Full & Final settlement offer REJECTED by all my creditors

2

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  • kangoora
    kangoora Posts: 1,193
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    Don't pay anything until you have done the CCA responses and got the relevant feedback - they either have compliant paperwork or are unable to get it.

    If they are unable to supply the correct paperwork then offer 10% and maybe try and settle for 10-30%. They should accept that, as you can tell them to go whistle for their money as they can't take you to court to enforce payment. Also, I believe, whilst waiting for the CCA request you can stop paying them anything so they will be more inclined to get a final amount than just lose the lot.

    By the way, you've negotiated badly here - you NEVER go into a negotiating situation with your top offer. The other party always expects you to come in with a lowball offer, they respond with a maximum and then you meet somewhere in the middle. By offering your top amount to start with they believe you can and will pay more......... :(
  • Okay, thanks.

    StepChange advised: "I can say that the PRA Group tend to inform us if they don’t have the credit agreement.

    They’ve not mentioned that they don’t for your accounts, so I’d assume they do hold this for you".


    So that's PRA out.

    Westcot have agreed to the two 50% offers so that's another not worth getting the CCA's for.

    Leaving just Intrum and Cabot.

    Two simple questions (forgive my naivety):

    As I don't have a cheque book with my basic bank account I'll have to send a Postal Order, but.... who do I make it payable to and to which specific address please?

    There seem to be several online for Intrum and Cabot.

    Thank you.
  • kangoora wrote: »
    By the way, you've negotiated badly here - you NEVER go into a negotiating situation with your top offer. The other party always expects you to come in with a lowball offer, they respond with a maximum and then you meet somewhere in the middle. By offering your top amount to start with they believe you can and will pay more......... :(

    I was offered this £9,000 by family to clear my debts and let me start over again. I contacted my debt management company (StepChange) and they put the offer forward on my behalf. I have never done this before - and never will again - and trusted StepChange's "expertise".

    I didn't know I'd end up getting screwed over by my creditors who are still greedy.

    Sorry :(
  • kangoora
    kangoora Posts: 1,193
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    No need to be sorry, just a lesson learned I guess. I've done similar in the past when buying my first house.....

    Stepchange saying that they 'assume' the correct records are held is not the same as verifying it for sure - by a long way. I'd be very surprised if they told Stepchange they DIDN'T have the correct paperwork as that is effectively telling Stepchange the debt is unenforcable in court.

    If these debts are over 6 years old it's quite probable some of the original paperwork has gone missing over that time.

    If you can get the 50% offers down to 25% for example, surely that is worth waiting 6 months for (or however long it takes them to respond)?

    Still, it's your decision in the end - hope you can get somewhere with the others. Maybe someone else has some ideas?
  • kangoora wrote: »
    If these debts are over 6 years old it's quite probable some of the original paperwork has gone missing over that time.

    They are ALL over 6 years old, even the guy at Cabot told me this £1,679 debt defaulted in February 2013.

    Pretty annoyed StepChange didn't advise me when the debts were all 6 years old to request CCA's from all the creditors :mad:

    Instead I feel like I've been mugged and now they are robbing me further blind by not all accepting this once-in-a-lifetime (for me) £9,000 family offer.

    I told my partner this would all be over for my little boy's 3rd birthday in a few weeks, and now it's still dragging on :(

    Seems you can't give this £9,000 away

    I am so upset - and angry

    :mad:
  • sourcrates
    sourcrates Posts: 28,647
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    edited 11 September 2019 at 7:26PM
    You have to regard the negotiations as more of a marathon than a sprint, debt collection can be a long drawn out slog, it’s a game of cat and mouse, normally it’s best to think these things through first, set the scene so to speak.

    So for example, if it were me in your shoes, for a start I would drop to token payments, due to a “necessary household item” that requires replacement, my hours may have also been cut at work, so the payment I had been making is now unaffordable, at this point I would send CCA requests, once the results are known, then in would go the letter, explaining why the current payments were unaffordable. You have to make them believe that the settlement offer you are going to make, represents the best possible outcome for them.

    It’s not simply about offering them a sum of money just like that, you have to spend time setting the scene, building the storyline, they are not stupid, so it must be convincing, never start your bid at the full amount you have available, always leave manoeuvring room, expect the whole thing to take up to a year to get the results your after.
    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
  • elsien
    elsien Posts: 32,424
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    They're not robbing you blind, and you're not doing yourself any favours by getting worked up and thinking like that.
    They are quite simply businesses trying to get the money owed, or as close to it as they think they can realistically get. I can understand why now you've got the chance to get clear you're desperate to get it sorted, but they have little to lose by holding out to see if more is forthcoming.

    Take a step back, calm down and take the advice in sourcrate's post.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Instead I feel like I've been mugged and now they are robbing me further blind by not all accepting this once-in-a-lifetime (for me) £9,000 family offer.
    I didn't know I'd end up getting screwed over by my creditors who are still greedy.

    Forgive me if this is not in the spirit of the Full and Final settlement board, but the £18k that you still owe, you spent that right? It is debt that you incurred and that is owed to these creditors.

    What you are trying to do is ask them to cut their losses and accept half of the money you owe them. These people do not owe you the luxury of being debt-free and have every right to hold out for the full amount.

    So I would encourage you to be more grateful for the discounts they are offering you and stop getting so :mad: at them; it's not their fault you have multiple debts.
    Proud to be debt-free 30/6/2020

  • sourcrates
    sourcrates Posts: 28,647
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    To be fair here, the original creditors have long since washed their hands of the debts, been paid back, claimed tax relief, interest etc etc.


    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.
    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
  • 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
    The safe way to double your money is to fold it over and put it in your pocket.....
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