Full & Final settlement offer REJECTED by all my creditors

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  • sourcrates
    sourcrates Posts: 28,647
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    tedsd wrote: »
    Hi,

    Please can I ask a quick question? Re CCAs, if a creditor after admitting an old debt isn't enforceable, agrees not to chase it up anymore, what then happens to the debt on the credit file?


    Thanks

    Ted


    Stays there for 6 years from date of default, then it disapears for ever.
    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 [email protected]. 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
  • Thanks for the quick reply Sourcrates,
    I forgot to say, what if the debt isn't defaulted but currently AP?
    Ted
    The safe way to double your money is to fold it over and put it in your pocket.....
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    sourcrates wrote: »

    What we have here are debt purchasing companies who have bought up the accounts for literally a few quid each, and are now attempting to gain as near the full amount owed on paper as possible, yes its all above board, but it does tend to stick in your throat a bit.

    Operational costs have to be covered. If debt was simply written off. What incentive would there be to repay money borrowed. Somebody else picks up the tab. There's no such thing as a freelunch.
  • sourcrates
    sourcrates Posts: 28,647
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    Thrugelmir wrote: »
    Operational costs have to be covered. If debt was simply written off. What incentive would there be to repay money borrowed. Somebody else picks up the tab. There's no such thing as a freelunch.

    No argument from me on that one, I just disagree with the system that profits from other peoples misery thats all, not many folk deliberatly set out to default on their debts, its usually an unforseen circumstance or a major change of some kind that nessessitates it.

    If the original creditor can accept a token payment from a debt purchasing company to purchase a particular debt (I know that dosent happen as debts are sold in bulk, but for arguments sake lets use that analogy) why can`t they accept a similar payment from the debtor instead ?


    Its all about profit for these debt buyers, if the original bank accepted a few quid from the debtor instead, the whole situation would be so much easier for all concerned, obviously the clients situation must be assessed beforehand, but how many people would be able to stay out of problem debt if that were adopted and policed properly.


    They won`t do it as they all pi## in the same pot.
    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 [email protected]. 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
  • sourcrates wrote: »
    Stays there for 6 years from date of default, then it disapears for ever.


    Hi again, what would happen if a debt is found to be UE but is still showing on a credit file as it was never defaulted? Do they mark it on file as UE.. does the DCA have to remove it?
    Thanks
    Ted
    The safe way to double your money is to fold it over and put it in your pocket.....
  • I think I've found the answer to this back in a 2017 thread, seems it would remain on credit file as in arrears until statute barred and drops off...
    Thanks
    Ted
    The safe way to double your money is to fold it over and put it in your pocket.....
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