Debt sold to 1st credit finance- how to deal with this?

tigerfeet2006

Ooops!

devonsdreamer

I have written to first credit (for hubby) He has offered a token payment and they have asked him to call to discuss this - does that mean they are going to accept it?? or (as I suspect) try to pressure him into making payments more than we can afford.


Abbey- still ignore the letters we have sent and have sent a defalt notice, I guess the next step will be DCA- and i start all over again with the letter writing.

On a plus note where I volunteer I have become the "debt person" and I am now helping the young people face up to debt issues and assisting them with dealing with it assisting with the Filling of SOA and writing letters.

Thanks to all you guys for the great advice.

fermi

devonsdreamer wrote: »

I have written to first credit (for hubby) He has offered a token payment and they have asked him to call to discuss this - does that mean they are going to accept it?? or (as I suspect) try to pressure him into making payments more than we can afford.

Knowing 1st Credit and similar DCAs, I would think you are right. They will nearly always push for bigger payments, and try to do this by phone so that they can apply pressure and use bullying tactics that they wouldn't dare to put into writing.

If it was me, I would send a letter with the payment offered stating that because of your financial position larger payments are not negotiable at present. But I'm an awkward *** with DCAs.:o

devonsdreamer

I am going to speak with them on his behalf- they cant have more than we are offering and thats the end of it - they can try all they like- thanks to everyone here I am not worried about what they say they can do!!
I am prepared to make the payment offered by standing order or giro slip - guess they may not like it but since they dont take cash down the phone it is the only way we can pay;)

devonsdreamer

After sending the token payment letter oh recieved a "thanks for your offer of payment please call to arrange" letter. We replied with "thanks for accepting our paymnet offer please provide giro slips" the response to that has been:

A letter from them introducing the debt help team and within the letter it states " if you are considering re-mortgage or taking out loans to clear your debt please advise us" and then "our debt officers have full authority to offer yu a generious discount for a prompt full and final payment"

So what i am asking is for suggestions on what to do next- do I write offering what we can afford as a F&F figure (which is about 25%0f the debt) or do you have better ways of dealing with this??

Many thanks

rog2

devonsdreamer wrote: »

"our debt officers have full authority to offer yu a generious discount for a prompt full and final payment"

So what i am asking is for suggestions on what to do next- do I write offering what we can afford as a F&F figure (which is about 25%0f the debt) or do you have better ways of dealing with this??

Hi dd - IF you decide to go down this route, then you should read the NDL factsheet about 'Full and Final Settlement Offers' before making any offer, or approach to 1sr Credit:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

A couple of points you need to bear in mind:

1. Even 25% of the alleged debt will probably net a healthy 'profit' for 1st Credit.

2. They will, most likely, refuse to accept your first offer - you should stick firmly to your guns and tell them that this is the highest offer that you can make, and even that is dependant upon their 'acceptance within 7 days' after which the 'funds' to make this offer will no longer be available.

3. Most Importantly, ensure that any 'acceptance' by 1st credit is on the basis of a 'FULL AND FINAL SETTLEMENT'. Accept NO other wording, for example 'Partial Settlement' or 'Settlement'.

4. Keep all correspondence, with these vultures, in writing only. Do NOT phone, and refuse to discuss your offer if they phone you.

Good Luck.

AmIdone4?

Hi Devonsdreamer,

Just to say, Stick To Your Guns as Rog2 has suggested or where DCA's are concerned stick to something like this.... DCA Protector
(temperamental day for my PC again, can't upload pix??? )

...If you do decide to go down the FAFS route and I'm sure you'll get more excellent advice off here should you need it....

All the Best

edit: edited my edit to avoid confusion, basically also heed the good advice from rog2 and others so far, make sure that you do this FAFS correctly (which I'm sure you will) as DCA's aren't the best people on the planet... Cheers

devonsdreamer

Many thanks for all the advice

devonsdreamer

AmIdone4- Just managed to follow the picture link- very funny!! Thanks

AmIdone4?

Glad you liked it devonsdreamer