Full and final settlement help thread

sourcrates · 17 October 2016 at 12:13PM

DrWatson1 wrote: »

Quick question about "prescribed terms".

Following on from my CCA requests, a creditor (Idem) has written to me with a signed application form for one of my debts (M&S), together with a statement of account. The single page document they have sent looks like an in-store application for that takes 5 mins to fill out.

However, the application form does not contain what I understand to be the "prescribed terms" - there is no mention of credit limit or interest rate.

Is this debt enforceable?

Hi,

You have requested a "copy of the original credit agreement".

Sending an application form (which by the way is a common tactic) does not comply with your original request.

Therefore they have not complied with your request, and the account remains unenforceable until they do so.

Also agreements dated before April 2007 must also contain the "prescribed terms" applicable to that agreement, failure to do so, again, renders the account irredeemably unenforceable.

Idem are feeding you !!!!!!!!, hoping you will swallow it.

From the links provided by Fatbelly, put together a letter basically stating what a correct response should be, and then what they have sent you.

That will put the ball firmly in there court, they would not be wise taking this to court as case law exists to scupper there argument.

However, the law on credit agreements is quite complex, to be honest, i`m not entirely convinced the people who work for these debt collectors are any more clued up than you or I, it can be confusing determining what is, and what is not, enforceable.

DrWatson1 · 17 October 2016 at 4:10PM

Many thanks

I'll give it until the end of the month, and then take stock of the situation. I'm still waiting for three creditors to reply to my CCA request, so I would prefer to see what looks enforceable and what doesn't before I consider my next step.

My debts are with Stepchange, so in the meantime i'll see if they will play ball and stop paying the non-compilers.

scunner · 17 October 2016 at 9:17PM

Hi. Congratulations to all in negotiating discounts. I haven't been in this thread before as I've never been in a position where a creditor has offered a F&F and having seen the more recent posts in the thread could anyone please clarify what they mean by "CCA"'d the creditor? Is this part of trying to establish that a debt isn't enforceable? Debt Managers recently offered me a discount of 40% that they've now increased to 50% after I wrote to them asking for a bigger discount as the debt is so old (more than 6 years). They've now offered a 50% discount and say this is the maximum. Whilst this seems tempting I'm keen to use whatever legislation is available and need to understand it better first! Or as an alternative, does anyone know of the type of debt/finance expert mentioned elsewhere in the thread please?

GP2015 · 27 October 2016 at 7:46PM

Hello,
I'm not sure if I can hijack this thread, or start a new one, I'd appreciate advice if a new one is warranted.
I have been on a DMP for a few years now and I have come to the point when I would be able to pay off my creditors with a lump sum - not quite, but pretty close to what I owe them. There are two questions I have, actually:
1. as I have a DMP with a debt management agency, am I legally allowed to work behind their back, so to speak, negotiating partial settlments directly with my creditors? The agency handles payments to creditors on my behalf, so they are my "agents" / representatives, and if not by law, than by custom, they handle my "case". Alsow, while they work for my benefit, I'm aware they make money off my debt (by accruing my monthly payments on their bank account before passing it to the creditors), so, I imagine, they would be happier for me to stay on the DMP as long as possible, rather than let me get off hook earlier. It is a cynical view, but they do make money this way and no business, even a charity, would be happy about making less money.
2. re-focusing on the main issue, i.e. making offers directly to my creditors, they were originally banks but those, over the last years, those have got rid of bad creditors like me and sold my debt to debt collection agencies. Now, an instict tells me that if I offered a (part) settlment to my original creditors, i.e. a bank, they would be much more flexible to accept such settlement, because better part-payment than none, or drip-dripping pennies over very long period. However, now it's too late, they sold me on, and I would presume that debt collection agencies are, in general, much, much less keen on any sort of settlement short of paying off debt in full, because, well, they are in business of collecting debts, rather than cutting their losses, as banks would be.
Or is it just nonsense, and it is _definitely_ worth writing to them to make an offer of an early PART settlement? If so, what is the right amount, percentagewise, to get the balance right? Should I offer around 70% of what is left of my debt? Would they not think: nah, the guy's been paying regularly for the last x years, we'd rather keep collecting the current monthly payments until he pays us 100%? And am I being an idiot, because I should begin negotiations with a lower figure, unless I want to settle for around 90%, which they would send as a counter-offer?
On the other hand, I do feel that offering a low % is taking a mickey, considering I got into this debt in the first place.
But, most importantly, is it worth writing to them with such proposals for part-settlement? And if they reply without a higher counter offer, should I come up with a higher % and try again, or just wait and try in a few months?

Regards,

mark

fatbelly · 27 October 2016 at 10:58PM

GP2015 wrote: »

Hello,
I'm not sure if I can hijack this thread, or start a new one, I'd appreciate advice if a new one is warranted.

Yes, this is a sort of subject-thread so that's fine

1. Yes you can negotiate your own deals - these are your debts and a dmp is an informal solution

2. Don't over-think this. You deal with the present owner of the debt. If they have bought the account they will have paid probably less than 20% of the balance figure. If you start your offers at 25-30% they are already in profit, and the point of this thread is to show what levels creditors will settle.

So posts like this one are valuable.

If you are happy with what they come back with, then you pay up and settle. .

Daisypop · 29 October 2016 at 4:32PM

Hi
I've had 2 replies to my 4 cca requests both seem fine . One is with link financial and one with Cabot.
I still want to try and offer full and finals as one will take me 5 years to pay and one over 9 years at my current repayment.
Anyone had any success with either please?

fatbelly · 29 October 2016 at 6:42PM

Daisypop wrote: »

Hi
I've had 2 replies to my 4 cca requests both seem fine . One is with link financial and one with Cabot.
I still want to try and offer full and finals as one will take me 5 years to pay and one over 9 years at my current repayment.
Anyone had any success with either please?

I quoted a post in the one before yours. They had one with Link (80%) and three with Cabot (30-60%), which shows you this is not an exact science but there are savings to be made. Start low.

scotnorma · 2 November 2016 at 7:14PM

Hi everyone,
I've recently discovered this thread, and as a result I sent off 3 CCA requests for my defaults from 2009/10 last week.

Today I received a letter from Tesco Bank Glasgow Legal Notices Team saying "Unfortunately you've not provided a signature as authority to allow us to continue with your request, please return a copy of this letter with the correct signature". I just wrote my name in capitals on the original letters as I'm sure I read somewhere that you shouldn't sign it - am I walking into some trap if I do as they ask? I'm sorry that I'm not more savvy on this, so any advice appreciated!

Regards,
scotnorma

sourcrates · 2 November 2016 at 10:16PM

scotnorma wrote: »

Hi everyone,
I've recently discovered this thread, and as a result I sent off 3 CCA requests for my defaults from 2009/10 last week.

Today I received a letter from Tesco Bank Glasgow Legal Notices Team saying "Unfortunately you've not provided a signature as authority to allow us to continue with your request, please return a copy of this letter with the correct signature". I just wrote my name in capitals on the original letters as I'm sure I read somewhere that you shouldn't sign it - am I walking into some trap if I do as they ask? I'm sorry that I'm not more savvy on this, so any advice appreciated!

Regards,
scotnorma

Hi,

A credit agreement doesn't require a signature to be valid anyway.

Also no where in the consumer credit act does it state a signature is required for a CCA request either.

Tesco are being pedantic.

But signing the letter won't hurt.

scotnorma · 2 November 2016 at 10:41PM

Thanks sourcrates, I didn't want to shoot myself in the foot by doing it so thought it best to check.

The advice on this thread (& on the other financial forums) is so helpful, I can't thank everyone enough for their input. Even if I haven't posted on them, I've certainly read and been enlightened by many of them!

Thanks from a bit of a lurker :T

Full and final settlement help thread

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