New to this site and after advice please
Not Sure if I’m in the right place (on the site) so hopefully this gets seen and I get some help.
I will set the scene with my current, ongoing situation. I have 4 debts of which I manage myself now (used Stepchange for 1 year) paying each company collecting a small amount per month (total monthly payment £75 all in across the 4).
The debts and ‘collectors’ managing are as follows in order of approx balance lowest to highest;
1. Wescot (Now owned by Link Financial but managed by Wescot) – Circa £1,300.00
2. Wescot (Now owned by Link Financial but managed by Wescot) – Circa £1,450.00
3. PRA Group (purchased the debt) – Circa £3,300.00
4. Moorcroft (Now owned by Intrum and managed by Moorcroft) – Circa £26,000.00
My goal is to have ‘got rid’ of debts 1-3 at least by Jan 2021 and I will be offering full and final settlement. I have downloaded the letter template from the National Debtline site and will be using it for the main body of each offer. I fully understand the importance of things in writing if offers are accepted, but I do have some questions. Obviously my offer is not for 100% of each balance.
Interestingly on the big debt, number 4, Moorcroft emailed me to say a revised settlement offer is on the table, intrigued I rang them and just like that the gent said they would settle for 50% of the balance! So, once 1-3 are out the way I shall be really chipping away at this one with renewed optimism! But naturally due to the amount we shall park that one for now.
For weeks now I have been reading up via this site and others on F&F offers and seem to get the jist of issues other guys have had in the past. I suppose my main questions are as follows;
a) Prior to offering anything can anyone explain the ‘notice of assignment’ and why this could invalidate any of my debts above? Or just explain NoA in a bit more detail/offer links for research etc. Basically is this to prove that its legally owned?
b) If I do agree a settlement and my credit rating is updated will this improve my score?
Currently I have 4 defaults, which i am told will drop off my credit score in 3 more years (defaults listed in 2017) but by offering F&F am I speeding up the process of a better rating sooner?
i.e is there any point in the F&F offers, as it stands i could leave the £3k
i am willing to invest on clearing debts 1-3 in my bank and carry on paying the small amount i am to each company PCM
- whats the benefit of settling, if any?
I know i will be paying for years and years if i don't settle.
c) Emailing my F&F offer – would it be ok to start the negotiations via email (saved in their own subfolder forever) or is it best to send recorded letters (I have noticed letters are advised usually)
d) With debts 1, 2 & 3 they are run by Wescot and Moorcroft but 'owned' by others now, do I send the F&F offer to the ‘managing agent’, lets call them, or to the owners of the debt?
e) If I agree a settlement, why is it best to pay via a 3rd party (say my mother?) I have read this advice on other threads - if anyone can shed some light it would be appreciated.
Thanks for your time, I know I have asked a lot but really looking forward to your help and guidance!