Full & Final Settlement advice

[GUnder]

Hi

 

I was looking for some advice please. I have read through the forum to see if anyone had any personal experience of the below companies but there is very little.

 

I have requested copies of my credit agreements and full & final settlement figures today. I have also asked the companies to confirm if the agreements are still enforceable as all were taken out around 2002/2003 time.

 

My existing debts are:

 

apex - sold by Lloyds - 7622.32 @ 32/mth

barclays - sold by egg- 1188 @ 5.12/mth

hbos - cahoot - 8903 @ 38.33/mth

london scottish - sold by intelligent finance - 6864 @ 29.55/mth

nco - amex - 1156 @ 4.98/mth

pra/activ kapital - Lloyds - 1307 @ 5.63/mth

wescot - sold by Lloyds - 2428 @ 10.45/mth

 

total: 29000 @ 126/mth

 

I have been on a debt management plan through Payplan for the past nine years however a family member has recently offered an interest free loan if it helps me repay these debts. (I suffer from a couple of health issues and these debts don't help, which has prompted the offer)

 

Does anyone have any advice that could help me with full & final offers with these companies or does anyone know anything about agreements being unenforceable if they are pre 2007? Is this worth pursuing at all?

 

thanks

 

GU

[fkofilee]

Wow!... Ill use a DX term here,

 

You may have been Cashcowed for a longgggggggggggggggggggggggg time!

 

But we are here to help. F+F Settlements are no good in this scenario for you, unless they are still on your CRA.

Which of these accounts are on your CRA? Also how many of these have you sent a CCA Request to?

 

CCA Request is a legal request in which you ask a creditor to provide a copy of their right to collect this debt - Consumer Credit Agreement

You send a letter to them asking for a copy of the agreement and a £1 Postal Order. They then have to provide a copy of the CCA and if they dont, you are in your rights to stop payments.

 

Your DMP with Payplan dont check the legality of the debts, just arrange to pay at a rate thats affordable to you.

[GUnder]

I can't see any of these debts on my credit file.

 

I have long stuck my head in the sand and ignored these debts making my agreed payment through Payplan. Bankruptcy or an IVA etc was never an option as it would affect my employment.

 

Why do you say that full & finals are no good? I just want the issue cleared up and be able to move on.

 

I have requested agreements from all of the companies.

[silverfox1961]

Hi and welcome to CAG

 

I fully agree with fkofilee. You are being taken to the cleaners.

 

Any debt that was a loan or credit card or hire purchase, send each creditor a CCA request. The debt collectors will not tell you whether the agreements are unenforceable or not. It would be like cutting their noses off to spite their faces.

 

If any creditor fails to supply a coy or a true reconstruction of the agreement, you can put the account into dispute then tell payplan to halt the payment to that creditor.

 

Also, it is highly likely there were various charges and associated interest added to these debts that if you were to reclaim them, it may even wipe out any debt and leave you with some pocket money.

 

Check the library for template letters ( CCA request and SAR)

[fkofilee]

The end resultt of a F+F is pointless. Its used to gain leverage on a debt for the future.

EG; Removal of a default / Negative information on a CRA

EG; Payment when you know you cant fully afford the rest

 

What was the results of the Agreement requests?

[GUnder]

..the requests for the agreements have just been posted.

 

I will wait until I hear from the various companies & update this post.

 

Thanks for your help so far.

[silverfox1961]

I would send a SAR to each original creditor, not the debt collector for all the data they hold. This would show what was sent (or not) what charges were levied and the interest rates charged at the time.

 

As mentioned, an F&F is pointless as doing so would have no benefit to you apart from clearing the balance. If you do decide to try it, you must get their agreement that they will not pass on any remaining amount onto another party. An F&F is usually used to assist in cleaning up credit files and that doesn't matter now.

 

When sending letters, ensure that (at the very least) you have proof of posting or if you can afford it send them signed for delivery.

 

Keep all post office receipts safe and start a file for each creditor. (usually known as building a library)

[GUnder]

I have written to all companies asking for the credit agreements, some have replied & some haven't, I will post an update over the weekend however one company in particular have advised that they have put the account into dispute until they hear from the creditor - what does this mean?

[silverfox1961]

Whilst an account is in dispute, the creditor will not pursue you for the debt nor are you obliged to offer payment whilst the dispute remains.

 

Depending on the creditor and how long ago the agreements were taken out may have some effect.

 

Bear in mind that they can send you a reconstruction of what 'the agreement would have looked like' however, if any of the agreements were taken out pre April 2007, they would need the original signed agreement if they wanted to enforce the agreement through the courts

[GUnder]

I am starting to speak with some of my creditors, getting full & final figures & copies of agreements etc.

 

Most state that they will mark my file as repaid/partially repaid however can they do this if the debt isn't showing on there? I wouldn't like it to re-appear.

 

Most are coming back with figures of around 75% of the total which I expected. Does anyone have any tips? I was going to eventually offer 25% and go from there depending on whether I get a credit agreement back from them.

 

thanks

Edited February 2, 2016 by GUnder

[silverfox1961]

Never start with 25% . I would always start much lower, say, 10% with a maximum in mind (in your case 25%) with the agreement that they do not sell on any remaining debt nor add any further info on to your credit file where a default has vanished.

 

With any account that is still showing as being in default, they are allowed to mark it as partially satisfied although some will agree to mark it as just satisfied.

 

I remember one poster from many years ago who did a F&F which was accepted by all the DCA's them went back to the original creditors and put a reclaim of charges request in. They ended up in profit.

[GUnder]

How do I go about a reclaim of charges?

 

I had a look on here but couldn't see anything - maybe I am being stupid!

[renegadeimp]

I would start with zero % and check the validity of the debts first. Especially since they were sold on

[silverfox1961]

How do I go about a reclaim of charges?

 

I had a look on here but couldn't see anything - maybe I am being stupid!

 

All info is available in our library but to help, here is the first link for you

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?406-Legal

 

Do not offer anything as yet until you know how the cards are stacked.

[dx100uk]

you listed the debt earlier

 

 

are they all cards/loans or are some bank accounts?

 

 

dx

[GUnder]

apex - sold by Lloyds - 7622.32 @ 32/mth - CREDIT CARD

Barclaysicon - sold by Eggicon- 1188 @ 5.12/mth - CREDIT CARD

HBOSicon - cahoot - 8903 @ 38.33/mth - CREDIT CARD

london scottish - sold by intelligent finance - 6864 @ 29.55/mth - UNSECURED LOAN

nco - Amexicon - 1156 @ 4.98/mth - CREDIT CARD

pra/activ kapital - Lloyds - 1307 @ 5.63/mth - OVERDRAFT

wescot - sold by Lloyds - 2428 @ 10.45/mth - UNSECURED LOAN

 

I am just reading about reclaiming charges on the credit cards just now. Is there anything I can do with the loans?

[dx100uk]

loan reclaiming same as credit card

 

 

[get all the statements via an sar to each

but only one needed to Lloyds mind]

 

 

so CCA request to everyone bar the pra group debt.

you cant CCa a bank account sadly

 

 

 

 

 

 

bar

[GUnder]

thats the CCA & DSAR requests away.

• when you say start my full & final offers with zero, what do you mean?
  
• some of the companies have said that the accounts are on hold until they get the credit agreement.
  
• if I stop paying these, could they re-appear on my credit file?
  

 

thanks

[renegadeimp]

No CCA means they cannot enforce it in court until they get a compliant agreement. If they have already been removed from the credit file, they can't be put back. Once they're gone, they're gone

[dx100uk]

id be awaiting the CCA & SAR's first.

 

 

why pay anyone anything

if they cant prove a debt?

[Fedupandfightingback]

If the reporting on these accounts has since ceased because it has been 6 years from the original default date - they cannot start reporting if you cease payment.

 

 

With respect to the Unsecured loans - do you know if there was any Payment Protection Insurance attached ?

[GUnder]

I have been working through the debts one by one and this is where I am with each:

 

Apex - sold by Lloyds - 7622.32 @ 32/mth - CREDIT CARD Credit agreement has been requested from Apex however I sent a DSAR to Lloyds and they have sent a copy directly to me. The statements that I have received from Lloyds showed PPI so i have sent a mis-sell claim away today. I will wait & see what Apex say about the agreement.

 

Barclays - sold by Egg- 1188 @ 5.12/mth - CREDIT CARD Credit agreement has been requested

 

HBOS - cahoot - 8903 @ 38.33/mth - CREDIT CARD - Hoist/Robinson Way have kindly agreed to write off the debt so I have asked Payplan to stop paying them

 

london scottish - sold by intelligent finance - 6864 @ 29.55/mth - UNSECURED LOAN Credit agreement has been requested and I have raised a complaint as this is the third request. So far they have sent me £50 compensation for ignoring my previous requests but I have not cashed the cheque yet. I am waiting to see what the outcome of my cca request is first.

 

NCO - Amex - 1156 @ 4.98/mth - CREDIT CARD Credit agreement has been requested

 

PRA/activ kapital - Lloyds - 1307 @ 5.63/mth - OVERDRAFT Credit agreement has been requested and I have managed to claim charges back of £290 so far which they gave directly to me rather than paying it against the debt - I assme as it now sits with PRA.

 

Wescot - sold by Lloyds - 2428 @ 10.45/mth - UNSECURED LOAN Credit agreement has been requested. There was one in the DSAR but again, I will wait & see what Wescot say.

 

As always, any advice would be greatly appreciated.

[renegadeimp]

I have been working through the debts one by one and this is where I am with each:

 

Apex - sold by Lloyds - 7622.32 @ 32/mth - CREDIT CARD Credit agreement has been requested from Apex however I sent a DSAR to Lloyds and they have sent a copy directly to me. The statements that I have received from Lloyds showed PPI so i have sent a mis-sell claim away today. I will wait & see what Apex say about the agreement.

 

Wait for the CCA response if any. They have 12+2 working days and then stop paying if a fully compliant agreement isnt recieved.

Barclays - sold by Egg- 1188 @ 5.12/mth - CREDIT CARD Credit agreement has been requested

 

HBOS - cahoot - 8903 @ 38.33/mth - CREDIT CARD - Hoist/Robinson Way have kindly agreed to write off the debt so I have asked Payplan to stop paying them

 

They havent kindly done anything. They know the debt is unenforceable so wont waste their time. Be ready for them to sell the debt on.

london scottish - sold by intelligent finance - 6864 @ 29.55/mth - UNSECURED LOAN Credit agreement has been requested and I have raised a complaint as this is the third request. So far they have sent me £50 compensation for ignoring my previous requests but I have not cashed the cheque yet. I am waiting to see what the outcome of my cca request is first.

 

Do you mean youve sent the CCA request 3 times? Why. If they havent fulfilled the request within the first 12+2 days, stop paying as they cannot do anything bar mark your credit file and send letters.

 

NCO - Amex - 1156 @ 4.98/mth - CREDIT CARD Credit agreement has been requested

 

Same as the above.

PRA/activ kapital - Lloyds - 1307 @ 5.63/mth - OVERDRAFT Credit agreement has been requested and I have managed to claim charges back of £290 so far which they gave directly to me rather than paying it against the debt - I assme as it now sits with PRA.

 

CCA request wont work for an overdraft. If its with PRA then its UE due to those charges. If PRA try anything remember to get your paperwork in order.

 

Wescot - sold by Lloyds - 2428 @ 10.45/mth - UNSECURED LOAN Credit agreement has been requested. There was one in the DSAR but again, I will wait & see what Wescot say.

 

Wescot are some of the biggest fleecers out there. Follow the above info in regards to CCA. Also SAR lloyds.

As always, any advice would be greatly appreciated.

 

My advice in red.

[GUnder]

Thanks Renegade

 

Just received the agreement in for this one:

 

Barclaysicon - sold by Eggicon- 1188 @ 5.12/mth - CREDIT CARD

 

it was signed in 2003 & defaulted in 2007/2008.

 

Just off the phone to them & they offer a settlement fee of £650 & the balance is £1157.

 

What do you think?

[dx100uk]

why the discount...

if they are offering 50% off

then theres more to be had by reclaiming.

paying off your debts does not improve your credit rating

 

 

can you scan up the agreement please