWays said:

How to ask for CCA is in here, use the exact template letter
https://nationaldebtline.org/get-information/guides/credit-agreements-getting-information-ew/

This only applies to credit cards, catalogues, unsecured personal loans, and HP. Not overdrafts or utilities or non consumer credit debt.

The £1 is per account, not per creditor. 

I suggest you ask for the CCAs now to clarify this. But then postpone offering settlement amounts until your income has dropped and so has your DMP payments. This is pretty early in a DMP to have low offers accepted. 

Thank you for the above!

Yes! That makes sense!

thank you for sending over the template and the advice!

could you please let me know how to get the postal order for £1? Is it something I buy at the post office? Who does it need to be addressed to? 

Thanks again! 

tigergambit

ManyWays said:

How to ask for CCA is in here, use the exact template letter
https://nationaldebtline.org/get-information/guides/credit-agreements-getting-information-ew/

This only applies to credit cards, catalogues, unsecured personal loans, and HP. Not overdrafts or utilities or non consumer credit debt.

The £1 is per account, not per creditor. 

I suggest you ask for the CCAs now to clarify this. But then postpone offering settlement amounts until your income has dropped and so has your DMP payments. This is pretty early in a DMP to have low offers accepted. 

Yes, this is good advice. I think you should drop your payments in March / April and wait 6months before discussing settlements. Obviously you should stop payments on anything you don't get a CCA back on. Technically you should also pause payments until they respond with proof.

DO NOT tell creditors that you have had an inheritance, just tell them that a family member has offered you a limited amount to settle debts. This gives you a good reason to be firm in your dealings - if they think you have more money they will put pressure on you to hand it over.

Finally congratulations on your new arrival, but having children is not a cheap hobby. Waiting a bit will allow you to use your inheritance to cover any emergencies.

sourcrates

The £1 statutory fee was introduced in 1974, its a bit of an anomaly these days, and not all creditors will cash the £1 fee, but it should still be included to make the request official.#

You buy a postal order from a post office, there will be a small fee, do not make them payable to anyone, leave them blank, allow the creditor to fill in the details, so if they are returned, you can re-use them, or pay them back into your bank I believe.