Some advice needed please

[maxandsasha]

Hi,

 

I am looking for some advice on how to go about making full and final offers to my creditors.

I am currently on a debt management plan with baines and ernst.

I have seven creditors totaling £ 31k and according to my plan and what i can afford to pay this will not be completed until 2027!

 

 

Here is a list of them-

 

1) Lewis Bradford (Bank of Scotland loan) £ 16600

 

2) Capital One credit card £ 6500

 

3) RBS (Mint credit card) £ 2900

 

4) Apex credit management ( Barclay credit card ) £ 2600 They have offered a 40% reduction for full and final.

 

5) Idem Capital ( Bos overdraft ) £ 810

 

6) Westcot Credit ( Bos overdraft ) £ 950 They have offered 25% reduction for full and final

 

7) C L Finance £ 540 They have offered 15% reduction for full and final

 

 

I cant afford to offer them all at once but was going to go for the smallest ones first.

I have a few questions if someone could answer them for me please.

 

1. Only C L Finance are keeping my credit file up to date.

Its says on it A.P.

Do i pay them so it cleans up my credit report,

I was hoping to get my file cleaned up in order to get a better mortgage deal.

 

2. The only default i have is the Capital One.

The default is due to drop off in october this year.

Should i pay them before it drops off then there will be no history of it .

 

Thanks for your help

 

 

Max

[Desperate Daniella]

Hi Max, and welcome to CAG!

 

All companies have to be dealt with differently and some are easier than others.

 

If credit cards have unenforceable agreements it is easier to negotiate a better full and final settlement.

 

I am not an expert on loans but some agreements apparently were not drawn up correctly. When did you take it out?

 

When did you take out the Capital One card?

 

When did you take out the Mint card?

 

When did you take out the Barclaycard, and was it always a Barclaycard? Or was it something else, like Goldfish for example, first? Apex are offering a pretty large discount on that so they may be aware that they don't have an enforceable agreement.

 

Are these two separate overdrafts with BoS? Or two DCAs chasing the same debt with different charges added?

 

What is the CL Finance debt for?

 

If you go for full and final settlements you must insist that they remove the defaults on the credit files.

 

DD

[dx100uk]

quite honestly i'd be dumping the fee paying DMP

 

its costs you MONEY in fees

 

there are numerous FREE DMP providers.

 

as for cap 1

 

no point really

it will VANISH from you cra file on the defaults 6th birthday

NEVER to return.

if a debthas aready gone off your CRA file per above

 

theres NO RUSH to pay it off at all.

 

they cant hurt your credit rating anymore.

 

i'd be dumping B&E and paying your creditors

 

get some of that money in your pocket for the mortgage.

 

I hope at some point

you are B&E have sent CCA requests to all your creditors

and CHECKED whom you pay are LEGALLY ENTITLED to even get money off of you?

 

sadly you cant CCA bank account

 

but i'd still question their legally to receive ANYTHING from you.

 

ever thought of PPI reclaiming too?

 

dx

[maxandsasha]

Hi DD and Dx

 

Thanks for the replys,

 

All my debts are at least 7 years old as i have been with B & E that long !!!

 

I have some PPI on my egg card but apart from that nothing else, i will be claiming it back hopefully.

 

The debt CL Finance are claiming is for a store card.

 

I was thinking off getting this paid off as it is being updated every month on my credit file as arrange to pay. If i get this paid off will it help my score ??

 

Can someone please answer this question, what happens when i finally pay off a debt but isnt on my credit report when i pay it off will it appear when settled.

The reason i ask is when i send offers for full and fina settlementsl i have read you MUST ask them to mark fully satisfiedon your credit file but it doesnt appear on my file

 

 

I hope this makes sence

 

Thanks again

 

 

Max

[dx100uk]

if its not on your CRa file

 

no point in F&F

 

it is not harming you.

 

you been with B&E 7yrs

 

god they made £1000's out of you.

 

dx

[dx100uk]

as for the AP marker

unless the AP account has been defaulted

THEY WILL NEVER GO AWAY for 6yrs from entry.

 

you REALLY need to complain that

as they SHOULD HAVE DONE

B&E should have gotten the debt defaulted

when you started with them

 

you need to complain to the ICO about these AP markers

and there not being a default when you reduced payments.

 

dx

[Desperate Daniella]

As some of the debts are over seven years I am wondering if they could have been defaulted and have now fallen off?

 

You can have debts marked as satisfied but that still shows that you didn't pay off the full amount. Part of the negotiation for a F&F should be that they remove the default completely, otherwise it's not going to speed up the removal.

 

Do let me know about the credit cards.

 

DD

[maxandsasha]

Hi and thanks for the replys

 

 

I have had the Capital one card from around 2005

 

Egg from 2002 i had ppi on this from 2002 for 31 months

 

and Mint from 2006..

 

I was going offer Westcot 50% full and final IF they remove ALL the a.p,s completely off my record.

 

What do you guys think

 

 

Thanks again

 

Max

[Desperate Daniella]

Hi,

 

The Capital One card may not have an enforceable agreement. You should write to them and ask for a copy of the alleged credit agreement.

 

Mint - I don't know much about Mint cards. Do a search on the site and see what you can find out about their enforceability. As it's pre-2007 it may not be enforceable.

 

Egg - again, I don't know much about these cards but there are loads of threads and I gather they may not be enforceable. Again, do a CAG search.

 

For both Egg and Mint you should also write asking for a copy of the alleged credit agreement.

 

If Wescot is just for the BoS overdraft and you can settle for 50% and they remove the markers that might be the right thing to do.

 

DD

[maxandsasha]

Hi and thanks again.

 

 

Capitol one and egg are not with DCA does that mean they are not enforcable. If some of my debt is not enforcable what excatly does that mean. Sorry for being stupid but surely i will have to pay them back.

 

Also the DCA who is killing my credit report is CL Finance, sorry i got mixed up with westcot, do you think i have a chance of getting the ap,s of my report

 

And what will happen if i dump Baines and Ernst will all the hassle start again with phone calls start up again.

 

 

 

Thanks again for your help

 

 

Max

[Desperate Daniella]

There is nothing Baines & Ernst can do that you can't do for yourself.

 

You will have to deal with phone calls, but we can help you with that.

 

First rule of CAG, don't ever speak to them on the phone. If they harass you write to them and warn them off. We can help with that too.

 

If agreements are not enforceable you are in a stronger position to negotiate a F&F.

 

You may not necessarily have to pay them back, but you will have to argue your case.

 

They then can take you to court if they think they will win, or you may be able to get them to write off the debt if you are strong enough and have the right arguments.

 

However, that is not easy so if you are armed with the fact that they don't have an enforceable agreement they will probably be more willing to negotiate.

 

Capital One and Egg are not with DCAs because you are still paying them. If they fail to provide enforceable agreements you can stop paying them, but you have to be willing to face the flak.

 

We can't advise on the store card with CL finance unless you let us know which store card.

 

DD

[maxandsasha]

Hi

 

 

So the next thing i should be doing is CCA ing them all and see what comes off it ???

I am going to claim back my PPI on the egg card tomorrow.

To be honest with you i just want all my debt paid off with as less hassle as possible as my wife and i have had too many sleepless nights !!!

 

As i have said i cant afford to do them all at once so i was going to start with the lowest and take it from there. How much do you think i should offer them as F & F,s.

 

 

thanks for your help

 

 

Max

[Desperate Daniella]

Sorry, I missed this.

 

Yes, send off the CCA letters. Let's see what they have got before you offer anything. It's only worth claiming back the PPI on the Egg card if it will wipe out a large percentage of the balance. Otherwise it could be said you are acknowledging the debt. Better to wait until you get a response to your CCA letter.

 

DD

[Desperate Daniella]

Offer 30% as a full and final on the overdrafts. Debt collectors generally pick the accounts up for about 10%. You can always increase your offer.

[maxandsasha]

Hi and thanks for replying

 

 

I am really greatful for your advise

 

 

You say dont claim the ppi if it wont cover the hole debt as i may acknoledge the debt. But i have been paying them every month for at least seven years through B & E.

I get a statement from Mint and C L Finance every month showing my amount due and there is no interest being charge. To be fair i aint getting any interest charged on any off the account.

 

So this is what am thinking and any advice would be greatful

 

 

I am going to do one debt at a time, the first one being CL Finance as its the lowest.The balance is currently £ 533 and they are getting £5 per month

My plan is to CCA them ( but not quite sure on how to word/do this properly). Then see what comes back then hopefully get them sorted as i say from 2009 every month on my credit report they have put AP on my file which i assume is not good on my file. They are the only debt still doing this.

 

And also if the others are not on my report can they appear if and when i get them settled

 

 

Thanks again for your help, I feel good about finally starting the long road to getting out of debt

 

 

Max

[maxandsasha]

Hi

 

 

As i have said Apex Credit have offered 40 % off as a full and final this was my Egg credit card and i think Barclays took over Egg. So do you think they are offering me the discount as they know there is PPI to claim or does it not affect them as they have bought the debt, hope that makes sence

 

 

 

Max

[Desperate Daniella]

Yes, but if you find out that the agreement is unenforceable or they don't supply an agreement at all then you have every reason to stop paying them, and instead you can offer them a low F&F which will also take into consideration the reclaim on the PPI.

 

There is an example of a CCA request letter in the CAG library. However, I personally don't use this as it just means they can send you a reconstituted copy. I send a letter just asking for a copy of the alleged signed credit agreement relating to the account.

 

If their response is to send a reconstituted agreement and T&Cs we can write back again and I will tell you what to say.

 

However, do use the CAG one if you are happier with that.

 

You might as well send off the letters for the credit card companies. Knowledge is power and will help negotiations.

 

You need to send £1 with each request and it's better to send a postal order. You must state in the letter that the £1 is only to be used as payment for the CCA request and it is not to be used as a payment towards the account.

 

If you make F&F settlements the debts would usually appear on your credit reports as "satisfied" which indicates they haven't been paid off in full. However, you can also argue that for the F&F they have to remove the references from the credit reports. They don't like doing that, but it's been known to happen.

 

DD

[Desperate Daniella]

Hi

 

 

As i have said Apex Credit have offered 40 % off as a full and final this was my Egg credit card and i think Barclays took over Egg. So do you think they are offering me the discount as they know there is PPI to claim or does it not affect them as they have bought the debt, hope that makes sence

 

 

 

Max

 

As I didn't have an Egg card I have not been following those threads, but I'm pretty certain that some agreements aren't enforceable. DCAs usually offer discounts if they know that.

 

You need to see what they have got before making an offer.

[maxandsasha]

Thanks for the prompt reply

 

 

So i will send all off my crediters a CCA requset even though Two off them have not been sold to a DCA ??

 

So in your opinion what are my chances of getting CL Finance to remove all the negative things on my report or as DX says will i have to raise a complaint saying a default should have occured when i fell six months behind and by now would have fell of my report or close to it ??

[maxandsasha]

I WILL NOT be parting with any money until i know where i stand, as quick as i want CL Finance sorted another few months wont harm me

 

 

Thanks again

 

Max

[dx100uk]

do these debts SHOW on your CRA file?

 

dx

[dx100uk]

might be better to start a thread for each 'debt' in the named original creditors forum.

 

you also need to dump B&E

they've done you no favours

 

dx

[Desperate Daniella]

Thanks for the prompt reply

 

 

So i will send all off my crediters a CCA requset even though Two off them have not been sold to a DCA ??

 

So in your opinion what are my chances of getting CL Finance to remove all the negative things on my report or as DX says will i have to raise a complaint saying a default should have occured when i fell six months behind and by now would have fell of my report or close to it ??

 

It really will depend on what they have got, your offer, and what they are willing to do in order to get the dosh!

[maxandsasha]

Hi dx

 

 

The only one showing is CL Finance which is the one i am aiming to get sorted first.

 

 

I am abit worried to dump b&e just yet as all my interest is frozen and if i did dump them and went solo would the creditors start the interest again when i offered them a monthly payment .

 

Thanks

 

Max

[Desperate Daniella]

You don't have to wait for any account to be passed to a DCA before you ask for a copy of the Agreement. The OC should be in a position to supply it. (Barclaycard for Egg obviously.)

 

You are right. Another couple of months to sort out CL Finance won't make much difference.