Which DCA is involved?

I had £42,000 negative equity when my house was reposessed so i made an offer of £7,000 to clear it or i would go bankrupt. We agreed at £8,000 and based on the settlement they would clear my credit file. Although i still have the reposession on my file, it does show that i settled the amount owed in full. In regards to your offer, if it has been bought by a debt collection agency (DCA) then they will always accept less than the original creditor as they buy the debt of them for a lot less. If it hasnt been bought by a DCA then it may be worth waiting for it to go that far first (this only depends on you being in arrears). Keep me posted on how you get on as i have a couple of others in my fainces name pending... Thanks

Have just received a letter in receipt o £8000 i paid in f&f settlement. And my credit file has been cleared. RESULT!!!

I spoke to a few family members who could help out with the other £1000. I asked Optima Legal what would happen if i could come up with the additional £1000 and he just said it meant the case would be closed quicker and we would have settled the matter. I made a payment on Saturday of £8000 in full and final settlement. I had a 3rd party transfer the money for me as advised by different forums. All should be fine now but will definitely let you know if it goes 'pear shaped'. £42000 down to £8000. It's all about hanging on and sticking to your guns (even though i did have to increase by £1000!!!) Thanks.

I asked them to put the letter in the post but scan and email me a copy first. They have been chasing for weeks and we kept ignoring the calls, so decided to write them a letter offering a lump some to clear it. We offered £7,000 but they wanted £15,000, I offered to £7,000 again and they then came back with an ofer of £10,200. I told them if they didnt accept it then i would have no choice but to go BR. This is why they are happy with £7000 up front and another £1000 over 2 years. I am happy enough to pay £8000 up front to close the matter!!!!

I have received a letter from them today... (although i never actually offered £8000 it isn't too bad)!!... Dear Sir and Madam, Our Client: Oakwood Homeloans Ltd Current Balance Outstanding: £40,948.82 With reference to the above matter, we can confirm that your offer of £8,000.00 has been accepted by our client in full and final settlement of your personal liability. This is provided that cleared funds, of £7000.00 are received at this office by 19 March 2009. You will also need to make a payment of £1000.00 by 24 monthly instalments to start on 01 March 2009. A standing order mandate form has been enclosed for your use. On receipt of your full and final settlement payment we will notify our client and all relevant credit reference records will be amended accordingly. Please note that should this agreement be breached, our client reserves the right to seek from you the full balance outstanding plus interest and costs. Yours faithfully Optima Legal

Thanks for your response. I actually have a plan with the CCCS at the moment for debts in my name. They started at around £28,000 and now down to around £15,000 so this is being paid off slowly. My Fiance has the 2 loans with HSBC and Egg in her name only and the £41,000 owed to the mortgage lender is in joint names. I actually had a response from the DC regarding the mortgage today in response to the £7,000 offer we had made. They have come back with a counter offer of just over £10,000 but i have had to tell them that we can only come up with £7,000 otherwise we will have to go BR and then they won't get anything! Just need to wait for their response tomorrow. What i really need to know is what sort of percentage the lenders will accept as a settlement figure especially if they realise that we are considering bankruptcy. Thanks, Chris

Thanks for your response. I actually have a plan with the CCCS at the moment for debts in my name. They started at around £28,000 and now down to around £15,000 so this is being paid off slowly. My Fiance has the 2 loans with HSBC and Egg in her name only and the £41,000 owed to the mortgage lender is in joint names. I actually had a response from the DC regarding the mortgage today in response to the £7,000 offer we had made. They have come back with a counter offer of just over £10,000 but i have had to tell them that we can only come up with £7,000 otherwise we will have to go BR and then they won't get anything! Just need to wait for their response tomorrow. What i really need to know is what sort of percentage the lenders will accept as a settlement figure especially if they realise that we are considering bankruptcy. Thanks, Chris

My Fiance and I have recently had a property repossessed and owe £41,000 to the mortgage lender. When we received the first phone call chasing the payment or suggested payment plan we were told that the lender may accept a lump sum payment to close the account down. This sum was in the region of £7,000. Due to the arrears and subsequent repossession we have fallen behind on other payments (Egg & HSBC loans). We had spoken to an IVA company who not only wanted to charge us a fortune for their help but told us we would still be paying out for years to come. They did however advise us that most companies will take a lump some payment of around 25% of the outstanding loan amount (HSBC will want 40%). We have since been speaking with family members who have offered us £15000 to try and clear all the debt before we end up going bankrupt. It breaks down as follows: Mortgage owed £41,000 - Offered £7,000 Egg Loan owed £11,000 - Offered £3,200 HSBC owed £8,000 - Offered £3,500 As you can see apart from the mortgage offer, the other two offers are over what we were advised by the IVA company. Has anyone here had any previous experience in this and what are our chances of having these offers accepted? Thank you, Chris

My Fiance and I have recently had a property repossessed and owe £41,000 to the mortgage lender. When we received the first phone call chasing the payment or suggested payment plan we were told that the lender may accept a lump sum payment to close the account down. This sum was in the region of £7,000. Due to the arrears and subsequent repossession we have fallen behind on other payments (Egg & HSBC loans). We had spoken to an IVA company who not only wanted to charge us a fortune for their help but told us we would still be paying out for years to come. They did however advise us that most companies will take a lump some payment of around 25% of the outstanding loan amount (HSBC will want 40%). We have since been speaking with family members who have offered us £15000 to try and clear all the debt before we end up going bankrupt. It breaks down as follows: Mortgage owed £41,000 - Offered £7,000 Egg Loan owed £11,000 - Offered £3,200 HSBC owed £8,000 - Offered £3,500 As you can see apart from the mortgage offer, the other two offers are over what we were advised by the IVA company. Has anyone here had any previous experience in this and what are our chances of having these offers accepted? Thank you, Chris

Thanks Bong. i've just read every entry and was very helpful.

The debit card is my current account, and the debt they refer to is my credit card which has a completely different account number. Should i ring the Solicitors tomorrow and tell them the two accounts are separate and i want a cheque?

Below is a copy of the letter I received from DG Solicitors. I want to know if i can receive a cheque from them as the collection service they refer to is my HSBC credit card, and these charges are from my HSBC debit card Letter DG Solicitors 16 November 2006 We are instructed by HSBC Bank plc in respect of the claim you have recently issued. HSBC is entirely confident that its charges are reasonable, are properly and fully disclosed in its terms and conditions, and that it would successfully resist any challenge in the Courts in relation to them. HSBC is, however, mindful of the management time and irrecoverable legal costs associated with litigation in the small claims regime. For those commercial reasons alone, and without any admission of liability whatsoever, HSBC is prepared to make a payment to you in the sum of £1786.43 representing the charges applied in full and final settlement of this matter. HSBC does, reasonably, require your confirmation that you will treat this payment as confidential. We have been advised that your accounts have been passed to Metropolitan Collection Services Ltd and therefore any sums paid in settlement will be set off in reduction of your outstanding debt. If you accept this proposal please sign and return the enclosed copy of this letter to me and I will arrange for a rebate to be credited to your account. Yours faithfully DG Solicitors I accept the sum of £1786.43 in full and final settlement of my claim against HSBC. I agree to keep the fact of my claim and HSBC's ex gratia payment strictly confidential. Signed ......................................... . Dated . Deborah M. D' Aubney LL.B Alan M. Burden B.Sc. This firm is the practising name of solicitors employed by the HSBC Group

Thanks for your reply, I have set up a new thread with the letter i received from the solicitors (scanned)

Hi All, Have just received letter from D&G offering full refund of £1786.43. I'm really chuffed but they know i have a debt management programme and only want to pay the money into that account. Can i ask them to send me a cheque instead?