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F&F settlement to RBS


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I have an debt in dispute to RBS for £3600 and I am thinking about attempting to settle. The debt was for an unsecured loan which I fell behind on payments when I lost my job back in 09. There have been no payments since the dodgy default letter was issued that year. However, I need to improve my credit file now as I will be applying for a joint mortgage in the next three years.

 

Moorcroft and Robinson Way have been chasing me for months--sometimes at the same time.

 

Has anyone any experience of settling, what steps should I take, what is important to state in the settlement letter, any template letters you would recommend.

 

Any suggestions greatly appreciated. The maximum I can raise in a lump sum to settle is about 1200.

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Most of it--based on the banks repudiation of agreement.

 

Hello again mikexlr8

 

I had just logged off and then I saw the email message come through, so, very briefly, if the bank repudiated on the agreement, why propose a Full and Final Settlement payment to them?

 

Perhaps you might be legally responsible for any arrears that were due and owing before the fundamental breach of the contract by the bank, if that is the case, then you need only offer to pay those arrears or offer a settlement payment against those arrears.

 

Did you write to the bank to inform them that you accept their repudiation?

 

How did the bank break the agreement with such a serious violation of the terms and conditions thereof?

 

Simply requesting further details, that's all, forget template letters when it comes to such importantly scripted Agreements, far better to write your own offer of Full and Final.

 

Be back on-line maybe on the morrow night, if not, the evening after that. Will have a look-in on your thread/story.

 

Kind Regards

 

The Mould

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Dodgy defaults is still a hazy area, Mould. The bank/DCA has never responded to my letters stating the breech, they simply continue to send me the standard threat-o-grams from time to time.

 

I think I am now at the stage where I want to settle as dragging this out any longer isn't going to repair my credit rating, even if this eventually becomes stat barred.

 

I understand when writing a F&F letter that there needs to be a sentence with doesn't admit the debt. Perhaps a "without any admission of liability" type line?

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Remember that your credit file will stay marked for six years from the last payment. F&F will restart the 6 years and will show as partially settled for another 6 years so be aware.

 

Yup--I think for me partially settled will improve my credit file enough to be more appealing to a lender. In this case, I feel I may be better off to settle, unless anyone has any ideas?

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Yup--I think for me partially settled will improve my credit file enough to be more appealing to a lender. In this case, I feel I may be better off to settle, unless anyone has any ideas?

 

 

Hello again mikexlr8

 

A 'partial settlement' marker on your credit file(s) will inform other creditors that you did not honour the agreement/contract, but that you did reach and agree to a compromise agreement with the creditor.

 

If one is to state that his Full and Final offer is made 'without any admission of liability', then he must be able to show his genuine/valid reason(s) for not accepting liability for the amount claimed on the account by the creditor.

 

I would advise you to engage the creditor in discussion (writing only) and negotiation to a Full and Final by way of your written invitation to him to discuss this disputed matter with him, wait for his written response. Do not send in any cheque payment (third party cheque or not) of your own accord.

 

Kind Regards

 

The Mould

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ANY F&F shuld be made with theSTRICT condition that the debt is marked as SETTLED

and ALL negative markers are REMOVED.

anything oter than SETTLED will be as bad as a default marker/CCJ.

 

else its not worth wasting your money

 

give them two alternate options:

 

1) i am prepared to pay £XXX upon this debt to finally CLOSE our mutual business, i will NOT do this UNLESS you confirm INWRITING

that you will mark the debt as SETTLED AND remove ALL negative markers.

 

2) i am i finacial hardship and can only afford £1 PCM till i die.

 

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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Absolutely correct DX. We have just gone through all this in which our solicitors dealt with it all. The OC has suddenly woken up to the consequences of their own actions it is getting a little nasty. However:-

 

1. A member of the site team, sequenci, has written an excellent explanation of how to deal with these matters on his site blog. This conforms almost exactly as to how our sols dealt with the matter.

2. The website for Addleshaw Goddard (I have posted relevant links previously) gives a very good explanation complete with references to case law dating back to the oft quoted Pinnel case of 1602 (yes 1602) plus much much later stuff under the hand of Lloyd LJ sitting in the Court of Appeal.

3. The website of Gannons London Solicitors also gives a good understanding in advising CREDITORS what they may or may not do and the consequences for them.

 

Regards

oilyrag.

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  • 1 month later...

UPDATE:

 

Letter today from Moorcroft "accounts dept" asking me to provide I&E, proof of income, list of creditors and balances owed, a reason for the offer, and where the funds are coming from.

 

Should I answer these Qs?

 

Thanks.

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