I have started a few threads over the last week and with no disrespect to any regulars on CAG, as it is more my own perceptions that are causing confusion:|, I feel no further forward.

In brief we have approx 30K's worth of debts with the largest being Black Horse who have taken over my Capital loan since the LSTB/Halifax merger:-( So in effect that one is still with the OC.....

The rest are 5K , 3K, 2K, 1.5K and a few of around £200 - all of these smaller ones are with DCA's:|

We have been running a DMP with Payplan for the last 2 years and have never had any problems other than the odd letter reminding us of our debts....not one offer of a reduced settlement:-x

We have now sold our house and will be left with approx 5K in cash.

Do we tell Payplan about the 5K and ask them to try for F&F's or do it ourselves?

If we tell our creditors that we have sold our house and this is probably the last time we'll have access to anywhere near 5K will that help our cause?

Do you think Black Horse will be happy to get their £55 per month till the tenth of never from Payplan?

Do you think any of the creditors will put the squeeze on us if they get wind that we now have no more assets?

All help and advice GREATLY appreciated:roll:

You could do it either way. If you want to do it yourselves, you'd need to complete the IE sheet on here that works out prorata payments for you.

I don't want to but a damper on things, but I think you're unlikely to get F&F's on all 30K worth with 5K, but you can try! If you do try, make it quite clear to them the sacrifice you have made in order to be able to get this money -ie- giving up your home.

We sold ours a few years ago and now have no real assets, but plenty of debt. CAB advised us 3 years ago to stop paying all creditors and wait to be made bankrupt. We have taken their advice and have even asked creditors to make us bankrupt quite a few times. They won't as it would mean them paying money to have their debt written off and to help us. However, having got our head round bankruptcy being a real possibility (which was hard), it has given us a new lease of life as there really is nothing they can do to us. I keep fighting them as I enjoy the fight in a perverse way, and have managed to have over £15000 written off.

I don't think they'll put the squeeze on you. Even if they do - you've no assets, so what can they get out of you?

If you can get your heads into this mindset as we've had to, it makes all the difference in the world.

You could do it either way. If you want to do it yourselves, you'd need to complete the IE sheet on here that works out prorata payments for you.

 

I don't want to but a damper on things, but I think you're unlikely to get F&F's on all 30K worth with 5K, but you can try! If you do try, make it quite clear to them the sacrifice you have made in order to be able to get this money -ie- giving up your home.

 

We sold ours a few years ago and now have no real assets, but plenty of debt. CAB advised us 3 years ago to stop paying all creditors and wait to be made bankrupt. We have taken their advice and have even asked creditors to make us bankrupt quite a few times. They won't as it would mean them paying money to have their debt written off and to help us. However, having got our head round bankruptcy being a real possibility (which was hard), it has given us a new lease of life as there really is nothing they can do to us. I keep fighting them as I enjoy the fight in a perverse way, and have managed to have over £15000 written off.

 

I don't think they'll put the squeeze on you. Even if they do - you've no assets, so what can they get out of you?

 

If you can get your heads into this mindset as we've had to, it makes all the difference in the world.

Cheers Tingy:wink:

So is it best to let Payplan do it or if I do it myself will they be offended?

I didn't really think that 5 would clear 30, to be honest.....if I did try would it be prudent to offer my largest creditor (Black Horse) the whole 5K? I could pick away at the others over time... But could do with getting rid of the big one:| If I did that would I tell BH that I was only offering money to them and not my other creditors?

It depends on the circumstances of each debt. If some have frozen interest and others haven't, it would make sense to try to get rid of these first as they're costing. However beware of one thing, there was somebody recently posted on here in a similar position and another creditor found out that they'd paid off one creditor in full, but not upped their payments to the others and withdrew all their goodwill. F&F's can be complex!

It depends on the circumstances of each debt. If some have frozen interest and others haven't, it would make sense to try to get rid of these first as they're costing. However beware of one thing, there was somebody recently posted on here in a similar position and another creditor found out that they'd paid off one creditor in full, but not upped their payments to the others and withdrew all their goodwill. F&F's can be complex!

I feel stuck between a rock and a hard place:|

If I pro rata the full 5K then I know BH will knock me back:-( some others might accept, but then what do I do with the element of money that was destined for BH??

You wouldn't happen to have a link for the formula for working out F&F's have yo?

My understanding is that normally people offer pro rata to everyone who either accept or don't. I believe they then pay off the ones who've agreed and pay the others what they had offered them so if ever it went to court they can prove their behaviour has been fair and equitable.

My understanding is that normally people offer pro rata to everyone who either accept or don't. I believe they then pay off the ones who've agreed and pay the others what they had offered them so if ever it went to court they can prove their behaviour has been fair and equitable.

Those who don't accept have nowt to lose then really:-(

They have nothing to lose, but you have a lot to gain as if you're able to offer the 30K one say £1200, then they refuse it. If they then take you to court in the future, you have evidence that when you had some money you offered it fairly amongst your creditors and they refused. However as a gesture of goodwill you still made the payment and since then have contiinued to pay what you can afford.

Something paid off is better than nothing. Hand on heart do you think you will eventually be able to repay these debts, or do you think you're going to be making token payments for the rest of your lives?

This link tells you how to work out what to offer:

http://www.insolvencyhelpline.co.uk/debt_factsheets/full_and_final_settlement_offers.php

They have nothing to lose, but you have a lot to gain as if you're able to offer the 30K one say £1200, then they refuse it. If they then take you to court in the future, you have evidence that when you had some money you offered it fairly amongst your creditors and they refused. However as a gesture of goodwill you still made the payment and since then have contiinued to pay what you can afford.

 

Something paid off is better than nothing. Hand on heart do you think you will eventually be able to repay these debts, or do you think you're going to be making token payments for the rest of your lives?

Difficult to say how long it will take to pay the debts, but we WILL persevere to do so:|

It would be nice to be able to close the door on it all with F&F's though...

So do you think it is a BAD idea to try and get rid of BH on it's own?

As that is the big one I can understand your wish to do so, which is fine unless your other crediros latch onto the fact that you've given BH 5K and them not a penny. TBH I think you'd be luck if BH would accept 5K as F&F, but you can try.

The reason I asked about repaying for the rest of your liives was that there are a range of other routes depending on your income etc.... that you can take to write them off totally. Unfortunately I go away this morning until Mon or Tues, but will be back then. You could consider bankruptcy, DRO's, IVA's etc.... which don't carry the stigma they once did, are NOT reported in the local press anymore (contrary to popular belief) and after a year you're free to amke a fresh start. Something that drastic has to be your call. It's what we've chosen and was a very difficult decision to make, but we don't want the rest of our lives spent with this cloud of debt and letters hanging over our heads.

As that is the big one I can understand your wish to do so, which is fine unless your other crediros latch onto the fact that you've given BH 5K and them not a penny. TBH I think you'd be luck if BH would accept 5K as F&F, but you can try.

 

The reason I asked about repaying for the rest of your liives was that there are a range of other routes depending on your income etc.... that you can take to write them off totally. Unfortunately I go away this morning until Mon or Tues, but will be back then. You could consider bankruptcy, DRO's, IVA's etc.... which don't carry the stigma they once did, are NOT reported in the local press anymore (contrary to popular belief) and after a year you're free to amke a fresh start. Something that drastic has to be your call. It's what we've chosen and was a very difficult decision to make, but we don't want the rest of our lives spent with this cloud of debt and letters hanging over our heads.

One thing I have just thought of that I haven't previously mentioned...Out of the 30K debts, not all are in my name..... Only approx 21K is in my name and the rest are in the name of my wife.

Will that make a difference to an offer to BH? although DMP is in joint names.

As long as the debts were taken out in only one name, only that one person will be liable. In terms of BH, if that is on your credit file, it would only cause problems if one of your other creditors looked at the file and saw a massive lump paid off BH when they had got nothing - this is why the advice is always to treat creditors equally.

Sorry Tingy&erinbrooke, I have not read the whole thread, only that you are looking at F&F offers, so here is some info which might be useful to you.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

http://www.voltimum.co.uk/news/2312/cm/the-law----full-and-final-settlement-.html

Hi all,

We have a car finance agreement with BH in my wife's name.

In 2009 we handed the vehicle back to BH which left an outstanding balance of approx. £3500, which we have been servicing with minimum payments.

My wife recently got her credit reports from the 3 agencies. At the end of last year (2012) BH decided out of the blue to register a default against my wife, some three years after she handed the car back...

We are gutted that they left it so long before doing it and without sending us the relevant notifications...

Anyway, we could potentially have the funds available to clear the debt, which is currently standing at approx. £3000.

Does anyone know what sort of figures they are accepting at the minute and also if we have any grounds to have the default removed?

Hi,

You say they have placed a default but what date is the default. A default may have been issued 3 years ago but BH forgot to add it to her file however if the date of default is recent (2012) rather than the earlier date, I would be inclined to complain.

If you intend to clear the debt, I would suggest a Full and Final settlement starting with a low percentage of the debt with a higher figure that you would be prepared to go to. If it was me doing this, I would be asking for the removasl of the default as a condition of the settlement, not placing a 'satisfied' remark on her file.