Me and my debts - questions

[exasperated]

Hi,

I have several debts with 8 creditors and currently pay through cccs. The constant harassment is driving me crazy, and I have sent many letter templates from CAG to various creditors. Admittedly this has reduced some of the letters and calls but I wondered if making them an offer of say 10% of each outstanding balaance could give a legal advantage to those creditors who do not have an enforceable agreement.By this I mean if you make an offer of payment does this imply you owe the debt which they could use in a court of law

I know that I dont have to pay but my parents have agreed to lend me up to 10% of the total I owe providing all debts are written off.

Any suggestions anyone

Thanks

[foolishgirl]

How much each creditor will accept would really depend on how strong a case they thought they migh have for full collection eg. if there is no CCA & it seems to the OC/DCA that it is unlikely one will be found you would stand more chance of having your offer accepted than if there was an agreement in b&w there.

 

However if there is no agreement, you could argue that they are entitled to nothing & why should you pay them anything at all. Of course, you would have to defend that stance in court if the OC/DCA decided to commence legal action.

 

DCAs do purchase the debts for between 10% & 20% of the o/s balance but how much they would settle for is a guess. If you are thinking of making offers there is a useful template here:

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

Letter J

[Guest]

If a full and final offer is accepted, what effect does this have on ones credit file?

[maroondevo52]

If a full and final offer is accepted, what effect does this have on ones credit file?

 

It should be marked as 'satisfied'.

 

Regards.

 

Scott.

[Guest]

It should be marked as 'satisfied'.

 

thanks. would this then have an adverse effect re credit rating?

Also, a bit off topic, but what effect does going on a 'repayment plan' re a cr cd have re credit rating etc?

[maroondevo52]

Hi,

 

I've got a couple of 'satisfied' debts on my file, but defaults are still showing, so I don't think a 'satisfied' holds much clout

 

Sorry, I'm not sure about your other question.

 

Regards.

 

Scott.

[exasperated]

Alright Scott,

In answer to the original thread do you think that making an offer of full and final settlement would give those creditors with an unenforceable CCA a legal advantage?

Whats your thoughts

exasp

[exasperated]

Hi,

All the accounts to which I may send the letter(below) are in dispute, the dispute letter was supplied by the excellent cerbusalert.

My question is that even though I have stated that I do not acknowledge the debt previously would sending this letter cause me any problems??

 

 

WITHOUT PREJUDICE

 

RE ACCOUNT:

Dear Sir/Madam,

I am writing to all my creditors this final time and urge you to seriously consider the contents of this letter and to respond accordingly.

You will be in one of the following categories of which you yourselves will be aware:

· Your account is in dispute because you have no CCA and therefore your debt is unenforceable at law

· Your account is in dispute because you have a CCA but it was not properly executed and therefore unenforceable at law

 

We do not acknowledge the debts therefore you will not receive any further payments nor am I obliged to offer you any. Due to my circumstances I am considering all options available to me and am now being advised by a family friend whose expertise is consumer law. Although we have not yet begun it is my intention to go through all the accounts with a view to obtaining the following which may or may not be applicable to your particular account:

· Application for unfair charges reimbursement with interest @ 8%

· Application for missold PPI reimbursement

· Removal of defective default notices

· Order for discontinuation of data processing due to termination of contract

· Order for discontinuation of automatic data processing

However my parents have made available to me an amount of money that will equal approximately 20% of my outstanding debt. We therefore are contacting all the creditors who have acted reasonably to offer them roughly 20% of the debt as full and final settlement. The terms of which are that upon acceptance you will write to me saying so and that debt will be marked as satisfied in full. I will also require you to forward a bank giro credit if possible so my parents can pay the agreed sum at a bank of their choice.

If any creditor opts out of this offer then the equivalent amount will be redistributed to those who indicate they wish to accept. Please be aware that I will be unable to make this offer at any time in the future or to repeat it or after a certain period of time when no offer of any sort will be available therefore I seriously urge you to fully consider this proposal.

 

I look forward to your response

 

Regards

[exasperated]

Anyone any thoughts on the letter in Post 8? or should I SAR them and go for charges reimbursement and PPI(if any)

Thanks

Exasp

[AA99]

I'll try and bump your thread for you because I am in a very similar situation with about 5 of my 8 cards. They all refused or haven't renewed a hardship plea of £20 p.m. each from September 2008! I am also exhausted with it all.

 

However, I would not offer them more than 10% each. Maybe quote a figure which more accurately reflects a percentage of your true balance, ie, with all their ridiculous charges and interest rates deducted first.

[exasperated]

Hi AA99,

Would you accept if they agreed to 10% but wanted to place the balance as defaulted on you credit file(with an indicator that they have agreed to accept a smaller figure on the account as settlement)?

[AA99]

Hi AA99,

Would you accept if they agreed to 10% but wanted to place the balance as defaulted on you credit file(with an indicator that they have agreed to accept a smaller figure on the account as settlement)?

 

I really don't give 2 hoots about my credit file to be honest. I don't want a job, mortgage or credit card:D I am more than happy as an honest Cagger to be accountable for my debts and what I have spent, but not to be ripped off with absolute nonsense charges, interest rates, and harassing behaviour:evil: I would settle for 10% on the condition that I win a couple of my cases at least:cool:

 

For example, I have Littlewoods trying to charge me £680 for 4 xbox games I bought last year:D:D:D

[exasperated]

I would appreciate any comments or thoughts about the following..

If you were offered a reduced settlement figure from a creditor but they informed you that it would be marked on your credit file as partial settlement only and placed as a default on your credit file would you accept if they had

1) an unenforceable agreement

2) an enforceable agreement

Other than having to serve 6 years of not having access to credit is there any other drawbacks

Thanks

[dx100uk]

if they have a valid cca then p'haps settle for partial, though i'd push for settled as that leaves the door open for the dca leeches later on.

 

if they have no CCA , then settled is a must. you call the shots on this one not them.

 

dx

[IdaInFife]

I would never settle for a partial.

[exasperated]

Ok thanks for the comments,

Ida I understand what you are saying but my quandary is that they have CO's and my house is on the market so they do have the upperhand.

DX re the partial if that goes with a guarantee that they will not pursue the debt or any third party etc would that be sufficient?

Thanks

[diamondgirl]

I'd push for settled in full on my CR file. The F&F would have to be worth it as well don't settle for just a few pounds off.

If your selling up and there CO on the property then they'd get the money anyway.

 

DG

[exasperated]

Hi DG,

Got TBH it is not my intention to not pay but IMO when in times of trouble you have to take the route most favourable to you. We have seen many times the enjoyment of the prosecution team when in combat with the LIP who has paid in misery from not joining CAG

[exasperated]

Hi A,

Well it looks like the DCA'S or OC'S who have your accounts can have nothing or next to nothing:-)

[AA99]

One advantage of being skint in the current clime:eek: Yup, all we have left is blood, sweat or tears:cool:

[Joe Strummer]

One advantage of being skint in the current clime:eek: Yup, all we have left is blood, sweat or tears:cool:

 

I am in a situation where my house sale is about to go through, am going to try and settle a lot fo debt I owe a Scottish collections company about £20K asked them what they would accept first figure £16.7K I said I would have may be £9K and they said immediately "we can drop to £15.5K". They then said phone when you have the cash basically. Any one any stories to relate as to where these companies are settling.

 

Bigger picture we will be moving into rented, so the chance they have off securing the debt will go and I am paying £50 a month so not really making any inroads.

 

Also have a debt with Lloyds of 17K will offer them £7K on the basis they are unsecured and Lloyds are skint and must need every penny.

 

Any thoughts/insight/prvious experience would be useful

[exasperated]

Hi Joe,

It makes a difference on where they will settle if or not they have an enforceable agreement. Personally I would start at 10% and work up from there, never ever start where you want to end up as they will always want more.

Obviuosly if they hold an unenforceable agreement then some would say why pay anything at all but for me a reduced F&F brings conclusion to the affair as long as you secure the F&F in an appropriate fashion

[exasperated]

Hi,

I am currently having my mail redirected, am I legally obliged to inform my creditors I have moved (well forced to sell) and my new address

Thanks

[cerberusalert]

There is no legal requirement although some agreements may have a clause in them stating that you must notify them.

[exasperated]

Thanks Cerb,

Suits me how it is at the moment, as long as no court proceedings fail to get redirected:-o