Hi,

I am negotiating with creditors with regards to CC debt. I offered them a Full n Final, and they said they would only accept if they could see 6 months bank statements and credit card statements of other debts.

How should I respond to this?

BR

first thing I would see is whether the debts can be enforceable ,

also that does seem to be excessive

I was not asked to send that amount of paperwork when I was negotiating .

so far I am down to 3 creditors out of 7 and think it will soon be down to 1 or 2 since only one creditor came out and said we do not accept f & F all well and good at the moment they are getting £1 a week which will go on as long as I'm not in work but they have frozen interest

Yeah I thought it was excessive too. I dont want to do it as they are likely to try and find bits of money here and there to raise the F&F upwards.

without prying too much is there a reason why you need to make F & F offers . mine was that there is a very good chance that my company would make me redundent due to ill health (still under that )

So anyhow I sat down with the citizens advice burea and got a budget all sorted first this showed my available money for my unsecured debts then I wrote to each one and said due to illness etc I could be made redundant but a relative has agreed to lend me the money for f& F offers and I offered them 50% or a pro rata payment per week that as soon as my income was reduced it went down to £1 a week (Got paid weekly). so far I have saved around £4k off the credit cards and if another one does will be another 2.5k

Simple - Not entitled to see your bank statements. They are private information and not to be used by a DCA for leverage.

You need to really check if they are enforceable etc...

without prying too much is there a reason why you need to make F & F offers . mine was that there is a very good chance that my company would make me redundent due to ill health (still under that )

 

So anyhow I sat down with the citizens advice burea and got a budget all sorted first this showed my available money for my unsecured debts then I wrote to each one and said due to illness etc I could be made redundant but a relative has agreed to lend me the money for f& F offers and I offered them 50% or a pro rata payment per week that as soon as my income was reduced it went down to £1 a week (Got paid weekly). so far I have saved around £4k off the credit cards and if another one does will be another 2.5k

Yeah I cant afford to pay the amount they are chasing me for.

Simple - Not entitled to see your bank statements. They are private information and not to be used by a DCA for leverage.

You need to really check if they are enforceable etc...

Do you know how I would word a reply to them?

well first off all you have to see hoe much spare money you have left to pay your creditors . have you got a citizens advice near you or you can use the national debthelpline website they have a good I & E sheet that will show you how much money you have left .

Most important things are rent/mortgage council tax utilities etc .then when you write the letter you send them a copt of the sheet for creditors and they can do the maths they can have say 50% debt paid now and write the rest off or have to wait years for it to be paid off .

Also a important thing is for them to surpress all interest and charges while you negotiate and finally stay off the phone keep everything in writing

are any off your creditors linked the your bank ie you have hsbc account and also have a hsbc credit card because they can offset against your credit card . if you do you need to open a parachute account not connected to any of your creditors and get everything paid into that.

Are they debt collection agencies or the original creditors chasing you?

Are they debt collection agencies or the original creditors chasing you?

Independent Solicitors. Already written a draft of particulars.

any names of these 'solicitors' ? Debt collection agencies always have some dodgy law firm attached to them.

at what stage/type are the debts; defaulted, arrangement, poss statute bar, etc

as has been posted, maybe check enforceability first.

imo, if a matter has already been defaulted, or there is a poss bar/unenforceability, i wldn't be in a rush to settle yet.

depends on ones own circs of course

list your debts

who owns the debt now

who the OC was

type of credit

how much

when you took it out

are all these on your credit file?

are they deafulted

Simple - Not entitled to see your bank statements. They are private information and not to be used by a DCA for leverage.

True. Yet the creditor may want to ensure the ‘current position’ hasn’t been artificially engineered to make them accept a F&F that they otherwise wouldn’t. They also have no obligation to accept a F&F, and the OP may want to cooperate over and above the “minimum they are obliged to”, to have more chance of a F&F being accepted.

You need to really check if they are enforceable etc...

Absolutely. The OP needs to establish the position accurately before considering a F&F offer.