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Fairfax Solicitors income/expenditure request.

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After nearly 3 years paying into an IVA with Blair Endersby it failed when I no longer was able to make the repayments. A relative has offered to give me a lump sum to seek a F&F with my creditors. Fairfax solicitors representing Max Recovery are owed £15k and I have offered them just short of £7k. This includes money from IVA. They sent a letter saying they would settle for £9k then 2 days later a letter offering a substantial discount if I phoned them. I did and was asked to complete a income and expenditure form before they would consider my offer. Their form asks for my employer details etc along with other things I think are unnecessary. Any thoughts on what I should do please?

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Also, I have never CCA`d any of my debts as I assumed that as they are part of my IVA there is no point. Am I wrong?

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First of all, if you offer the creditor a F&F they will try to get more money than you actually have. The best way to approach a F&F is to wait until they propose it and that way you will have the upper hand.

 

Secondly, alot of people on this forum will advise you never to speak to a creditor on the phone. Creditors will say anything on the phone then later claim they have no record of the conversation. It's best for you to keep everything in writing. They can't take you to court because you wont speak on the phone. The judge would laugh them out of the court room.

 

Thirdly, the income and expenditure form. Only a judge can demand this information. If you don't want to give info such as employer details then you are not under any obligation to give it to a creditor no matter what the creditor claims may happen if you don't comply.

 

Lastly, as far as I'm aware, you can set up an IVA on unenforceable debts. Before you proceed with CCA requests, what are the debts? Credit card, loan or overdraft? How much was each debt in the beginning and what year does each debt originate from?

 

Considering that debt collection companies buy debts for roughly 10 pence in the pound I would say that a F&F of £7k for a total debt of £15k is TOO HIGH.

 

Don't speak to anyone on the phone, keep everything in writing and DO NOT put your signature on anything. Come back to this thread with info on what the debts are and people can advise you further on possible CCA requests.


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They're having a laugh and trying to get info. from you that they know they're not entitled to. They would harrass you at work, allegedly, if you gave them your employers details.

 

Tell them it's a one off offer and reflects pro rata to each of your creditors!


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Depending on whether it would apply or not, you could send them a CCA request, if they do not have the correct paperwork, you need offer nothing, but if you want to F & F you would be in a much stronger position.


Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Thank you for your replies. Debts are as follows:

 

HFC Loans -£2206.56

Black Horse finance- £1225.00

Capital one Mastercard (now with Fredrickson int`) -£2075.82

Max recovery/ Fairfax solicitors - £15066.49. This is made up of debts listed below.

MBNA credit card - £6810.70

Halifax card services - £2534.51

Barclaycard - £1748.57

Marbles credit card - £709.98

Citi financial card - £1667.78

Co-op card - £861.46

Barclays loan - £743.49.

 

All of these debt were in my IVA from Oct 2006. So I would have been making the payments up to Aug 2006 roughly speaking.

 

Should I now send a CCA request? I`ve been trying to negotiate F&F settlements with them all.

 

Thanks again for your advice in advance. I`m trying not to stress.

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I would now send all of your accounts a CCA Request. These need to be sent to whomever is chasing you for each one.

 

No need to stress, all the help you want and need is available from CAG. My personal recomendation would be to open a new thread for each account as you start to get the various responses.

 

I would, at present forget the idea of any F & F settlements. Make a note of when the last payments were made on each account and include this information when you post up your responses.


Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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