No CCA - Full and Final Settlement

[lennylenny16]

Hi,

 

This is my first post on here and I am hoping that somebody in the know will be able to offer some useful advice.

 

To explain my situation:

 

I currently have 2 credit cards with a total balance of £11500 (£7500 on one and £4000 on the other).

 

These balances have been largely unchanged for approximately 5 years.

The debt was actually incurred by an ex-partner of mine who was a named cardholder on my credit card account.

 

 

Rather foolishly, and unbeknown to me, she racked up a large amount of debt prior to us separating

but unfortunately, as the cards were in my name, I was left with the debt.

 

I have worked very hard to maintain my monthly payments and have never actually missed a payment on any account

however the balances have never really reduced due to interest applied.

 

In all honesty I must be a perfect customer for the card company's! Large balances, no missed payments and big interest accrued monthly!

 

I have now been fortunate to inherit some money that I would like to use to pay off my debts and become debt free completely.

The amount of inheritance is approximately £5000.

 

I have written to the card company's and requested a copy of the original CCA in the first instance.

 

The first, Tesco Personal Finance, have sent a copy although I am not sure whether it is enforceable or not.

 

The second, Halifax, have been unable to provide a CCA however claim that the debt is still enforceable.

 

What I would like to do is offer them both a FULL AND FINAL SETTLEMENT in order to settle and close the accounts for good.

 

Based on the fact that I have not missed any payments up to now what are your thoughts on this?

 

 

Any advice would be appreciated greatly.

 

With Halifax (who cannot provide a CCA)

I was thinking of writing to them advising that I never agreed to the credit limit increases that they have continually applied firstly

(albeit I did not decline them when they were applied) but more importantly that I did not agree to the intrest charges

that they have continually applied and that, based on my repayments,

 

 

my total balance should now be much lower than what they are claiming as such I will only offer a reduced F&F.

Does this make sense?

 

With Tesco it is a little more tricky as they do have a CCA so it is more a case of asking the question and hoping that an arrangement can be made.

 

The truth is, without a F&F I am no longer going to be able to continue to pay the monthly payments that they require.

My account will default and no doubt end up with a DCA and the whole matter will spiral out of control leaving an unpaid debt and me with a very bad credit record.

 

I am not simply trying to avoid paying what I have spent.

As already said; the debt was incurred in a quick space of time by a long-forgotten ex-partner.

My error at the time but you think you can trust people right?

 

Also, as already mentioned, I have paid the actually 'debt' many times over based on my minimum monthly payments.

The outstanding balances are from the interest that has accrued over time.

 

 

So the banks have had A LOT MORE than what was ever spent on my account by my ex-partner.

I am just asking for a little lee-way and relied in order to bring the accounts to a close based on my F&F offers.

 

Sorry for the long-winded story here but I wanted to be as detailed as possible.

 

Any help, advice, assistance would be greatly appreciated.

 

Many thanks

 

Lee

[dx100uk]

are the debts showing on your credit file?

 

 

dx

[Bazooka Boo]

Hello and welcome to CAG.

 

These are non priority debts, and with the account that Halifax can't find the CCA for you're in a much stronger position to offer them a F&F.

 

However if you do, it needs to be carefully written and they need to mark your credit file as settled, not part settled.

 

The Tesco one they will simply continue to bleed you dry as you're just profit for them and they won't want to lose you.

[lennylenny16]

are the debts showing on your credit file?

 

 

dx

 

 

Hi Dx100 - Yes they are currently on my credit file.

 

 

Lee

[lennylenny16]

Hi Bazooka Boo,

 

Many thanks for your reply and your advice.

 

Is there any advice that you can give me on the wording of the letter to Halifax? Or are there any templates on CAG anywhere that you can recommend?

 

Understand what you mean with Tesco.

 

 

I guess my only thought was telling them that they have 1 of 2 choices from here:

1) tell them that I will not be able to maintain payments any longer and request that they accept my offer and get something from me or

 

 

2) they decline the offer and eventually my account defaults and it passes to a DCA

whereby I assume they will get 10p in the £1 or something similar.

Worth a go, especially as they have already profited heavily from me up to this point.

 

Thank you once again for your help and advice. It is really appreciated.

 

 

Cheers

 

 

Lee

[dx100uk]

Hi Dx100 - Yes they are currently on my credit file.

 

 

Lee

 

 

are they defaulted then?

if not they are not harming you......

 

 

dx

[Bazooka Boo]

So these accounts are up to date and not yet currently defaulted?

 

If you think you might have financial difficulties then you should inform them soonest, and then you can gauge their attitude and whether they will help or hinder.

 

Usually the latter.