Full and final settlement help thread

StrawberryKiwi wrote: »

Reading this forum is inspiring me to try F&F offers with some of my creditors - I'll try small debts that have been passed on a few times first. Will update on amounts, offers and outcomes
Starting bright and early tomorrow morning!

Hi,

In reply to your other thread, regarding car repossession.
(Can't respond on the stepchange thread)
Are you reffering to bailif repossession for non payment of finance on a particular vehicle, or seizure of the vehicle to repay another debt, such as council tax arrears ?

StrawberryKiwi wrote: »

It'd be another debt, catalogue balance, overdraft from years ago, payday loans

Thanks for replying

In that case, only if a debt has been to court, and a CCJ awarded against the debtor, and then if they default on the payments set by the court, the creditor can involve bailiffs to Seize the vehicle if it's in the debtors name.

Proof of ownership would be needed.

Hi there

I'm sure my answer is out there somewhere, I've done a lot of searching but the answers given to similar circumstances don't quite match mine

I have a credit card debt from a Halifax credit card I took out in 2004, in 2009 it went to default and from there I paid regular monthly payments - Halifax agreed to suspend charges and interest during this time 2009 to date

There is still an amount outstanding and it's showing as a default on my credit file, I would like to make them an offer of 50%

Today I called up, spoke to a call centre outside the UK and they offered 75% and the credit file would show partially settled

I've taken one of the online templates and removed the paragraph:

"The alternative is for me to place the account formally into dispute and demand s.10 CCA (1974) is brought into play (cease & desist) whilst I reclaim all unlawful charges combined with all costs. I shall then look at the legality of the assignment of debt; the issuance of a default notice and the agreement (prescribed terms) and between them, I'll probably be able to counter sue and litigate over unenforceability."


Dear Sirs,

Account No:XXXX XXXX


I write with reference to previous communication regarding an outstanding balance on the above mentioned account and wish to make an offer to resolve that will suitably please both parties.

I do have an outstanding balance on the account, as you are fully aware this is made up primarily of charges. However, a default to you and no payment will not achieve much and so I therefore write to try and resolve matters amicably, that will suit both of us long term. I propose to offer a full and final payment to settle and close this account to the value of 50% of the original amount, which will take into account and absorb, a lot of the charges that have been added to the account throughout time.

To summarise, I am more than happy to settle as much as 50% of the total amount owing so long as you can agree to, and ensure that, the following actions will be carried out;
• The Default Notice will be removed
• The Status of the account will change from “Defaulted” to “Settled”
• The Current Balance will appear as £0.00
• The Default / Delinquent Balance will be set to £0.00
• There will be no date in the “Defaulted Date” field (as it will be removed)
• There will be no date in the “Date Last Delinquent” field on the report
• This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

If you're happy with my proposal, please respond confirming each of the above points on official letter-headed paper, confirming the exact amount owing and I will send a cheque or make a bank transfer by return.

I look forward to your response.

Yours faithfully

I'd be prepared to pay the amount in full which is just shy of £1000.00 but if there's an opportunity to pay less then why not.

Before posting the letter to Halifax Recoveries in Brighton I just wondered if my wording was correct. I don't have a record of the account between 2004-2009 but I'd guess there were some charges

Any help most gratefully appreciated

M