debt and bankrupcy help

[sequenci]

They might do that but you shouldn't really worry as that will go in your bankruptcy too.

 

They cannot really do a great deal within weeks. Try not to worry too much

[karenr31]

Thank you so much, I called the bank and they said would stop letters for 28days! its a start and will keep them off my back for now.have a nice weekend.

[sequenci]

Thank you so much, I called the bank and they said would stop letters for 28days! its a start and will keep them off my back for now.have a nice weekend.

 

Thanks, and you

[karenr31]

Hi, well the house sold for full market value and the halifax negitive equity team have our application and seem to think it will be straight forward . we are having a wee bit hassle from other creditors but managing to hold them off so far. Has anyone any info on fredrickson international? cap one debt has been sold to them and also next account, should we cca them for more time as dont want to call them but have the usual threat o gram, any help appreciated.

[IdaInFife]

ignore again theres not much they can do in a few weeks

[karenr31]

Just an update. The halifax have approved our neg equity sale and all should be finalised by 3rd may, they are sending me the paperwork to sign.Anything we should not be signing? we intend to go bankrupt within 8weeks of this being finalised but abit worried if we sign anything it wont be added to shortfall.any advice from you guys ?

[IdaInFife]

The shortfall can be included within your bankruptcy. Please do not sign a 'deed of acknowledgement' after the bankruptcy date as this has the potential to make you liable for it once again. In short you don't need to sign anything the lenders tries to get you to do.

 

As per Seq advice i would follow this x

[karenr31]

Just an update,

 

house sale completed and now just waiting on shortfall letter.

 

we have had a letter from scm solicitors regarding o'draft with bos,

 

called them today and asked if a settlement figure could be offered and was advised they couldnt accept any offer,

account will be passed to recoveries dept.

 

can anyone advise if it is likely that they will accept a settlement in full and final?

 

a family member is willing to help us try and avoid bankcrupcy,

 

we owe 4k to bos and hope they will accept 1k any thoughts?

 

we hope to do this with all debts if possible but not sure where to start,

 

do we have to wait until accounts are passed to recoveries as the bank are saying they cannot accept any settlement.

 

also bank unwilling to do anything unless we provide income and expenditure which we refused. help appreciated please

[sequenci]

Hello there. Put it in writing that unless they accept the F&F settlement you'll be petitioning for your bankruptcy. It should hopefully show them that you mean business. Whether or not they accept is totally down to them of course, but it's certainly worth a go for sure

[karenr31]

Thank you, one of our creditors next account passed to fredrickson has said they will accept a full and final, but account would be updated on credit ref as partially settled? should we accept this?

[sequenci]

That is generally the way that creditors update credit files as far as F&F settlements go.

 

Experian have reliably informed me that a 'P' flag doesn't have much bearing on credit scoring via potential lenders although it's likely to flag up with them - and it could trigger manual intervention rather than a lender using an automated process. This could cause difficulties as some lenders just don't really bother with manual credit scoring. So, I guess the answer is dependant on whether or not you're interested in taking out credit going forward.

[dx100uk]

with such a large discount, it's plainly obv its mostly PENALTY charges.

 

I cant see why they wont mark it settled and remove all markers.

 

as they are obv making money out of you.

 

pers i'd stick to your demand.

 

PS does seem leave punters exposed to the rest being demanded at a later date.

 

my thoughts

 

dx

[karenr31]

hello again, we now have shortfall of 38k, is there any chance they will accept a full and final for us to avoid bankrupcy? what should we expect they will accept? do you know if they ever accept f&f for margage shortfall? we can maybe raise 10% from mother in law and if not are they likely to sell on to debt agency? or accept say £50 pound a month forever

[Ell-enn]

Have you established if £38k is the correct amount? Was the property marketed properly - did the lender achieve the best possible price ? or did they just auction it off ?

[karenr31]

Thanks for the reply,

 

house was sold for full asking price and full value with assistance from the halifax who accepted the sale with shortfall,

 

I just want to try and avoid BR if possible

 

but not sure where to start,

 

we have many other loans and credit cards

 

but with family help

 

we hope to offer around 10% to all debts to have a fresh start,

 

do you think this is possible and any advise how to write the letter with f&f offer to avoid BR.

[citizenB]

Can you confirm that you no longer own your own home now ?

[citizenB]

yes we no longer own the home, house sold and shortfall 38k, now in rented accommodation.

 

They might be more persuaded to accept a Full and Final offer then and I don't see there being any point in them even attempting to make you BR. Although I sincerely doubt they will accept 10%

 

Were there any charges applied to the original mortgage prior to the sale ?

[karenr31]

Thank you for the reply,

no charges on mortgage.

 

what do you think they would accept?

 

any idea of how to word the letter saying we are trying to avoid BR where they would get nothing

and it would be better to accept full and final.

 

no way could we get any more than say £4.k from mother but it would have to be in settlement before she would part with this amount.

[citizenB]

You would need to point out that the money is coming from a 3rd party and that you would need in writing, confirmation of the following before the cheque /monies is paid over :

 

1: They confirm that this is in Full & final Settlement

2: They confirm that they will not make any future attempts at pursuing any balance.

3: They confirm that any balance will not be sold on to a 3rd party DCA to pursue any balance.

4: They confirm that your account is marked as settled.

 

 

You should add that the offer is time sensitive and give them a date by which you require their response.

 

You could point out that you no longer have any assets. If they are unable to accept this offer, then you would consider bankruptcy.

 

You MUST have their confirmation in writing - we have seen too many times where people have either spoken on the telephone or have accepted that it is "their policy" not to confirm in writing until after the cheque is received only to see them either sell on or pursue themselves.

 

I think I would like to see a few more comments from other caggers.. so hold off for a little while and perhaps even let us have sight of any draft before you finalise and send.

[karenr31]

Thank you I will wait for other replies and anyone that can help draft the letter .

[karenr31]

anyone heard of pace forward?

 

got a letter sayin important matter that they have been provided with my address to contact them to confirm and discuss.

 

if they dont hear from me they will assume they have correct address!

[maroondevo52]

anyone heard of pace forward?

 

I'd ignore this letter and wait until they get in touch again, if ever.

They don't know where you are really, and they can't say for sure they have a debt to collect that has anything to do with you.

If there is any debt it will be more than likely 'Statute Barred' or getting near it.

[citizenB]

Is it also worth mentioning the A&L v Reynolds case where the court said the lender couldn't have a second bite of the cherry so they're lucky if they get anything?

 

Here you go Karen

[karenr31]

Hi Citizen, not sure the case with a&l would apply to me as we didnt have a repossesion order they simply allowed us to sell knowing there would be a shortfall, we had said we were going to declare bankcrupcy but are now trying to avoid at all costs. going to see if someone on here can help me draft a letter hope someone can help as we have no idea how to word the letter for full and final .

[citizenB]

I have posted some links to threads where other people have posted up draft F&F letters. The first link is to the National Debtline fact sheet in respect of F&Fs

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?62979-BarclayCard-accepted-my-Full-amp-Final-Settlement-but-need-urgent-advice-please!&highlight=Letter+-+Full+final+settlement+for+any+debt

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?206473-Full-amp-Final-settlement-advice&highlight=Letter+-+Full+final+settlement+for+any+debt