Full and final settlement help thread

Parkie93 · 15 September 2015 at 4:59PM

Thank you, that's very encouraging. At least I can put that debt to one side and try to forget it, whilst I deal with my other creditors. If they should come up with the paperwork later, I'll just have to deal with it then but I won't have any sleepless nights about it in the meantime! Thanks again.

Decked · 15 September 2015 at 7:31PM

Hi I am Interested in what sort of durations people had left on their payment plans when they negotiated full and final settlements. I have been on a DMP for just under 3 years and cleared approx £28k off £58k debt. As I am in the process of upping my payments by £350 per month to £1400 per month, some of my larger creditors will be getting a sizeable payment each month, however because of the way Stepchange calculate the payments, I have a couple at less than £800 that will only get £28 per month, hence they think it will take several years today off. In theory once I up my payments I could be debt free in 2 years, are creditors likely to hold out if the end is only a couple of years away?

Lighthelamp · 15 September 2015 at 8:17PM

Can anyone help? After receiving some back pay from employers I have sent letters to creditors offering 30% F&F offers, I expected some negotiation but only received 2 letters back, requesting detailed financial statements and threatening legal action!! I have been paying monthly to stepchange for past year or so, and have debts of 30k. I will send in the financial statements as requested (income & outgoings) but should I ring the companies or what is the next step?

sourcrates · 15 September 2015 at 9:59PM

Lighthelamp wrote: »

Can anyone help? After receiving some back pay from employers I have sent letters to creditors offering 30% F&F offers, I expected some negotiation but only received 2 letters back, requesting detailed financial statements and threatening legal action!! I have been paying monthly to stepchange for past year or so, and have debts of 30k. I will send in the financial statements as requested (income & outgoings) but should I ring the companies or what is the next step?

These negotiations are best done in writing only, as you have a written record of what has been agreed, you should refrain from contacting creditors by phone, as things said in a phone call cannot be substanciated later, and have no legal bearing in court.

It's all a matter of negotiation, it could take a few letters to finally agree a full and final settlement, you have to convince the creditor the deal you are offering is the best available option for them.

Parkie93 · 18 September 2015 at 2:28AM

First of all, thank you to everyone helping here on this forum. I actually feel like I'm beginning to take control of my life again! So what can I do if a DCA doesn't respond to my CCA request? I sent one (recorded) to DLC Direct Legal and Collections on 21st August 2015 and I've checked on Royal Mail's 'track and trace' site and I have the confirmation that it was delivered and signed for on 22nd August 2015.
It was for a debt of £1358.96 on an old MBNA card taken out way back, around 2003/4 I think. So far I've heard nothing. Thanks.

sourcrates · 18 September 2015 at 9:32AM

Parkie93 wrote: »

First of all, thank you to everyone helping here on this forum. I actually feel like I'm beginning to take control of my life again! So what can I do if a DCA doesn't respond to my CCA request? I sent one (recorded) to DLC Direct Legal and Collections on 21st August 2015 and I've checked on Royal Mail's 'track and trace' site and I have the confirmation that it was delivered and signed for on 22nd August 2015.
It was for a debt of £1358.96 on an old MBNA card taken out way back, around 2003/4 I think. So far I've heard nothing. Thanks.

Give it another week, then send a reminder letter, send to the DCA`s compliance manager, that usually gets a response.

Samantha Tobin
Compliance Manager
DLC
Buckingham Road
BRACKLEY
Northamptonshire
NN13 7DN



fatbelly · 18 September 2015 at 7:28PM

Parkie - It's also worth mentioning that if you can evidence that you made a formal cca request, with £1 payment, then any court action can now be stayed until they comply. For now, the debt is unenforceable.

So you could just leave things as they are - depends on whether the aim of the request was to actually see a copy of your agreement or to poke a stick into their spokes.

JJM26 · 19 September 2015 at 10:33AM

Hi, just joined today & in need of advice.

I have 3 debts at the moment, not massive in comparison to some, but ones I want sorted if possible.

Bit of background, since having these accounts I was made redundant. I now have a new job but it's almost 30% less basic & approx 45% less take home overall after bonus. Just want advice on each one as to whether a F&F offer is worthwhile.

1) Studio (catalogue) - £1700 - had the account approx 5 years now. I had an arrangement with them previously to pay less than minimum due to circumstances. I recently missed a payment & this month have a late letter wanting immediate payment or a default will be applied to my account.

2) Vanquis Creditcard - £3000 - I had an option to freeze my account when I was made redundant & it has been frozen now for 12 months due to my reduction in pay. I have option to freeze up to 24 months in total which I will be doing. As it stands they are getting no £ from me or charging any interest.

3) Capital One - £1250 - newest of the debts - approx 3 years. Over limit every month but never sent to DCA.

I am exploring my options as I have been informed I'm due £1500 PPI refund & would like to clear as much as possible.

Any advice greatly appreciated.
Thanks

Parkie93 · 21 September 2015 at 12:11AM

Thanks sourcrates/fatbelly. I'm really just trying to clear as much debt as I can. This particular debt is one of several being managed in a DMP with Payplan. The thought is that if Direct Legal and Collections can't produce the CCA for this old MBNA card, I might be able to offer a much lower full and final settlement payment and clear it completely. I had some success with Cabot for an old Citibank credit card (see a previous post) where they said because the couldn't produce the CCA on it, they 'would not pursue' the debt.
With written confirmation of this, I was able to go to Payplan and get it taken off my DMC and they are now making no more payments to Cabot.
I suppose I'm hoping the same might happen with this one, or at least I'll be able to settle for a much lower amount.
Without some confirmation that the debt won't be pursued or that it's settled, I'm not sure that Payplan would take this particular debt off my DMC and stop paying Direct Legal and Collections. I read somewhere that Payplan aren't into 'unenforceability'. Is this right and is it best then to chase up the CCA request? Thanks.

Daisypop · 21 September 2015 at 6:00PM

Hi parkie93

I have a debt formally with Citibank now with Cabot. I am looking to see if I can agree f & f's so based on your post I think it's worth pursuing! Mine was from 2003/4 ish when I first got the card.
Anyone had any luck with northern rock now with Cabot? This was from about 2005/6.
Really want to try and pay things off as quick as possible been on a DMP 3 years and paid a lot back but still have another 3 years to go and figured my credit is shot anyway so if I can agree f &f's would be good.
TIA

Full and final settlement help thread

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free