help with f&f

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bit of help/advice please people.

 

i took a loan out with an ex years ago and the monthly payments were something like £430 pcm. didnt pay anything after i split up with her as bsically the loan was all for her i just had to put my name to it as she couldnt get it alone, big mistake!! anyway she wasnt paying it and they caught up with me about two years ago. i ave been making reduced payments of £200 pm for probably 2 years or maybe more now and the total monies owe is just uner the £7k mark.

 

i have managed to get enough money saved to clear this debt but obviously dont want to give them it all.

 

i want it cleared asap so obvously not a 40 day wait here and 14 days there etc. how do i go about this f&f letter i have been reading about? step by step idiots guide would help please.

 

i have been reading people have offered as little as 10%!! this is with rbs through tesco and basically anything i could clear the debt with under £7k i will see as money in my pocket. i need to get the loan cleared asap so that in 6 months time i can get a mortgage with current gf to get a house and stop this renting mallarky. if i could get a 50% f&f settlement figure of around 3.5k i would be bloody laughing i tell ya.

 

thanks in advance

 

adam

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anyone?

[maroondevo52]

Hi,

 

I'm not sure whats the best sort of percentage to offer

As your wanting shot of it pronto, I take it there's no point asking if you'd be interested in CCA'ing them.

 

You'll find a template in this 'link' for the f & f offer, I'll have a scout about the site, see if there's anything that might help.

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

Regards.

 

Scott.

[maroondevo52]

There's a thread here that might help.................

 

http://www.consumeractiongroup.co.uk/forum/getting-out-debt/227482-whats-lowest-final-settlement.html

[zingy]

Personally, I'd be willing to wait a couple of weeks by sending a CCA request to see if the debt is enforceable, and then low ball them with an f&f (as long as it isn't enforceable).

 

I don't see why, if companies haven't played by the rules, they should get back all of the interest originally 'agreed' if they can't prove it - isn't that why they make you wait soooo long initially because of the paperwork?

 

You could send them a 50% f&f offer but what if they then play letter tennis and won't budge from a high settlement figure? And, if you're looking for a mortgage then I'd say barter as much as you can with them so that you can put down a fat deposit on the house.