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Cabot/Restons ClaimForm - old Tesco credit card debt

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No more than about 30 a month - probably nowhere near enough to get an agreement.

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Offer them £2.5k, paid at £30 P/M over 7 years. Title the letter "Withput Prejudice Save As To Costs".

 

You could even be cheeky and go in with a much lower offer - £2,100 over 7 years at £25 P/M.

 

I've got a letter somewhere that you can use if you do decide to pursue this option.

 

Bear in mind, they might not agree - but the key is to ensure the repayments can be comfortably met by you each month. If £30 is all you can afford and they want a higher settlement figure, then just stretch out the repayment term. You should definitely be able to secure a nice reduction though, as it makes no sense for them to spend time and money on seeing the claim through when they can achieve the same nett return via an early settlement, secured by a TO.

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Shamrocker,

 

I would appreciate seeing a boilerplate letter which may cover this option - would this take the place of a Tomlin Order or would I require a TO? (I need to read up on what a TO is today it seems).

 

If I were to proceed with such an option would either side have the option to renegotiate if circumstances changed? e.g. a windfall on my side allowing me to offer a final settlement (for perhaps) a lower sum? Would the claimant have the ability to demand increased payments?

 

Thanks

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A TO is an alternative name for a "Consent Order". You will request that the Claimant draws up the draft order, which you and they then sign and it is then sealed by the court. It's legally binding and you must keep to the payment schedule or they can request immediate judgement should you fail to maintain the payments - hence you should arrive at an arrangement which is comfortable and achievable for you.

 

You might as well try to extract the maximum benefit out of it in any case.

You could also pay off the balance in the future should you have the funds available and want it done and dusted.

 

The Claimant can't unilaterally adjust the terms of the arrangement once it's signed and sealed - but neither can you.

I'm sure you could offer a lower sum down the line, but I'd say it just complicates things and goes against the spirit of the agreement you reached initially.

 

My knowledge of this is fairly general, but someone like Andyorch can advise if you have anything more technical that you need clarified.

I'll PM the letter to you later when I get a chance to look for it.

 

The letter is simply a request for them to consider a TO arrangement - the TO then comes afterwards, if they agree.

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can we see everything restons sent please in ONE multipage pdf

read upload


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

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Hi dx,

 

I could have a go at uploading the lot but the monthly statements would all need redacting and this will take some time - I can do this if it is pertinent there's probably in excess of 50 pages.

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statements are not important/

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi,

 

Apologies for being quiet on this

- a family illness put everything on hold and rather placed this as a lower priority.

 

So, in the intervening months I have made no further contact with Cabot/Restons but they have since provided the default sum notice and last week sent a letter giving me 14 days to agree a settlement or they will lift the stay.

 

I have decided that given my domestic situation I would be far better agreeing the affordable figure with them as there are more important battles that need my attention.

 

As mentioned above my circumstances are not financially great (and are now at some further risk due to the aforementioned family health issue), so I would appreciate if any of you have a 'standard' letter which I could use to make the offer which does not compromise my position.

 

Many Thanks

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Refer to post #27 and #29

 

There is no standard template...time is of the essence if they follow through their threat and lift the stay...and thats a big if....conversing by letter takes time.I always advise a swift phone call to test the water first and see if they are willing to negotiate...have a starting figure in mind and a reasonable payment plan.

 

It must be done by way of a Tomlin Order...legally to hold the claim...and to protect yourself...as you state you do not wish to compromise your position.

 

Andy

 

PS we have had a couple of recent attempts tuned down by Restons...full amount or nothing...so bear that in mind.


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I bet the letter doesn't say WILL anything

read it properly.

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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