Does This Look Ok? F&F settlement letter

pixie1

Ive amended the F&F settlement letter template as i wanted to expand things slightly. Does this look ok?

I write with reference to the money which you are claiming on the above account.
In February 2005 I contacted the CCCS due to my financial situation and with their help I entered into a debt management plan in a bid to payoff all my outstanding debts. Two years on, my financial situation hasn’t changed and therefore, unfortunately I am unable to offer to pay the money which I owe in full. A family member has kindly agreed to lend me some money interest free in order to clear my debts; however this amount is not enough to clear all of my debts. I can only afford to make these loan repayments if all my other debts are cleared and the only way I can do that is if creditors accept reduced amounts, otherwise I will have to continue on my debt management plan which isn’t due to finish until 2015. Therefore, I can raise £ (put the amount which you can afford to pay) and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you or any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.
I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.
Payment can be made within 31 days of receiving your written agreement of this offer and method of payment.
I respectfully request that all communications regards to this are carried out in writing.


Any feedback / advise is welcome

Thanks

Pix

Bunnyinthelights

Looks good to me hunny.
Wish I was in the same position.

pixie1

Bunnyinthelights wrote: »

Looks good to me hunny.
Wish I was in the same position.

Its not all good Hun, i havent fessed up to Hubs what the amount is yet!!! Also, I will be living on £10 'disposable income' per week (hopefully, may not even be that much) once our arrangement is in place. Hubs is having total control of my £££ so we can clear everything ASAP.

Thanks for checking it out for me, i wanted to ensure i had put my point accross but also covered all the bases if you know what i mean.

Thanks

pix

stapeley

Be very careful , I would stick to the template letter . Say its a condition of the offer that all creditors accept the arrangement . Show the way you are deviding it up . Go to the CCCS WEB SITE for email address they will send you template letter and details of how to go about it . I would also go in low , 40% of what you owe . Remember that they bought the debt for maybe 10 -20p in the pound . Another way is the requesting the CCA ROUTE . many are unable to provide this , the debt is unenforceable with out it. I,ve effectively got £6500 written off already and another £6000 in dispute! good luck oh and never talk to them by phone !!!!!!!

pixie1

stapeley wrote: »

Be very careful , I would stick to the template letter . Say its a condition of the offer that all creditors accept the arrangement . Show the way you are deviding it up . Go to the CCCS WEB SITE for email address they will send you template letter and details of how to go about it . I would also go in low , 40% of what you owe . Remember that they bought the debt for maybe 10 -20p in the pound . Another way is the requesting the CCA ROUTE . many are unable to provide this , the debt is unenforceable with out it. I,ve effectively got £6500 written off already and another £6000 in dispute! good luck oh and never talk to them by phone !!!!!!!

Thanks, i have emailed the cccs and hope to hear something soon. I have been advised to start at 30% but we will see.

Do you normally only get success with F&F settlement deals if the debt has been sold on or do all creditors do this?

Thanks

Pix

fatbelly

Strictly speaking, these deals are only legally binding if made through a third party, and you have the opportunity to do it that way. I suggest

'Payment can be made through a third party within 14 days of receiving your written agreement of this offer.'

The debts must have been defaulted but not necessarily sold on.

pixie1

fatbelly wrote: »

The debts must have been defaulted but not necessarily sold on.

does defaulted on mean have a ccj or just a payment arrangment lower then what was originally agreed like what I have with my DMP with the cccs?

Many thanks

Pix