Full and Final offer after Judgement - within 1 month

[James31]

Hi,

 

I rec'd a letter today from the court. Lloyds have obtained a judgement against me for 5.1k.

 

I'd like to try and negotiate directly with them (say, 3.5k for starters) as a one off payment because I can't quite stretch to the full amount within a month of the judgement.

 

If they were to agree to less as a full and final payment, can I still ask the court to cancel the entry on the register, or will they refuse on the basis that we had come to an arrangement which was less than the amount of the judgement?

 

Really can't afford to have a fresh CCJ on my file at any cost...

 

Many thanks,

 

James

[James31]

I just telephone the court to ask, just to be on the safe side!

 

They said that if the claimant accepts a lower offer now, then the court will accept it so long as the claimant tells the court that they have rec'd full and final settlement.

 

So, now I just have to try and negotiate with them...

[James31]

I couldn't quite scrape 3.5k together, I've sent a letter offering all that I could muster - £2,890.

 

Fingers crossed!

[cymruambyth]

Good luck, SC*M like to go for their pound of flesh. I tried this argument and they said NO, NO, NO. Basically why should we accept a lesser amount when we can have your house for security through a CO.

[James31]

You know you get 28 days to pay a CCJ before it becomes a permanent feature of your credit report... Is there any way of stalling to get extra time? 7 days, for example?

[James31]

Offer rejected... They didn't even come back with a counter offer.

[Gaston Grimsdyke]

Ring them up, they might take a more sympathetic view if they have to deal with you personally. Time is not on your side if you want the entry removed, so you need to explore whether there is some middle ground or if they are holding out for their pound of flesh. 3.5K on a 5.1K judgment sounds pretty good to me if you are offering it as a lump sum.

[James31]

I called up yesterday and offered 4.5k - just £601 less than they were asking and they still said no. So, cymruambyth was right.

 

I said I didn't understand their logic in accepting a tiny monthly payment for tens of years vs an offer of pretty much the full amount. They said "you spent it, you repay it". Fair enough.

 

The bank of mum and dad came to the rescue and I paid the lot yesterday, in time to get the CCJ cancelled. I hope they choke on it.

[TweedleDee]

Well they just got a CCJ for 5.1K so why should they settle for less. In addition, they would be able to, if the contract stipulates, claim post-judgment interest so your 5.1K over 10 years is a very lucrative money maker for them.

 

They could, when the time is right, get a CO in the future on your property, or in the interim get an attachment of earnings.

 

Essentially, they will get their 5.1K, it just depends when.

 

Glad you managed to get it paid off.

[cymruambyth]

Well done on managing to raise the funds to defeat LTSB. Their credit rating has been downgraded so no doubt they are going to be even less amenable.