Can I get them to settle ?

[Guest Porkwellington]

Hi Folks....

 

Briefly - I'm in debt to the tune of around 40k on credit cards - after a long illness, including heart bypass depression etc etc - I've received a settlement from my company and have around 20K to spend settling the above 40k.

 

The debts haven't been serviced now for over 2 years - strangely now I have some cash in my account at long last - I am receiving letters from DCAs including but not limited to; capquest; raven; arrow; drydensfairfax...

 

Spectacularly - I have had 3 letters drop through my door today; is that to put me off any last minute shopping?

 

What I would like to do is get them all off my back obviously..... If I offered 50% of what they were asking for to settle - would that be a goer do we think? - if so - what is the best way for me to go about offering it without accepting liability ?

 

Kind regards - hopefully - Andy

 

P.S. There is a high probability that I have been miss sold PPI in this lot which I'm not bothered about so long as they will just go away and not come back.... I will never have another credit card as long as I live; once this is over - I plan on keeping it all in a bag under my bed and living pon porridge.

[gordies]

STOP RIGHT THERE !!!

 

Credit card debts are NOT priority. If you offer 50% then they will know immediately that you have cash and you will be hounded.

 

Claim the PPI first, do not even begin to think about paying off anything until all unlawful charges have been repaid.

 

Gordie

[dark vader]

agree with gordies completely, these debts can easily be paid back month by month by an arrangement on a DMP you can afford easily going on your monthly income not your payout and prob interest free aswell . i suggest invest some in an isa , but please dont waste it on these people like you have suggested, as suggested look into claiming any unlawfull charges and ppi first to hopefully lower the debts:-D.

please get in touch with a debt management company who will sort out your debts then the letters and phone calls will stop etc

Edited December 22, 2012 by dark vader

[dx100uk]

check your cra file shows all your debts

 

cca everyone

 

reclaim all ppi/penalty charges first.

 

also make sure that money is in an account with a bank you have no debts with [same group]

 

else they will offset without your consent.

dx

[Guest Porkwellington]

check your cra file shows all your debts

 

cca everyone

 

reclaim all ppi/penalty charges first.

 

also make sure that money is in an account with a bank you have no debts with [same group]

 

else they will offset without your consent.

dx

 

Thankyou Dx..

 

CCA was the one I was groping for..

That should just about cover everything.

 

.. Apart from......... One of the outfits I owe 7k to belongs to my bank..

 

. My credit refs are so bad at the moment, but the chances of swapping are slim..

 

Do you have any advice on that one?

[unclebulgaria67]

Be careful where the company settlement amount is deposited. If you owe money to the bank where it is deposited, even if it is a different account, they may be able to use some of it to offset the debt. Perhaps transfer it into a different account.

 

In regard to each debt, you could send them a CCA request if relevant and ask for an up to date statement of account.

 

For each debt, do you know roughly when the last payment was made ? Any CCJ's. Do you owe any government type debts e.g council tax ?

[scotgal68]

Halifax and the post office basic accounts

[Guest Porkwellington]

Thankyou Uncle....

There is one ccj... It may be the one which sits in the same bank...

. Hard to tell as it is a very similar amount to another debt which shows up on the credit report

and as the debts have been passed on and registered with different owners

it doesn't show up at all if you see what I mean.

 

Very heavily disguised.

 

They are all credit card debts.

 

A thought crossed my mind which is that if the debt has been brought by a third party..

 

. Is it accessible by them if the debt was previously held by the bank which my cash is in..

 

.. If you catch my drift?

[dx100uk]

no offset if the debt has been sold

 

dx

[unclebulgaria67]

Get hold of your up to date credit report to see what is on there. https://www.noddle.co.uk/

When you get the money, it may be best to set up a Post Office account. You don't appear to know whether the banks you owed the money to still own the debt and I would worry that if they did, they might grab it.

 

The CCJ if it is still current, would be a priority debt, but if this company settlement is required to be able to live on, you might only want to enter into an affordable repayment arrangement. But before you look at this debt, I would suggest that you get hold of the CCJ details.

 

It may be wise to book to see a Citizens Advice advisor in the new year with all the information. I don't know details of your financial position, including what you have available to live on. If you are in receipt of any benefits, you will have to tell them about this company settlement. I believe that if you have more than £16k in savings, you are not entitled to any benefits. This may be relevant to whether you use any of the money to pay off debts.

[dx100uk]

www.trustonline.org.uk will give details of the CCJ.

 

dx