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IainHL

Advice Sought re Creditors' Responses to F&F Offers

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Hello everyone,

 

At long last my first new thread on CAG!

 

I am after some advice please about the creditors' responses to F&F offers I made to them recently. I won't go into the full detail of the back story, but I have a couple of debts where no payments have been made for at least the last couple of years. Recently I found myself in the position of having a lump sum of money available, so I wrote to the creditors with full and final offers, using the sort of wording as suggested by Brigadier2JCS here: http://www.consumeractiongroup.co.uk/forum/showthread.php?393565-Full-and-Final-Without-Prejudice(-)&p=4254734&viewfull=1#post4254734.

 

Both of the creditors have responded with Income and Expenditure Forms, asking me to complete them so that they can "consider my offer". I am disinclined to do this as I am reluctant to provide such information to companies that I have not been making payments to for some time. I feel they should assess the F&F offer on its own merits and either accept or decline it.

 

What do people think? How would you respond?

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Hello Ian looking in as requested.

 

Can you tell me which creditors these are, and are DCAs involved please.

 

I would suggest that your income and expenditure is not relevant to a one off full and final settlement, the fact is that you have funds to make an offer and that's all anyone needs to know!

 

What percentage of the outstanding balance did you offer ?


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Hello Brigadier, thanks for the response.

 

One is Tesco Bank, the other is NRAM, both unsecured loans, both still with (back with would be more correct), the original creditors. The offers made were between 20% and 30%.

 

I am of course aware that NRAM are in the process of selling their "non-performing" unsecured loan portfolio to Marlin, and thought they might like to receive more money from me than Marlin are probably going to be giving them.

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Your welcome, what is the state of these accounts in regard to enforceability?

 

Tesco Bank is always bloody minded when it comes to settlements as for NRAM one would think it would be glad to

get anything back given the cock ups it made!

 

My thoughts are towards writing back to both refusing to provide I&E data and offering 10 -15% because of their unreasonable response, accept this or a maximum of £10 per month for as long as it takes by standing order.

 

This has worked in the past and is I think at least worth a try.


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:

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Thanks for the advice Brigadier, and for confirming my feelings regarding the I&E statements.

 

The last time I asked, which was over 4 years ago, both of these were able to produce what looked to me like an enforceable agreement. Since then they have both been off to DCAs, who did their usual ineffectual huffing and puffing, though as I said they are both now back with the OCs. I have even been offered reduced F&Fs on both of them, though at between 30% to 60%, unfortunately at the time I was unable to take advantage of the offers.

 

I will try writing back to both of them as you have suggested.

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