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  • FIRST POST
    • Sadie14
    • By Sadie14 13th Jan 19, 11:39 AM
    • 4Posts
    • 0Thanks
    Sadie14
    Halifax and Egg full and final settlement. Help needed
    • #1
    • 13th Jan 19, 11:39 AM
    Halifax and Egg full and final settlement. Help needed 13th Jan 19 at 11:39 AM
    Iím new to this forum and looking for advice on two debts that Iíve had for over 10 years.

    They were initially on credit cards with Egg and Halifax, I paid them every month without fail. Due to a disability I could no longer work and in 2008 I lost my job.

    When I couldnít pay the cards anymore, I informed each company and the accounts went into default. I eventually set up payment plans with collection companies and have continued to pay every month for over 10 years.
    I currently owe:
    Egg (Cabot Financial) £1885 paying £35 a month
    Halifax (Westcot) £1509 paying £30 a month

    Whilst I was in hospital just before Christmas, I was bombarded with telephone calls from both, as they wanted me to fill in an expenditure form so that they could review my payments.
    Westcot have also sent me umpteen letters to say they had not received the December payment.

    I have called both Cabot and Westcot this week and went through my outgoings, therefore my payments are staying the same. Although Westcot did try to get me to up my payment to £70, I declined.

    Westcot have stated that my last two payments have not been received, even though they have gone out of my bank account. Halifax have recently sold the debt to Link Financial, who seem to be getting the payment and should be passing it onto Westcot. I have now changed my standing order so that Westcot get the payment directly.

    This has caused me an incredible amount of stress and I donít think I can cope with dealing with them for another 4 years while I try and pay these debts off.

    On Friday I spoke to Westcot and Cabot about a full and final settlement.

    Westcot offered to settle for £1089, whilst Cabot offered to settle for £1391.

    I havenít really got that kind of money, so wonít accept the offers for now.

    I know I have gone round the houses to explain the history, but it was the only way I could give all the facts.

    What should I do now?

    Thank you
Page 1
    • Willing2Learn
    • By Willing2Learn 13th Jan 19, 11:46 AM
    • 1,966 Posts
    • 1,532 Thanks
    Willing2Learn
    • #2
    • 13th Jan 19, 11:46 AM
    • #2
    • 13th Jan 19, 11:46 AM
    Hi Sadie14,

    I suggest making a CCA request for both of your debts. This will ensure your creditors have the correct paperwork.

    Also, write to both of them and tell them you only authorise correspondence by post.

    How manageable are your current payment plans (£30 & £35 respectively)?
    Last edited by Willing2Learn; 13-01-2019 at 11:49 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Sadie14
    • By Sadie14 13th Jan 19, 12:40 PM
    • 4 Posts
    • 0 Thanks
    Sadie14
    • #3
    • 13th Jan 19, 12:40 PM
    • #3
    • 13th Jan 19, 12:40 PM
    I was sent the agreement from the Halifax a few years back. Iíd queried interest payments that were on the account and they sent it to me automatically.

    I will ask Cabot for the one Egg one, as I donít think Iíve ever seeen it.

    I can just about afford the monthly payments, but after 10 years Iím tired of dealing with these companies. Iím left with about £110 a month and Westcot seemed to think I should be able to pay another £40 a month, making it £70.
    • Willing2Learn
    • By Willing2Learn 13th Jan 19, 12:53 PM
    • 1,966 Posts
    • 1,532 Thanks
    Willing2Learn
    • #4
    • 13th Jan 19, 12:53 PM
    • #4
    • 13th Jan 19, 12:53 PM
    If you can just about afford your repayments, then I would suggest completing an I&E form to demonstrate affordability and then make written monthly payment schedules at a reduced level. Don't let them bully you into something you cannot afford.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 13th Jan 19, 3:14 PM
    • 16,160 Posts
    • 15,278 Thanks
    sourcrates
    • #5
    • 13th Jan 19, 3:14 PM
    • #5
    • 13th Jan 19, 3:14 PM
    I was sent the agreement from the Halifax a few years back. Iíd queried interest payments that were on the account and they sent it to me automatically.

    I will ask Cabot for the one Egg one, as I donít think Iíve ever seeen it.

    I can just about afford the monthly payments, but after 10 years Iím tired of dealing with these companies. Iím left with about £110 a month and Westcot seemed to think I should be able to pay another £40 a month, making it £70.
    Originally posted by Sadie14

    Definitely CCA the EGG agreement.


    They were notorious for not been able to produce compliant paperwork.
    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". I have extensive experience of debt, and itís solutions, as well as the collection industry in general.

    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.
    • Sadie14
    • By Sadie14 14th Jan 19, 11:21 AM
    • 4 Posts
    • 0 Thanks
    Sadie14
    • #6
    • 14th Jan 19, 11:21 AM
    • #6
    • 14th Jan 19, 11:21 AM
    Would you make them a counter offer or wait until I get the CCA?
    • Willing2Learn
    • By Willing2Learn 14th Jan 19, 11:27 AM
    • 1,966 Posts
    • 1,532 Thanks
    Willing2Learn
    • #7
    • 14th Jan 19, 11:27 AM
    • #7
    • 14th Jan 19, 11:27 AM
    I would wait until the CCA had been received
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • January2015
    • By January2015 14th Jan 19, 1:00 PM
    • 2,336 Posts
    • 5,529 Thanks
    January2015
    • #8
    • 14th Jan 19, 1:00 PM
    • #8
    • 14th Jan 19, 1:00 PM
    Just because a creditor sends you documentation in response to a CCA request does not mean it will be compliant and/or enforceable. It's important you get any CCA documentation you receive checked out by experts. I recommend you pop over to another site called All About Debt and ask over there when you have you CCA agreements.

    If the documentation is deemed unenforceable you can either just stop paying the debt - as they could never enforce it anyway, or you would be in a fantastic position to negotiate a much reduced settlement offer. To give you an idea, I had an unenforceable CCA on a debt that was about £12,000. I chose to settle the debt in order to get it marked as satisfied on my credit reference files. I settled it for 10% of the balance - so £1,200
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
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