Full & Final Settlement Offer to Creditors - a 'minimum' amount for relatives to help pay off?

[LeDocteur]

Dear lovely, helpful people,

 

I had an awful accident 4 years ago and my o/h and I went on a DMP at that point.

 

We have no CCJs.

We have no mortgage (we are in rented accommodation).

We are not bankrupt.

We have paid off almost 50% of the debts so far.

We may be about to live permanently in Canada to look after my mother

 

Since then things have been difficult and my family has been helping out as much as they can. Unfortunately with the old credit crunch has come a downturn in the value of their own shares that they have in various investments. Therefore they would like to stop paying money to our creditors as soon as possible…quite understandably!

 

My own health has deteriorated since my accident and my mother is frail and sick and will need assistance at some point in the very near future – both physical and financial (maybe coming to live with my o/h and me).

 

My question is…how much is too little to offer…in terms of how much would be acceptable to creditors as a ‘full and final settlement offer’? My relatives have now suggested that they might be able to pool some funds to get an amount together for a pay-off of our debts…but they really would like to pay the minimum amount possible…again…understandably.

 

My o/h and I have paid almost 50% off in total (with help from these relatives) during the past 4 years.

 

During that time the CCCS staff have been fantastic and done all the necessary liaising. Whenever my o/h and I have tried to contact the creditors (i.e. credit card companies - I dont know if the debts have been sold on - how would I be able to tell - the CCCS statements list the original creditor's company names), they have not responded…

So I have read a lot of the posts here and I see that people keep referring to various acronyms…C.C.A.s (which I think are to do with credit terms at the beginning of the agreement) andS.A.R.s (no idea if that is applicable to me but it sounds deadly...) and DCAs…and that's just for starters...

My brain is swimming.

I hope you won’t mind my asking – would any of these be applicable to me as far as you can tell? Sorry – I’m not being lazy – just very confused and more than a little bit stressed. Since my accident my brain tends to go to mush at the slightest stress…so far with this letter I’m not doing too badly!

 

Can I also ask (as I tend to have verbal diarrhoea when it comes to writing…had you noticed?) – should I mention my personal circumstances in a settlement request letter or would that not be a good idea?

 

 

The debts that we owe:

Mine:

Cap 1 credit card - £2960 remaining

 

My O/H’s:

Cap 1 credit card - £800 remaining

Egg card - £7,030 remaining

MBNA credit card - £5320 remaining

RBS credit card – £4740 remaining

 

Total debts outstanding - £20,850 - I hope my calculation here is correct, it is late…

Thank you for any advice you can give. I see you have a ‘donate’ button – I certainly will donate if your advice helps me to get rid of these debts any quicker…all this is slowly killing me.

 

Sorry there's so much to read.

LeDocteur

Edited August 18, 2008 by LeDocteur

[IdaInFife]

Hi and welcome.

 

Well done for dealing with this so far.

 

As it is all credit cards then you should be able to either get the balance down by reclaiing any unlawful charges or ensuring they do have executed agreement.

 

CCA's , this is the consumer credit agreement that all of your debts are covered by and the companies hsould still have a copy of the original agreement. If they don't then you if you wanted refuse to pay them or a lot of people want to clear them.

 

SAR is when you request all the info the company holds on you

 

DCA is Debt collection agency - who a debt is normally passed to if the original company aren;t getting anywhere with you.

 

If i was you I would do this:

 

Send everyone of the 5 above a CCA request:

 

Consumer Credit Act template - Consumer Wiki

 

When they send you something back , scan it up here so we can check if it is enforceable and if so you can then send a SAR to reclaim any charges.

 

If they send you nothing or saying one does not exist you can either withhold payment until they do or you can make them a full and final.

 

Hope this helps

 

Ida x

[LeDocteur]

Hi,

thanks so much for your response

 

I have looked into Phatram's experience with CCAs now and I have to say, it left me thinking "where's the bucket?"

The very thought of encountering anymore nastiness from these people sends a cold shiver up and down my spine.

 

Is there any chance of success if I can make a 'full and final offer' without asking for a CCA first? Or is this just pathetic, wishful thinking on my part?

 

My stomach's all unsettled now...!

 

Can I also just ask - the unfair charges for late payment fees etc with credit cards ... I take it that means during the last 6 years and not before 2002?

 

with best wishes, and blood running cold..

LeDocteur

[LeDocteur]

any comments on the last post, pls?

[IdaInFife]

You can make a full and final offer at any time you want.

 

You can make a claim for the last 6 years there are others who have successfully and unsuccessfully claimed previous to this.

 

 

Ida x

[LeDocteur]

Thank you Ida.

x