Full and final settlement advice

ManyWays

There seem to be some common misconceptions about debt sales. The three most common categories are:
1) debts that are sold with the CCA agreement 
2) debts that are sold with the right for the debt purchaser to request further information such as the CCA from the lender
3) debts that are sold without any right for the purchaser to ask for more information. 

(2) is probably the most common. Debt purchasers pay more for (1) and less for (3) than for (2).

If a debt is sold with the right for the purchaser to ask for the CCA, they will expect the lender to co-operate. And the lender has an incentive to, as they may want to make further sales of debt books in future. This doesn't mean the CCA will always be found, but it may be.

kendodebthelp

Thanks for all your help so far! One likely very stupid question. I’m filling out the National Debtline CCA request template and it mentions the £1 fee. Do I actually need to enclose a £1 with the letter? And if I have multiple accounts with the same company (e.g. I’ve got 3 with PRA), can I put all the references on one letter and pay £1 total, or do I need to send a separate £1 for each account with seperate letters?

kendodebthelp

Sorry, one other thing I thought of  would it be worth stopping my DMP payments while I wait for the CCA responses? I don’t want to mess anything up, but I also don’t want to keep paying if a debt turns out to be unenforceable.

ManyWays

A lot of people here say stop. I suggest its much easier to continue for 2 or 3 months while you wait for the CCA to turn up, if it hasnt arrived after that time it is much less likely that it ever will.

tigergambit

kendodebthelp said:

Thanks for all your help so far! One likely very stupid question. I’m filling out the National Debtline CCA request template and it mentions the £1 fee. Do I actually need to enclose a £1 with the letter? And if I have multiple accounts with the same company (e.g. I’ve got 3 with PRA), can I put all the references on one letter and pay £1 total, or do I need to send a separate £1 for each account with seperate letters?

Yes, you need to enclose the fee to be compliant and it's £1 for each account. Many DCAs won't cash it so a cheque is ideal if you still have any.

kendodebthelp said:

Sorry, one other thing I thought of  would it be worth stopping my DMP payments while I wait for the CCA responses? I don’t want to mess anything up, but I also don’t want to keep paying if a debt turns out to be unenforceable.

Personally I'd stop the payments, particularly if you intend making F&F offers. In theory the account is suspended until a CCA is supplied but DCAs like to grow at as much cash out of you as they can.

Rob5342

I would stop as soon as you send the cca request. Paying enforceable debts is a much better use of your money then throwing it away on debts that might be unenforceable.