Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Ahmed365
    • By Ahmed365 7th Aug 18, 12:55 AM
    • 6Posts
    • 0Thanks
    Ahmed365
    Selling house F&F offers or CCA? - help!
    • #1
    • 7th Aug 18, 12:55 AM
    Selling house F&F offers or CCA? - help! 7th Aug 18 at 12:55 AM
    Hi, it's my first time on this forum, I've noticed that there's such a helpful community present here and maybe had the hope someone could help me out with the complicated issue I have at hand. Since it's my first time please go easy with the abbreviations

    My parents are on a shared DMP with MoneyPlus and have been with them for a very long time now (10 years or so) they have a combined debt of 32k spread amongst 12 different creditors. I am aware that ALL of their original creditors debt has been sold onto the likes of PRA, Idem, NCO Europe, Robinson & Way, Link Financial, Wescot and Cabot. The large majority of the debt was created around 2004/05/06 and they have been paying little to nothing to these creditors on a monthly basis (1-5 per creditor each month) at that rate it would take 100+ years to clear it all off. They also regularly get offers from Cabot and some others offering 1k for a 4k debt and considering it settled.

    My parents are planning on selling their property to my sister, to then use the profit to make full and final settlement offers. However I'm not too sure how to go about this as the amount they'll receive will be more than enough to clear the full amount, so why would creditors accept a lower offer?

    We were initially thinking of giving out f&f offers before the completion of the purchase so that they can't do land registry checks in time and demand the full amount. Instead we would rely on them accepting the offer before the sale of the property (hopefully not asking for the source the of money) and as soon as they accept, we could use the proceeds to pay a reduced amount. I was planning on starting negotiations at 30% and will also use the template found on National Debt line to send out f&f offers.

    However, recently what intrigued me was that debts prior to April 2007 may be unenforceable if the debt has been sold on and the original CCA (credit agreement?) isn't provided or signed over? Is that correct? I have also read amongst the forum that I should request a SAR for the original CCA's (how would I go about this, are there any templates and what am I looking out for once I get the documents? And what if there's no reply?) My parents are relatively old now so they aren't too concerned with their credit file, as long as these debts are unenforceable. If there's a way of not needing to repay most of the debt, then thats the option that is probably best for us. But I don't know the ins and outs on how to do this, but I am willing to learn.

    I plan to do fix this independent of MoneyPlus (since they charge horrendous fees), of the 50 a month we pay to them, 50% of that goes to MoneyPlus and the other 50% would be shared between the 12 creditors.

    The last thing we would want is to sell the property and be forced to pay back the full 32K as we have other plans with that money.

    I'm really stuck on what to do, it will be a hell of a task writing to and managing the responses of all 12 creditors, but it is what it is.

    Any help from the more experienced members of this hub would be more than appreciated. Thanks!
Page 2
    • sourcrates
    • By sourcrates 8th Aug 18, 3:46 PM
    • 14,859 Posts
    • 13,945 Thanks
    sourcrates
    The reason it is suggested that you send a Postal Order rather than a cheque is so that your signature cannot be simulated on a fake agreement which could be produced in reply to a CCA request.

    Of, course, we are not suggesting for one moment that Debt Collection Agencies or others would stoop to such low tactics!!!
    Originally posted by poppasmurf_bewdley
    Some DCA did do that in the past, why i do not know, as no where in the consumer credit act does it say that a signature is required on a credit agreement.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Ahmed365
    • By Ahmed365 8th Aug 18, 3:49 PM
    • 6 Posts
    • 0 Thanks
    Ahmed365
    I always thought that every DMP practitioner charged some sort of fee, so as you can imagine I was furious to find out that my parents were paying 50% of their monthly instalment to MP - for 10 years! I truly realised the depth of their scams when they told me the ridiculous fees they charge to settle debts. Whatever discount they can obtain for you, 30% of it is going straight to their pockets!

    Anyway upon sending the CCA request, is it wise to put two account numbers on one request if, for example Cabot appears twice on their creditor list or is it best to keep it separate?

    I am also thinking of keeping a small chunk of money aside, for requests that come back months later with valid agreement. So I can offer f&f settlements.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,932Posts Today

8,756Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin