can FD make me use settlement to pay o/draft ?

[clare hutchinson]

Hi Guys,

 

To date i havn't set up my own thread as all pretty much the same as everyone eles. Could not have done this without the site help, and i was just hoping to give a donation and a big thankyou in my initial thread........ WRONG !

 

However as of today i am so mad.

 

I have followed all the advice on the site and on my first claim for my sole account with First Direct i am claiming £4220,for the full six years.

They initially offered me half, to which i told them thanks but no thanks, then i got the full offer.

What i thought was a rather large coinsidance In the middle of my claim they told me they could no longer allow ME to run my account like I have been and shut them all down, which was a joint my sole and my husbands sole,which was bad for him as his account was not even over drawn, they said that didnt matter that they could shut all accounts down as they had the same address, As they did this they totalledd together all the overdrafts and that months charges of £400...... yeah £400, giving us a total debt of £2111.

We agreeed to pay this back £50.00 a month (but i do also intend to do a seperate claim for the charges which are not included in this claim.)

 

Any way the reason for my anger, is today after a two week wait after my acceptance of the full offer, was a letter of DG saying :-

Our cliant has advised us that your account is in arrears. As such our client has sent part settlement monies totalling £2114.14 to repay the outstanding balance. Our client will be sending you a cheque for the £2108.86 the balance of the settlement monies.

 

Now hang on a minuite, i did state in the letter accepting the full settlement that i would only accept it in a cheque to my home address, The other monies owing on the joint account which i have a signed agreement to pay £50.00 a month to has nothing to do with this claim and i think it is disgusting they can do this,

So my question is Can they do it ?

 

What should be my next move ?

 

Any help be grateful.

[richardje]

In simple terms, 'No', they cannot.

 

You write back to DG and insist that they send you a cheque for the full amount or you will proceed to Court and enforce any judgement.

 

Without knowing your personal circumstances, it is difficult to comment further - but since you asked I would advise that you pay off any debt as quick as possible.

 

Paying Interest and Charges is 'the Stupid Tax' (and God knows I have paid enough over the years). If you want to be a rich person, start acting like a rich person. Pay off the debts as a matter of priority (even if it means living on 'rice and beans' for a few weeks) and pay cash for everything. Throw away your credit cards - if you haven't got cash to pay for it, you cannot afford it. Wait and save.

 

This is a simple philosophy, probably first taught by my grandmother when I was 3. But I forgot and how I paid.

 

I travel in the USA a lot and got to listening to Dave Ramsey who is sort of their equivalent to Martin Lewis. See Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan. where you can also listen to his shows on the radio. He hammers this message home.

 

Good luck anyhow.

 

Richard

[clare hutchinson]

THANKYOU, so much.

I read on another thread, a similar story to mine and they too said No, and they did get the full amount, so am off to Fax a letter to this affect. What you say is so true about the credit game, i really want this money to pay all debt off we have, and start a fresh. This whole experience is a real eye opener, as it is a mugs game to have credit.Here comes 2007 and a new educated me about money. Thats why this site is so good, it not just helps you get back what is yours but if you are bright it makes you realize never to go back..............I WILL CHECK OUT THAT GUY IN AMERICA.

Thankyou will keep you informed how i go.

[richardje]

Yep - stay in touch, Clare.

 

Try and listen to the archives of his radio show which you can click on. You will get the philosophy really soon.

 

Remember - you wanna be rich person start acting like a rich person and pay cash. Cash is King. Avoid the Stupid Tax.

 

Good luck. PM me any time when you want a bit of motivation!!

[clare hutchinson]

hiya richardje

 

I sent a fax yesterday saying basically that was not the settlement we agreed, So i will be continueing the court action and i faxed and posted the 'NO' via recorded delivery. So i guess i wait now and see what happens. Today i also received the questionnaire from the court. It is scary isnt it, and you are right what you said about paying off any debts with the money, i do plan to do this however i have things that are costing me more to sort first. other wise i would have accepted the offer.

Thanks for the motivation i will keep you posted.I will have to go on the site now to read up on the questionnaire, also that will cost me £100.

Do you think i will hear from them by the end of this week ?

 

Thanks for all your help, and positive vibes !

 

Clare

[richardje]

It can be a bit overwhelming. But you have a site full of evidence to look at to know what you are doing works. Pick any thread more than a couple of months old (start date) and you will see that people have come out the water having swam the channel. What you are doing works.

 

Stay cool. Stay focussed. Get those debts paid off. Rip the credit cards up. Pay cash for things - you feel cash leaving you whereas with cards you just sign for amounts of money and feel nothing: Cash is King.

 

You'll be ok, Clare.

[clare hutchinson]

Cheers mate,

i feel like am on deal or no deal...... holding my bottle is key.

 

we will see what the next few days hold for me.

 

Clare

[richardje]

Best advice I can offer (straight from the 'Easier said than done' school) is forget all about it for a few days.

 

They will respond pretty quick. All other issues aside, I have been pretty impressed with FD over this and if you read this site, things happen quickly from DG too.

 

Try and relax and enjoy the weekend. Think of what debts you can reduce and what peoblems you can solve.