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Full and Final settlements


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Hi to all.

 

I have unsecured debt of around 47k part credit cards (27k) and part loans (20k). We are on reduced payments with 7 of the 9 creditors but we have been offered a lump sum (family bless them) to clear all the debt on the understanding that we should seek a reduced final total by offering full and final settlements with all our creditors. My question is that although we are on reduced payment plans (this was something we sorted ourselves) we have never defaulted on any repayments and we have stuck to what we agreed, can we offer F&F's and what would be the likelihood that they would accept (and I guess at what rate should be start negotiating at). We are in fact about to default as things are tougher than ever. Do we leave it a period of time and default for a number of months or do we offer now?

Any advice would be most welcome, I just want to get sorted now.

And by the way, just in case anyone posts saying we were irresponsible (not that I would imagine anyone would on these forums) all the debt was used to keep our business afloat, we lost the business 6 months ago.

 

Thanks in advance

Jamie

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i would be inclined to check that everyone is entitled to receive your payment first by firing off a series of CCA requests first

you will be amazed at how many prob do not hold enforceable agreements.

 

those that fail, will accept VERY reduced F&F offers.

 

keep us posted.

 

oh and no we don't judge on here at all

we're all in the same boat.......

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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i would be inclined to check that everyone is entitled to receive your payment first by firing off a series of CCA requests first

you will be amazed at how many prob do not hold enforceable agreements.

 

those that fail, will accept VERY reduced F&F offers.

 

keep us posted.

 

oh and no we don't judge on here at all

we're all in the same boat.......

 

dx

 

 

Thanks for your reply, do you know if this is a chargable and if so how much on average would we be looking at? Is this just for credit cards or the loans also? Last question I promise, how long do they take to get this back to us on average?

Thanks again

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urm

me thinks you need to do a bit of reading and get a few things straight before you begin this process.

 

pop to the homepage and look at the FAQ's etc, or the guides.

else use the search in the blue bar above.

 

CCA are legal requests and are an official letter , they cost £1 per Co..

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Thanks for your reply, do you know if this is a chargable and if so how much on average would we be looking at? Is this just for credit cards or the loans also? Last question I promise, how long do they take to get this back to us on average?

Thanks again

 

no they cant charge for F&F if thats what you mean?

everything bar bank A/C's [which currently have all reclaims on a stay] are fair game, loans & CC are not stayed.

 

once you post the CCA's, they have 12+2 working days to reply.

 

get reading, the more you read the stronger you become

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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no they cant charge for F&F if thats what you mean?

 

 

dx

 

Thanks for this, although I was meaning paying for the CCA. I will send these requests out first thing Monday. Will keep you posted

Thanks

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