Jump to content


Vegas333

Credit card settlement after default removed

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2511 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi All and a huge thank you to anyone in advance for your time and support

 

I have looked at many threads and not found my answer yet, can you help?

 

I have and I am still with a debt management company (DCM) due to personalfinancial problems 7 years ago. Consequently from this I had been issued with 7default notices. I have continually paid the amount agreed by the DMC since Istarted and never missed a payment.

 

All of my defaults have now been removed from my credit report and there isnow nothing to do with the debt on my report at all. This being removed afterthe 6 years and if i understand correctly can never be put back on?

 

Some of these debts had been sold to collection companies some time ago now.

 

I have spoken with the DCM who have informed that they can look to obtainfull and final settlement but want a 35% fee on all money saved on the debt(not good for me)

 

I have a number of questions please

 

1. How do I do this myself (I have been told I can by DCM)

 

2. What do I offer (I would like 10%)

 

3. If settlement is agreed can the company in question put this back on mycredit file?

 

4. How long would this normally take

 

5. Will they do a credit check again before or during settlementnegotiations? (thus affecting my score)

 

Last but not least.....

 

6. Now the default has been removed if I was to stop paying what could theydo? (I do not want to do this but if they point blank refuse settlement what canthey do?)

Share this post


Link to post
Share on other sites

Hi welcome to CAG,

Ill try to answer your quetions;

 

1. this needs a carefully worded offer letter(I can draft one for you).

2.start low always and negotiate, a lot depends on the amount owed.

3.no it cannot be reported on credit files again.

4. piece of string//

5.maybe but at this stage will have little impact on the score.

6what is still owing? the debt is not statute barred as payments have been made, but court is not an option after 6 years.

  • Confused 1

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

Thread moved to correct forum


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Share this post


Link to post
Share on other sites

WOW, thank you for your speedy reply, i did not expect that.

 

1. this needs a carefully worded offer letter(I can draft one for you).

Yes please, much appreciated

2.start low always and negotiate, a lot depends on the amount owed.

What would be the lowest offer to start with?

3.no it cannot be reported on credit files again.

Excellent news

4. piece of string//

LOL ok

5.maybe but at this stage will have little impact on the score.

ok

6what is still owing? the debt is not statute barred as payments have been made, but court is not an option after 6 years

Ok here goes, these are appx

MINT 6k

RBS 7K

MBNA 8k

HSBC 1.5K

HSBC £500 over draft

 

Barclay card 2.5k (but they have never issued a default notice and it still sits on my account. they have also recently applied a credit limit of 4K but no card)((any ideas why this is and can they still default it?))

Egg 5.5k (but as you probably know they are now owned by Barclaycard and i do not want to upset the applecart with them due to other card.)((this has been removed from my account as a default, barclay card then tried to add as an account but it has been removed again as i guess they could not show a defaulted account))

 

Share this post


Link to post
Share on other sites

Before we start, paying a dmc is chucking money away, you can easily do it yourself, are you sure the debts are reducing, have yuo had statements?

Were DCM proposing to deal with ALL these accounts at one time?


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

In addition, have you looked at reclaiming the penalty charges applied to any of these loan/credit card accounts?

 

With the age of them it could amount to a tidy sum.

  • Confused 1

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Share this post


Link to post
Share on other sites

Yes, I used a company called Chiltern. i have full statments annualy and they match the reduction on my outstanding debt on my credit file and have constanly shown a reduction, to be honest i can not fault them at all as they have done everything they said and their % was not high. they removed all hassle from me at the time.

The only fault i have with them now is the charges for early settlemt and the lack of help to check or recover charges etc

 

With regards to charges i have no clue if there are any, i do not even know if i took ppi on any of them, it was a long time ago now.

Share this post


Link to post
Share on other sites

To get the data on PPI and reclaimable charges you will need to make Subject Access Requests to the creditors, under the Data Protection Act 1998, this requires them to provide all the data they hold, there is a £10 statutory fee the creditor has 40 days to comply.

It may well be best to get these sorted prior to any f and f offers.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

ok, excellent. How do i go about obtaining that please, any links to follow? or pre completed letters/forms to use. Thanks again

Share this post


Link to post
Share on other sites

OK, there is a template for the request in the CAG Library for you to use, the requests goes to each individual creditor, but if you have more than one account with a creditor then one request is sufficient, and only one£10 fee is payable, all single accounts need the fee paid.

 

The requests should be addressed to the Data Controller of each creditor by recorded delivery, so you can check when they receive it, the 40 days starts then.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

Great, thank you

Can i come back to you when i have the replies on this thread?

Share this post


Link to post
Share on other sites

Ok, we'll be here if needed.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...