Full and final settlement help thread

1118119121123124315

Comments

  • City1
    City1 Posts: 77
    Combo Breaker First Anniversary
    Forumite
    Good afternoon,


    Was looking for a little advice. I/we have being making £1.00 token payments for around 18 months now. In the past few months debts have shifted from HSBC to Moorcroft they have offered us a discount straight away without any contact from us. Also we bought a number of things via NEXT, this has now passed to it's 3rd DCA (Debt Managers), who have offered us a discount again with no correspondence from us. We have a CC with Virgin (MBNA), if memory serves me correctly we are now onto 2nd/3rd DCA they are offering us a 30% discount, again with no correspondence coming from us.


    In regards amount of debt:
    £4863 hSBC LOAN
    £1863 HSBC Overdraft
    £4427 Next
    £3129 Virgin


    I was wondering if anyone had experience of receiving these types of letters, if so how best to handle them. We aren't in a position to settle them out right even if got them down to 50%, but if we could get them down can you pay full and final instalments say over 4 months (for sake of argument).


    A further question, would it be prudent do a CCA request, I have been reading a bit about them. I believe my wife had an account with next and virgin prior to 2007?


    All help appreciated.
  • sourcrates
    sourcrates Posts: 28,717
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    City1 wrote: »

    I was wondering if anyone had experience of receiving these types of letters, if so how best to handle them. We aren't in a position to settle them out right even if got them down to 50%, but if we could get them down can you pay full and final instalments say over 4 months (for sake of argument).

    A further question, would it be prudent do a CCA request, I have been reading a bit about them. I believe my wife had an account with next and virgin prior to 2007?

    All help appreciated.



    Hi,

    Yes this type of discount is common amongst debt purchasers.

    30% is a usual starting offer, I have seen some offering 50%.

    And yes, some will allow you to pay the discounted price, over a period of time, Lowell offer this.

    If its not mentioned in the letter to you, there's no harm writing back asking for a better offer, also ask to pay it over say 5 months, basically if you don't ask, you don't get !!!


    As for doing a CCA request, yes you should as a matter of course before any offers to settle are made.
    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
  • City1
    City1 Posts: 77
    Combo Breaker First Anniversary
    Forumite
    Thanks, is there a template for a cca and also advice on best practice?
  • leebo87
    leebo87 Posts: 30 Forumite
    What's the usual turnaround time for responses from DCA? Sent a couple of F&F's around 20/1/16 and itching to get replies back whatever they say...
  • sourcrates
    sourcrates Posts: 28,717
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    City1 wrote: »
    Thanks, is there a template for a cca and also advice on best practice?

    Template here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-(sole-name).aspx

    Expect a two month wait at least for compliance.
    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
  • whambam
    whambam Posts: 508 Forumite
    Can you be prosecuted by a DCA if your paying too little?
  • some of my debts before settling were getting only £1 per month for ages. So no, I dont think so as you are acknowledging the debt and are making payment, abeit a smaller 'token' payment
  • sourcrates
    sourcrates Posts: 28,717
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    whambam wrote: »
    Can you be prosecuted by a DCA if your paying too little?

    You can only be prosecuted by the police/CPS for a criminal offence.

    Debt is a civil matter, however You can be taken to court for non payment.

    You would offer what you can to pay off a debt, that's within your budget, payments must be affordable to a debtor.
    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
  • nnop72
    nnop72 Posts: 56 Forumite
    Hi - I have a loan from 2009 that doesn't have a CCA agreement. Checking through old correspondence they also admit that they don't have enough information to reconstitute the loan agreement and therefore the debt is unenforceable. Does that mean the lender is likely to accept a lower F&F figure - I have been making token payments for a while but am in a position to increase payments.

    Thanks

    nnop
  • sourcrates
    sourcrates Posts: 28,717
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    nnop72 wrote: »
    Hi - I have a loan from 2009 that doesn't have a CCA agreement. Checking through old correspondence they also admit that they don't have enough information to reconstitute the loan agreement and therefore the debt is unenforceable. Does that mean the lender is likely to accept a lower F&F figure - I have been making token payments for a while but am in a position to increase payments.

    Thanks

    nnop

    What it means is that the lender cannot take you to court to make you pay.
    You can just walk away and save your money for something more important !!
    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
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards