The MSE Forum will be undergoing some maintenance this evening. As a result, some users may experience temporary performance issues. Please use the Site Feedback board to report anything major. Thank you for your patience.

Full and final settlement help thread

1219220222224225315

Comments

  • Hi all,

    I don't post very often but am an avid lurker! I went self-managed on my DMP almost a year ago after 8 years with StepChange. I then re-negotiated my payments to a lower rate to enable me to save up some F&F's. At the time I also CCA'd all my debts; some of whom responded and some who didn't. One debt was acknowledged as unenforeable and I've not heard anything since which is good. Others sent paperwork that I have had checked and are unenforeable but I have carried on paying. I am now feeling brave enough to challenge a couple of them on enforceability and see if I can use that to negotiate low F&F's (would rather do that than just stop paying). Questions:

    1. Does it matter that it is almost a year since I sent the CCA request. Can I still tell them that since they did not comply I am stopping payments?
    2. Two debts have been sold on - can i tell the new company that I am stopping payments because the debts are unenforceable based on when I CCA'd the previous owner of the debts?
    3. Is it ok to offer a low F&F in the same correspondance that advises I won't be paying or should I advise that I won't be paying and then offer them a lower F&F in the future? My feeling is to do both at the same time....

    Any advice on the above would be much appreciated. Many thanks!
  • sourcrates
    sourcrates Posts: 28,711
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    Hi all,

    I don't post very often but am an avid lurker! I went self-managed on my DMP almost a year ago after 8 years with StepChange. I then re-negotiated my payments to a lower rate to enable me to save up some F&F's. At the time I also CCA'd all my debts; some of whom responded and some who didn't. One debt was acknowledged as unenforeable and I've not heard anything since which is good. Others sent paperwork that I have had checked and are unenforeable but I have carried on paying. I am now feeling brave enough to challenge a couple of them on enforceability and see if I can use that to negotiate low F&F's (would rather do that than just stop paying). Questions:

    1. Does it matter that it is almost a year since I sent the CCA request. Can I still tell them that since they did not comply I am stopping payments?
    2. Two debts have been sold on - can i tell the new company that I am stopping payments because the debts are unenforceable based on when I CCA'd the previous owner of the debts?
    3. Is it ok to offer a low F&F in the same correspondance that advises I won't be paying or should I advise that I won't be paying and then offer them a lower F&F in the future? My feeling is to do both at the same time....

    Any advice on the above would be much appreciated. Many thanks!

    Hi,

    From the moment the creditor received the CCA request, your debt became unenforceable, and will remain that way, until they provide what they are supposed to provide in order to fulfill your request.

    That is your starting point, what you choose to do going forward is up to you.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Skoots1710
    Skoots1710 Posts: 19 Forumite
    Hi all

    I have been in a DMP since 2014 - Thanks to this thread I have managed to get my 3 Defaults backdated to then with no problem at all, I simply wrote to each creditor and asked. Two of the defaults had just been applied in 2018! They called within 2 days of sending the letters and just agreed. Thanks for all your advice on this :)

    I now have 10k left of debt over 3 cards - one with the original lender and two with Wescot. I recently wrote and offered them all 30% towards the full balances having been offered a lump sum of £3,500 from my father.

    Wescot wrote back accepting it straight off on both cards they hold for me - no problem - no bartering!
    The card still with the original lender said they would accept 50% not 30% All in all a great result which I am happy with.

    My question is, I'm hoping to get a mortgage next year. My defaults will be 5 years old but obviously still showing on my file and my accounts will show zero balances but 'partially settled' Im not sure how negatively this will impact my chance of getting a mortgage? Or do I wait until I can pay them off in full?

    Also the original debts started in 2002 I believe. I haven't requested CCA's at the moment. Is it worth me doing that now or could it upset the offers I've had?

    I was wondering if the CCA requests come back and the debts are unenforceable, I could potentially be in a stronger position to negotiate lower payments and is it possible to negotiate a 'satisfied' marker on my credit file rather than 'partially settled' if I still offer them the higher amounts! Has this ever been heard of?

    Many thanks
  • January2015
    January2015 Posts: 2,369
    First Anniversary First Post Combo Breaker
    Forumite
    Skoots1710 wrote: »
    Hi all

    I have been in a DMP since 2014 - Thanks to this thread I have managed to get my 3 Defaults backdated to then with no problem at all, I simply wrote to each creditor and asked. Two of the defaults had just been applied in 2018! They called within 2 days of sending the letters and just agreed. Thanks for all your advice on this :)

    I now have 10k left of debt over 3 cards - one with the original lender and two with Wescot. I recently wrote and offered them all 30% towards the full balances having been offered a lump sum of £3,500 from my father.

    Wescot wrote back accepting it straight off on both cards they hold for me - no problem - no bartering!
    The card still with the original lender said they would accept 50% not 30% All in all a great result which I am happy with.

    Can I ask which cards Wescot accepted the offers on? Also which original lender accepted 50% Westcot have a couple of mine and it would be great to know if they will be open to negotiations :beer:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • Skoots1710
    Skoots1710 Posts: 19 Forumite
    Can I ask which cards Wescot accepted the offers on? Also which original lender accepted 50% Westcot have a couple of mine and it would be great to know if they will be open to negotiations :beer:

    Halifax and Lloyds with Wescot and Capital One (50%) still in house x
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 19 May 2018 at 6:57AM
    Skoots1710 wrote: »
    Halifax and Lloyds with Wescot and Capital One (50%) still in house x

    Congratulations on the offers and on getting your debt paid off to the level it was before that:T:beer:. I'm in a rush and can't respond to your questions so I hope someone else will be along later who can.


    Out of interest, Wescot are managing my Lloyds debt but definitely haven't bought it:(. This situation has gone on since about 2016. Lloyds also are the only one of my creditors to default late, in 2016 instead of at various stages during 2013 like all the others. Some of the defaults will start dropping off my credit file in less than a year from now. I keep planning to write and ask Lloyds for a backdated default but they are not very amenable to helping whatever I ask them for so I keep putting it off:o
  • fatbelly
    fatbelly Posts: 20,380
    Name Dropper First Anniversary First Post Cashback Cashier
    Forumite
    Skoots1710 wrote: »
    My question is, I'm hoping to get a mortgage next year. My defaults will be 5 years old but obviously still showing on my file and my accounts will show zero balances but 'partially settled' Im not sure how negatively this will impact my chance of getting a mortgage? Or do I wait until I can pay them off in full?

    Also the original debts started in 2002 I believe. I haven't requested CCA's at the moment. Is it worth me doing that now or could it upset the offers I've had?

    I was wondering if the CCA requests come back and the debts are unenforceable, I could potentially be in a stronger position to negotiate lower payments and is it possible to negotiate a 'satisfied' marker on my credit file rather than 'partially settled' if I still offer them the higher amounts! Has this ever been heard of?

    Many thanks

    You will find some older posts where people negotiated a satisfied marker while settling at a percentage. You could try offering a slightly higher percentage for this but frankly I think it confuses things and I'm not sure how much damage a partially settled marker does. I suspect not much.

    Defaults do cause problems but if they are older and the debt balances are at zero it may not be too bad.

    You are always entitled to do a cca request on cca debts but I'd say to do this at the start or maybe where negotiations have stalled, and you seem to have got good deals on all your debts now. Well done on the 30%/50% deals. You should just pay them now if you can.
  • Skoots1710
    Skoots1710 Posts: 19 Forumite
    edited 20 May 2018 at 7:08PM
    Out of interest, Wescot are managing my Lloyds debt but definitely haven't bought it:(. This situation has gone on since about 2016. Lloyds also are the only one of my creditors to default late, in 2016 instead of at various stages during 2013 like all the others.

    That was the same with me. Lloyds only defaulted me in Jan 2018 I wrote to them saying it was unfair as id been paying on time each month etc and someone who hadn't paid them at all would now be in a better situation that I am. They called within 2 days of me sending the letter and agreed to backdate it to 2014

    Also used the standard National debt helping letter for the F&F's to Wescot, They just wrote back accepting my offer.

    Ive actually no idea if Wescot had bought my debt or not.

    Its painless :) Good luck x
  • Skoots1710
    Skoots1710 Posts: 19 Forumite
    fatbelly wrote: »
    You could try offering a slightly higher percentage for this but frankly I think it confuses things and I'm not sure how much damage a partially settled marker does. I suspect not much.

    Thanks Fatbelly, yes I'm really not sure about this but its the difference of possibly being offered a mortgage next year or being declined cause of the partials. I don't know what to do really.
  • Skoots1710 wrote: »
    That was the same with me. Lloyds only defaulted me in Jan 2018 I wrote to them saying it was unfair as id been paying on time each month etc and someone who hadn't paid them at all would now be in a better situation that I am. They called within 2 days of me sending the letter and agreed to backdate it to 2014

    Also used the standard National debt helping letter for the F&F's to Wescot, They just wrote back accepting my offer.

    Ive actually no idea if Wescot had bought my debt or not.

    Its painless :) Good luck x

    Thanks very much, Skoots:T. It's very reassuring to know of your experience and you've given me a lot of hope and a much needed kick up the rear to get this sorted once and for all:beer:
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards