Can I offer a full and final settlement??

[parity]

Hi,

I have gradually over the last 7 years gotten more and more into debt on two credit cards.

 

One I stopped using 3 years ago but continue to pay the limited amount each month

which does nothing but pay off the interest

-the amount owing of £3000 remains the same.

 

The other I have continued to use because my salary does not even cover my living expenses and is now on £9000.

 

I am also currently £900 overdrawn and so when my salary hits the bank it will disappear.

I can only see my financial situation getting worse.

 

I had a serious RTA in 2002 and due to chronic pain and PTSD I had to leave my career.

Although I found another job this is more than half my original salary.

I am a single parent with a 13 year old daughter.

 

I receive working family tax and tax credits.

I have been using my credit card to cover all the things food shopping, things for school, petrol, uniforms etc.

However the repayments have now gotten so high that I can no longer afford to make them.

 

On Thursday, following a year of ill health I was diagnosed with multiple schlorosis

and life seems pretty terrible at the moment.

 

I broke down emotionally at the weekend with my elderly parents because I really am my wits end.

 

They very kindly offered to lend me (to be repaid as and when I can) £5000 to help

and after spending a lot of time researching debt solutions

I am wondering if I would be able to negotiate with the two debtors to make a settlement offer?

 

My MS is progressive and I can only assume my health will deteriorate fast.

 

I don;t know what is the best way forward???

 

Any advice would be gratefully received. Thank you:smile:

[dx100uk]

hi and welcome aboard........

 

firstly I would go open what we call a parachute account eith a bank not associated with any of your debts.

co-op do a basic account with online banking and a debit card.

 

that way you can get your income paid into THAT account

and no-one will snafu it with overdraft charges.

 

then you p'haps need to look at how you deal with ever increasing card debt.

 

not got PPI have you?

 

that and PENALTY charges might be a route to getting some money taken off the balances

 

that way it will be smaller for when you do F&F them.

 

for the minute i'd sit on the £5k or let them keep it till you are settled.

 

are all your debts still with the original creditors still?

 

dx

[The Mould]

Hi,

I have gradually over the last 7 years gotten more and more into debt on two credit cards.

 

One I stopped using 3 years ago but continue to pay the limited amount each month

which does nothing but pay off the interest

-the amount owing of £3000 remains the same.

 

The other I have continued to use because my salary does not even cover my living expenses and is now on £9000.

 

I am also currently £900 overdrawn and so when my salary hits the bank it will disappear.

I can only see my financial situation getting worse.

 

I had a serious RTA in 2002 and due to chronic pain and PTSD I had to leave my career.

Although I found another job this is more than half my original salary.

I am a single parent with a 13 year old daughter.

 

I receive working family tax and tax credits.

I have been using my credit card to cover all the things food shopping, things for school, petrol, uniforms etc.

However the repayments have now gotten so high that I can no longer afford to make them.

 

On Thursday, following a year of ill health I was diagnosed with multiple schlorosis

and life seems pretty terrible at the moment.

 

I broke down emotionally at the weekend with my elderly parents because I really am my wits end.

 

They very kindly offered to lend me (to be repaid as and when I can) £5000 to help

and after spending a lot of time researching debt solutions

I am wondering if I would be able to negotiate with the two debtors to make a settlement offer?

 

My MS is progressive and I can only assume my health will deteriorate fast.

 

I don;t know what is the best way forward???

 

Any advice would be gratefully received. Thank you:smile:

 

Dear fellow CAG Member

I am deeply saddened to learn that you have been diagnosedwith multiple sclerosis. My wife was diagnosed with multiplesclerosis secondary progressive 7 yearsago, this was absolutely devastating for me, becausethe feeling of uselessness and my inability to cure her debilitating diseasewas like a bolt of lightning hitting me in the face and telling me – ha, youare only a man and you are useless. Weare a young family and have two very young children – both boys and to me theyare my superdudes.

Now on to the important matters for you, your family and your situation. The figures that you have posted here showthat you are allegedly in debt to thesum of £4,800.00 to your creditors listed here.

I really do understand that you need to be free from theworry that these debts are causing to you. I have been down that road and my dear late father-in-law paid all ofour creditors in full and final settlements, we owed in excess of £35k to our creditors.

Firstly, may I please say to you keep calm and drink sometea.

Secondly, as advised by dx above, send your creditors a request under s.78 ofthe CCA 1974 (as amended) for a copy of the credit agreements upon which theyrely in respect of the debt claimed thereunder. The fee for this such request is £1 per request.

Thirdly, you do needto ascertain as to whether or not any of these credit agreements have mis-soldppi thereon – 99% of credit agreements have mis-sold ppi. If they have, this will legally reduce the amount owed on these credit agreements andalso save your very good and dear parents some money, could save them as much as £2k, so this avenueis really worth pursuing.

Fourthly, do not be afraid of your creditors or any letterssent by them or by any DCA acting on their behalf; any letters that your receive, please postthe same up here minus all personal details and we shall deal with them andprovide you with invaluable advice, knowledge, help and support on the same. CAG is here for you, you are not alone and we will help and guideyou through this suffocating mess and any undue pressure placed upon you byyour creditors or any DCA instructed to act for them. By the way, DCA = Debt Collection Agency and they have no powers nor authorityrecognised under the civil laws of England and Wales, they are powerless robots and please do notallow yourself to become intimidated by their pathetic, unrealistic and whollygroundless letters that they may send to you, which are not valid under any law– statute or common law in England and Wales.

So, in the light of the above, and get used to being in the light now thatyou have found CAG, your first port of call, BEFORE, you (yourdear parents) make any offers in fulland final against any of these accounts, send each credit a Consumer Action Request (“CCA) pursuant to section 78of the Consumer Credit Act 1974 (as amended) for a true copy of the creditagreement upon which they rely. Eachcreditor has 12 days to comply with this Request, it is their obligation to comply withsuch. If they fail to comply, then they cannot enforce the credit agreementagainst you.

Further, your require a copy of these agreements, as is your statutory right, in order to establish if any of these creditagreements contain mis-sold ppi thereon.

If you have any further questions as regards this matter,then do not hesitate to post back here without delay. By the way, ensure that all letters that you send to your creditors are sent by wayof Special Delivery Royal Mail.

Kind regards

The Mould

[The Mould]

Further, I forgot to mention, that yes, of course you can offer any of your creditors a full and final settlement offer, but be sure to state that the settlement offer is made "without any admission of liability to the amount claimed under the credit agreement".

 

 

Kind regards

 

The Mould