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Successful Settlement Database

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I think it would be incredibly useful for all users if we somehow build up a knowledge base/database of the "gong rate" of successful Full and FInal settlements. If this could be in one place, and not spred over many threads, then it would be somewhere we could all refer to and get guidance.


Maybe something along the following lines:


Name of original creditor:

Name of DCA:

Age of debt:

Amount claimed:

Status (for example, CCA sent and no agreement provided):

Settled for amount:

Percentage of original amount claimed:

Date of settlement:

History of offers: (i.e. say I orignally offered 20% but agreed at 30% say, after they agreed to favourabley amend my credit file)

Other comments:


No doubt there could be other fields.


We would then have, collectively, knowlege of what the "going rate" is and also trends and also the behaviour of variius DCAs.


If a DCA is accepting offers at 25%, say, then why am I talking to them about 40%, for example. We would know if we were in the ballpark wen negotiating with DCAs.


DCAs and CC companies have mountains of statistical information, which guides their behaviour. I am sure we also have it - but it is dispered and not in one place.


I agree quite a job to collate and put in a proper format but maybe contributors could populate a central (Excel?) spreadsheet. We would need to ensure (how?) that DCAs or others did not put in wrong information to skew the information, but no doubt we coudl find a ay around this.


Also, is there some way to track the "going rate" for which DCAs are buying debt. I have just taken 10% of face value as the going rate. Is this right? Does the number move, up and down, and if so, what does that depend on?


I look at debt as just another "tradable commodity". They may claim I owe £15,000, but someone just bought that debt for £1,500 or less. What is the market value of that debt? It is £1,500 (transaction between willing buyer - DCA, and willing seller- cc company.) We can then work out the "spread" (difference between market value and average % settlement). This is extemely useful information to have when in negotiations.


If people agree this is a good idea, how do we start?

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Hows about we simply do not give DCA's the time of day in the 1st place eh? ;)

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I wouldn't give them a penny without a court order. So far none of them has received anything other than a letter or two 'putting them right'.

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