Settlement Fees

[CL1411]

Hi All,

 

Just a bit of quick advice needed, I am currently typing letters to my creditors advising of settlement fees. I have currently been paying by arrangements for the last 3 years (no payments missed!) to Triton, Robinson Way and Barclaycard.

 

I am now in a position to settle and I am going to make the following offers, do you think these are reasonable or should i go higher/lower, any previous experience in dealing with these comapnies for settlement.

 

Triton- owe £800 offering £400

 

Barclayacrd- owe £2,800, offering £1,500.00

 

Robinson Way- owe £1,550, offering £700

 

any help would be appreciated and aslo any idead what else i should put in my letter apart from asking them to confirm not to sell the reidual debt on, defaults removed etc

 

Thanks for all you help

[itsamomentintime]

i would send a CCA request to Triton and Robinson Way, just to be sure that they are LEGALLY entitled to collect any debt from you.

 

If they dont respond within the timescales, then they have as much right as I do to ask you for money.

[CL1411]

Thanks for that.

 

I have received letters from my original creditors advising that they have passed the debt onto the companies mentioned above.

 

Do I still need to send them a CCA or is it a waste of time. Are my settlement figures that I am offering realistic of being accepted by them?

[ScarletPimpernel]

You should still CCA the DCAs. The debts may be full of unlawful charges, or unenforceable. Wait until you have the replies until you make any offers.

 

I suspect that you are starting your F&F figures too high; they will almost certainly reject the first offer, so start lower.

[lemma1968]

What motivation is there for them to accept your offer? You seem to be a good payer. In time they can get it all back. Only chance they'll accept is if they want a quick settlement of if they have no CCA.

 

Remember, they may accept a partial settlement and then do the dirty and sell the remainder on. Some of them ARE that low.

 

I'd CCA them first, it will make them more amenable if they can't get hold of the paperwork.

[tifo]

start at 10%, then settle at 25% or what you feel comfortable with.

 

after some months, many DCA's will start offering 25% - 50% settlements, especially if they know it is an unenforceable debt.

[CL1411]

Thanks a lot for all of your help on thsi forum.

 

I am going to send them this CCA letter to the 2 DCA's (Should I send one to Barclayacrd or not?)

 

Also, do you have a link to where this CCA letter is saved!

 

Thanks again

[diskmandave]

I'ld send the CCA request letter to all 3 of them.

 

Here's my own version of the letter, obviously edit (section 77 for fixed term loan, 78 for credit card account) to suit and be sure to include a £1 P/O for each and send by first class signed for mail.

xx Date 2007

 

Reference: xxxxxxxxxxxx

 

Dear Sirs,

 

I write further to undertaking a complete financial review and to receiving extensive advice.

 

It has been brought to my attention, firstly, that I have never received acknowledgement of any payments, nor have I ever been provided with even a periodic statement of account. It has secondly been brought to my attention that I have the legal right to request and receive copies of documents.

 

I would respectfully request that under Section 78(1) of the Consumer Credit Act 1974 you provide me with a copy of the original credit agreement that should exist in relation to this account, and at the same time you provide the total outstanding when you acquired the account, a breakdown of all monies paid, credits and debits to the account, and the current balance of the account. I would further request a copy of the original default notice. I am advised that their is a maximum prescribed fee for complying to this request and as such a postal order for One Pound accompanies this request.

 

I look forward to your co-operation and due diligence in this matter.

 

Yours faithfully,

 

 

 

My name here.

Best wishes, Dave.

 

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[linz2011]

I agree with DMD send the CCA to all your creditors, the lack of CCA will put the ball right in your court and it will be a take it or leave it situation - they are better with something than nothing

 

Good luck

[ThisVeryMoment]

By sending the CCA request you risk annoying them. One debt may be written off, but if they HAVE a contract will they let you off with a 50% deal? What if they insist on 100%/

 

Bad advice from the CAG'ers, but then it isn't THEIR debt and they may be just trying to annoy DCA's rather than help you.....