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Solution-seeking

Its about Time - Debt Free Project - Full and Final Settlement

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Hello Everyone.

 

So Here I am ... time to face and deal.

 

I was well man on career ladder working my way up when in 2008 I decided with my business partner to invest in a retail business, this was just before the recession hit.

 

I left my job and got on with the business that started in late 2008. did well to start with but before I really noticed , I was sinking.

 

I took out a 25k loan from Barclays in July 2008 was making payments , but when I hit a birckwall in my business I got really stuck. The busines ran for three years, and in the busy ness of it , toiling day and night , I just completely ignored any reminders or calls from the bank etc ...

 

Anyway , I now have the following

 

Barclays Personal Loan - I believe it is with Mortimer Lake Sols - £22000

 

Egg credit card - which i believe was taken over by barlcays , not sure who it is with now - circa £2500

 

Vodafone - £300 apprx contract bill which i didnt even know about untill recently !! (Mobile Contract cash voucher [problem])

 

I sold my business in 2011 and have been working endlessly since with all this on my mind and with a plan to one day get rid off.

 

I have NOT made any payments to these for years, and luckily they have not bothered or come after me that much either. a letter now and then. Mortimer have started to call recently again which i have not answered.

 

There are no CCJs on file just default/delinquent.

 

It is probably due to the age of debts that I was accepted for entry level capital one card with £500 limit about a year or so ago, which I have been using regularly and paying off , the limit then increased to £700 (current) and I have heard from them again telling me that they are increasing to £1700 from next month.

 

 

I have no idea how to start on this , the main reason I have had "my head burried" so to speak is that if i contact them they will come after me like wolves asking for to pay amounts I cannot afford.

 

Well now I am in a position to clear these off via full and final settlements. Vodafone I will take care of shortly anyway.

 

Help is needed on how do I make contact and start negotiating full and final settlements with other two and what should I be aiming for.

 

Your help will be highly appreciated. and I kid you not should this forum make me succeed in my goal. I will be making sure to offer financial support in my powers to help the site.

 

Target : Debts cleared via full and final settlement also a clean credit file.

 

 

Kind Regards,

 

SS :)

Edited by Solution-seeking

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firstly, you mention no payments for ages? any chance of statute bar being applicable?

eg when were the last missed contractual payments on the credit card, no payments or acknowledgments since?

when was the first demand for full payment re the loan, and no payments etc since then?

re cred increase, note irresponsible lending, they're now supposed to take into account circs before increasing credit limits and not do so automatically. if you dont want the limit increase, decline it.

is there any poss missold ppi on these?


IMO

:-):rant:

 

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firstly, you mention no payments for ages? any chance of statute bar being applicable?

eg when were the last missed contractual payments on the credit card, no payments or acknowledgments since?

when was the last demand for full payment re the loan, and no payments etc since then?

re cred increase, note irresponsible lending, they're now supposed to take into account circs before increasing credit limits and not do so automatically. if you dont want the limit increase, decline it.

is there any poss missold ppi on these?

 

Thank you for swift reply.

 

Without checking in detail I would say last payments were made in 2009 , on the loan the payments were around 550 per month and for it to come down to 22000+ from 25k about 6 payments were made.

 

Last payment on card would be 2010 a strong guess.

 

Re loan , regular letters were being sent upto 2010 and then occasional from there on. Last demand from Mortimer was late part of last year which I saw. Payments have not been made since 2009 as mentioned above.

 

Re the card increase, I did speak to them initially about the increase and they said they will do it when they see it suitable. Seeing the increase I thougt I was going in the right direction ?

 

My circumstances have well improved in last 2 years, if they looked at my circs and not my credit file then they should be lending me more.

 

The increase would be nice to have but I am in full control of my current finances so the any bill on that is being or will be paid in full each month.

 

re the PPI. I have had a few calls from these claim companies, but never looked into, I remember well I think opted out of it on the loan.

 

Regards

Ss

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ok, stautute bar not likely to be soon

(ps meant first demand for full payment)

ihappy with limit increase

and prob no ppi.

if want to double check things etc could consider doing a dsar?

and, if want to poss challenge things re documentation/enforceability, could also consider doing the requisite cca requests?

otherwise, down to negotiating a settlement, or payments.

have any debts been sold on/assigned to a 'new' owner.

re a 'clean credit file' note that defaults last for 6 yrs (but they must be accurate), and any settlements may be noted as 'partially settled' rather than full. depends on the circs. check out the ICO site re defaults/cra files. heres some brief ico info, eg para 5, http://www.scoronline.co.uk/files/scor/high_level_prinicples_document_final.pdf


IMO

:-):rant:

 

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If I did Dsar and CCA and we do find a conflict and omproper documentation ? What can that achieve ? The wipeout of the amount and restoring the credit file ?

 

Getting my credit file back on track is my main aim , an investment fro my future so to speak.

 

when you say defaults must be accurate , what does that mean ?

 

Is there a way we can agree with lenders to restore the credit file records if they are to take the lump sump ?

 

Okay I have checked my report today for more factual information rather than me guessing.

 

The loan is still with Barclays - as they are registering default on the report. Default Balance is showing £21192 and current balance is showing £22346 . Default date March 2010

 

The Egg card that was taken over by Barclaycard - shows default - but status shows "Satisfied" as the debt was sold to Marlin Capital in Feb 2013. These are the ones who are chasing occasionally via Mortimer Lake Solicitors. So marlin is registering defaults for the amount of £3630 . I am certain this amount includes some fee/penalty as this wasnt the amount owed I am sure.

 

These are the default dates shown on the credit file. I am not 100% sure when the last payment was on these .

 

Thanks alot for your help so far.

 

Regards,

 

SS

Edited by Solution-seeking

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Looks like I will need to sort Marlin / Mortimer out sooner rather than later . What is the best way to go about the F&F settlement ? Can we ask them to agree to correct the credit file also ?

 

Regards,

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it would be better if you start individual threads

for each of you debts

in the named forum of the Original Creditor

off the top left main forum tab.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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as an example

the egg card debt that's now owned by marlins

 

you can either use the EGG forum or the Barclaycard forum.

 

i'd get an sar off to the Canadian square egg address ASAP.

 

theres no harm in sending marlins a CCA request either.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thank You Dx , will start new threads.

 

Please Excuse my ignorance in all these matters.

 

SAR (Subject Access Request) what does this actually achieve ? and also the Credit agreement request ? what are we looking at in terms of possibilities ?

 

Regards,

 

 

 

Thanks and Regards,

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I ask this because of the sales background I have, I was thinking of picking the phone up and negotiating the hell out :)

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you are in the info gathering stage

 

the SAR gets you everything a 'group' holds on you.

statements.letters.comms log etc

 

the CCA request

puts whomever you send it too - the ones demanding payment....

 

under strict legal proof to come up with a copy of the agreement YOU SIGNED

when you took the credit out

 

no CCA - no Pay basically.

 

have a read around too

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Yes I was doing that ,

 

so if they have CCA

- and they have contact from me doesnt it put me in a very vulnerable situation ?

and if there is no CCA does it force them to take it off my credit file too ?

 

My hesitation was ,

like I mention in my first post is that these guys havent heard from me in years, well no communication whatsoever.

 

So once I get in touch I dont want them to be coming after me with all guns blazing not giving me space to resolve this properly.

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Whatever you do you must stay off that phone.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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failing the CCA does not equal cra file cleansing.

 

the important thing on a debt is the defaulted date on its summary line

 

once that reaches its 6th birthday

the whole debt vanishes from the file

 

doesn't mean its not owed mind!

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Well , what I want to achieve is both if possible ? Credit file clean and debt is not owed at the same time .

 

I am not going to try and wiggle my way out of debts. I want them gone for good and will pay for them to be gone.

 

So if the default is there , its there for 6 years no matter if the debt is paid off or not ?

 

Regards,

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correct

 

there are examples of say a DCA agreeing to remove ALL neg data

and showing the account as settled [NOT Partial settled - WASTE of money!]

 

but you'll need to get that in WRITING FIRST before any payment.

 

I suggest you have a read around similar threads

using our search of the top right grey toolbar

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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will be doing alot of reading over the weekend.

 

looks like its going to start with a letter to creditors asking for f&f settlement provided they agree to remove all data from the file.

 

sorry to keep coming up with most probably common questions, Barclaycard , have listed this as satisfied -because they got paid my Marlin. shouldnt they be in a position to remove the neg data from file now ?

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usually when a 'new' owner eg dca marlin 'buys' a debt they put their name on it on the cra files. but as per the link #4 any cra records must be accurate. eg the default date must stay the same and cant be renewed, and the amount must be accurate.

if there has been a default, then wld prob be difficult to remove prior to its 6 yrs if it is not in error etc.

and, re a settlement they'll still prob record the cra file as such.

but, as dx says, it could be done, money talks.

you mention poss fees/charges. getting the info might show these (a cca request also requires a full statement of account), of which could be taken off the amount, and used in negotiation? as could the issue of no proper documentation (also, did you get a compliant default notice in these, if applicable?), if transpires, in negotiation.

also, as has been sold on, they might accept a lower amount in settlement cf the original creditor. so, start low if going for a reduced offer.


IMO

:-):rant:

 

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Got , i will do the research about the ways to offer and CCA and weigh up which is the better way. The way I am thinking of it is that if we do go for CCA and there are charges taken off which I am sure they will be then I have less chance of acceptance of a lower amount. because if they reject , at that stage they would have an admittance of the debt from me also in recent date in form of an f&f offer and contact from me too.

 

 

The Loan - is there any point to CCA them ? they are my bank also , I hold a current account with them. Do I need to tread more carefully with them , or I have some sort of advantage that I have an account with them.

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'admittance' doesn't really seem to be an issue, as either way you would be contacting them? you would do offers without prejudice/acknowledgment anyway to start off with? and, afaik, a cca request and/or dsar isn't technically regarded as an acknowledgment re statute bar? but, do correct if wrong.

could get the info first, see how things are, then decide way forward?

re loan, same, can cca/dsar them if you want.

ps check out also the cra/successes forums etc, as dx says, sometimes neg data can get removed (money talks) http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?205-Credit-Reference-Agencies


IMO

:-):rant:

 

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Hi Solution-seeking,

 

If you'd like any help from me with the Vodafone side of things, email me with your details via the Contact us form here and quote the code WRT135 - CAG Forum in the subject line.

 

Once sent, you'll receive an automated reply with a reference number. Post back with this and I’ll check I've received it.

 

Kind regards,

 

Lee

 

Social Media Comms

 

Vodafone UK

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