Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
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    Default Debt settlement advice

    Hi All,

    New to the forum, but would like some advice please.

    I had a massive amount of debt which came to a head 5 years ago.

    I have been making monthly payments on the debts for the past 5 years to agreed payment plans with several companies, having had them agree to freeze interest and accept payments that were affordable for me.

    A family member has now offered to settle the debts in full for me, after what seems like a very long time keeping my head just above water, as long as the companies agree to take a final settlement amount and to reflect this on my credit report.

    I can't find any templates related to this online. Is there anything I need to tread carefully around when requesting a final settlement, on the basis that I asked for interest to be frozen?

    Also, does anyone know of any templates I can use for this?

    Your help and support greatly appreciated.

    TIA


  2. #2
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    Default Re: Debt settlement advice

    list your debts please and who you pay

    I hope you sent the people you pay a CCA Requesticon to check they hold the required enforceable paperwork before blindly paying them anything?

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  3. #3
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    Default Re: Debt settlement advice

    Hi and Welcome to CAGicon

    Before you consider settlements......have you ever requested copies of the agreements from the " several companies " using a section 77/78 request (on CCA1974 Regulated agreements) ?

    How do you know they legally own the debt...allowed to collect on the debt...can enforce the agreement in event of litigation ?

    Regards

    Andy

    We could do with some help from you

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  4. #4
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    Default Re: Debt settlement advice

    Thank you for this, Andy. Not something I was aware of, but will be requesting this from all of them before I do anything else.


  5. #5
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    Default Re: Debt settlement advice

    Quote Originally Posted by cleanbill View Post
    Thank you for this, Andy. Not something I was aware of, but will be requesting this from all of them before I do anything else.
    A must....always.....

    https://www.consumeractiongroup.co.u...January-2015**

    We could do with some help from you

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  6. #6
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    Default Re: Debt settlement advice

    list your debts and who you pay please
    and what type of debt too
    as CCA is not applicable to all.

    once a debt has been defaulted
    it vanishes upon its 6th birthday from your file

    paid off or not
    and settling a debt doesn't improve your score either.

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  7. #7
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    Default Re: Debt settlement advice

    Hi,

    Here's the companies that are currently collecting the debts:

    Wescot
    Credit Solutions Ltd
    Ascent Collections
    Central debt collectionicon Services
    Link Financial Outsourcing
    Fredrickson International Ltd
    Capquest
    Cabot Financial (Europe) Ltd

    They are mostly credit card debt, but a couple are store cards.

    These aren't the original companies that I had the debts with, in the main, but have had the debts transferred to them during the time.

    Thanks for the help and guidance.

    So, are you suggesting I shouldn't make full settlement payments to these companies if it isn't going to make a difference?


  8. #8
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    Default Re: Debt settlement advice

    CCA Section 78 the lot with exception to below.... if you could confirm the exact debt ?

    Credit Solutions Ltd
    Ascent Collections
    Central debt collectionicon Services

    ...instructions are provided in the link above.

    You cant use section 77/78 on mobile phone accounts or current account overdrafts or utilities

    We could do with some help from you

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  9. #9
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    Default Re: Debt settlement advice

    Your ebeing cash cowed on pretty much all of them, but as above, you need to get those requests off to stop them in their tracks.

    Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..


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  10. #10
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    Default

    Credit Solutions Ltd - bank overdraft
    Ascent Collections - hire purchase
    Central debt collectionicon Services - bank overdraft

    Thanks renegadeimp, I will do that.

    Worried by what you mean by "cash cowed" - sounds like I have had the wool pulled over my eyes and shouldn't have paid them anything in the first place?


  11. #11
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    Default Re: Debt settlement advice

    yep that's what DCAicon's do sadly.

    they are not bailiffs and have ZERO legal powers..

    I bet you've been talking to them on the phone too??

    here a thread to read
    this guy just wrote off +£52k in debt.

    and he is not alone..

    https://www.consumeractiongroup.co.u...74#post5097474

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  12. #12
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    Default Re: Debt settlement advice

    So how do I stand with these all still showing on my credit file then, with most of them listing as default?


  13. #13
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    Default Re: Debt settlement advice

    Quote Originally Posted by cleanbill View Post
    Credit Solutions Ltd - bank overdraft CCA not applicable
    Ascent Collections - hire purchase Section 79
    Central debt collectionicon Services - bank overdraft CCA not applicable
    The rest are section 78

    Andy


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  14. #14
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    Default Re: Debt settlement advice

    Quote Originally Posted by cleanbill View Post
    So how do I stand with these all still showing on my credit file then, with most of them listing as default?
    doesn't matter what you do
    the default is there for 6yrs
    paid or not paying or not....

    so , go use that money for a holiday
    other than that burn it...that's about as much use it will do your credit file.

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  15. #15
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    Default

    Quote Originally Posted by Andyorch View Post
    The rest are section 78

    Andy
    So for the ones that CCA does not apply, should I go ahead and contact them about a final settlement amount?

    Sorry, another piece of advice needed. I only have their account references - not my original references. Is that ok for the letter, or will it cause me problems?


  16. #16
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    Default Re: Debt settlement advice

    Quote Originally Posted by cleanbill View Post
    So for the ones that CCA does not apply, should I go ahead and contact them about a final settlement amount?
    No leave them in abeyance for now

    Quote Originally Posted by cleanbill View Post
    Sorry, another piece of advice needed. I only have their account references - not my original references. Is that ok for the letter, or will it cause me problems?
    Use their references...if you know the OC reference type (previous account number xxxxxxxxx with original creditor)

    We could do with some help from you

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  17. #17
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    Quote Originally Posted by dx100uk View Post
    doesn't matter what you do
    the default is there for 6yrs
    paid or not paying or not....

    so , go use that money for a holiday
    other than that burn it...that's about as much use it will do your credit file.
    So your advice is go spend the money that you owe as your credit score won’t improve either way?

    Shouldn’t it be if you have the funds to service your debts then go do it? Minus inflated fees and charges of course.


  18. #18
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    Default Re: Debt settlement advice

    nope once defaulted paying off debts does not improve your credit rating in anyway.

    only if you really do owe all the money and its 1000% enforceable
    and never to a DCAicon - do you ever start to even consider paying the debt.
    SARicon cca etc get every piece of info first!

    throw the moral arguments out the window.

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  19. #19
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    Default

    Agree... Factual evidence is better than a moral argument...
    Cca, DSAR with statements etc


  20. #20
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    Default

    I have received responses from Wescot for 3 accounts I have with them. See attached.

    What's the next step here - do I need to send them revised cheques?

    Seems a bit odd if they are collecting?


    TIA

    ok so it won't let me post the image....

    Any advice?

    https://drive.google.com/open?id=1iK...6LfYalz9lmi8cH

    That seems to have done the trick...

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