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cleanbill

Debt settlement advice

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Hi All,

 

New to the forum, but would like some advice please.

 

I had a massive amount of debt which came to a head 5 years ago.

 

I have been making monthly payments on the debts for the past 5 years to agreed payment plans with several companies, having had them agree to freeze interest and accept payments that were affordable for me.

 

A family member has now offered to settle the debts in full for me, after what seems like a very long time keeping my head just above water, as long as the companies agree to take a final settlement amount and to reflect this on my credit report.

 

I can't find any templates related to this online. Is there anything I need to tread carefully around when requesting a final settlement, on the basis that I asked for interest to be frozen?

 

Also, does anyone know of any templates I can use for this?

 

Your help and support greatly appreciated.

 

TIA

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list your debts please and who you pay

 

I hope you sent the people you pay a CCA request to check they hold the required enforceable paperwork before blindly paying them anything?


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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Hi and Welcome to CAG

 

Before you consider settlements......have you ever requested copies of the agreements from the " several companies " using a section 77/78 request (on CCA1974 Regulated agreements) ?

 

How do you know they legally own the debt...allowed to collect on the debt...can enforce the agreement in event of litigation ?

 

Regards

 

Andy


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Thank you for this, Andy. Not something I was aware of, but will be requesting this from all of them before I do anything else.

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Thank you for this, Andy. Not something I was aware of, but will be requesting this from all of them before I do anything else.

 

A must....always.....

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?387435-CCA-Request-Consumer-Credit-Act-1974-**Updated-January-2015**


We could do with some help from you.

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list your debts and who you pay please

and what type of debt too

as CCA is not applicable to all.

 

once a debt has been defaulted

it vanishes upon its 6th birthday from your file

 

paid off or not

and settling a debt doesn't improve your score either.


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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Hi,

 

Here's the companies that are currently collecting the debts:

 

Wescot

Credit Solutions Ltd

Ascent Collections

Central Debt Collection Services

Link Financial Outsourcing

Fredrickson International Ltd

Capquest

Cabot Financial (Europe) Ltd

 

They are mostly credit card debt, but a couple are store cards.

 

These aren't the original companies that I had the debts with, in the main, but have had the debts transferred to them during the time.

 

Thanks for the help and guidance.

 

So, are you suggesting I shouldn't make full settlement payments to these companies if it isn't going to make a difference?

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CCA Section 78 the lot with exception to below.... if you could confirm the exact debt ?

 

Credit Solutions Ltd

Ascent Collections

Central debt collection Services

 

...instructions are provided in the link above.

 

You cant use section 77/78 on mobile phone accounts or current account overdrafts or utilities


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

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Your ebeing cash cowed on pretty much all of them, but as above, you need to get those requests off to stop them in their tracks.


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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Credit Solutions Ltd - bank overdraft

Ascent Collections - hire purchase

Central debt collection Services - bank overdraft

 

Thanks renegadeimp, I will do that.

 

Worried by what you mean by "cash cowed" - sounds like I have had the wool pulled over my eyes and shouldn't have paid them anything in the first place? :(

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yep that's what DCA's do sadly.

 

they are not bailiffs and have ZERO legal powers..

 

I bet you've been talking to them on the phone too??

 

here a thread to read

this guy just wrote off +£52k in debt.

 

and he is not alone..

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?479350&p=5097474#post5097474


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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So how do I stand with these all still showing on my credit file then, with most of them listing as default?

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Credit Solutions Ltd - bank overdraft CCA not applicable

Ascent Collections - hire purchase Section 79

Central debt collection Services - bank overdraft CCA not applicable

The rest are section 78

 

Andy


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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So how do I stand with these all still showing on my credit file then, with most of them listing as default?

 

doesn't matter what you do

the default is there for 6yrs

paid or not paying or not....

 

so , go use that money for a holiday

other than that burn it...that's about as much use it will do your credit file.


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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The rest are section 78

 

Andy

 

So for the ones that CCA does not apply, should I go ahead and contact them about a final settlement amount?

 

Sorry, another piece of advice needed. I only have their account references - not my original references. Is that ok for the letter, or will it cause me problems?

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So for the ones that CCA does not apply, should I go ahead and contact them about a final settlement amount?

 

No leave them in abeyance for now

 

Sorry, another piece of advice needed. I only have their account references - not my original references. Is that ok for the letter, or will it cause me problems?

 

Use their references...if you know the OC reference type (previous account number xxxxxxxxx with original creditor)


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

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doesn't matter what you do

the default is there for 6yrs

paid or not paying or not....

 

so , go use that money for a holiday

other than that burn it...that's about as much use it will do your credit file.

 

So your advice is go spend the money that you owe as your credit score won’t improve either way?

 

Shouldn’t it be if you have the funds to service your debts then go do it? Minus inflated fees and charges of course.

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nope once defaulted paying off debts does not improve your credit rating in anyway.

 

only if you really do owe all the money and its 1000% enforceable

and never to a DCA - do you ever start to even consider paying the debt.

SAR cca etc get every piece of info first!

 

throw the moral arguments out the window.


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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Agree... Factual evidence is better than a moral argument...

Cca, DSAR with statements etc


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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I have received responses from Wescot for 3 accounts I have with them. See attached.

 

What's the next step here - do I need to send them revised cheques?

 

Seems a bit odd if they are collecting?

 

 

TIA

 

ok so it won't let me post the image....

 

Any advice?

 

https://drive.google.com/open?id=1iKB7-50pqxekEd3hup6LfYalz9lmi8cH

 

That seems to have done the trick...

Edited by dx100uk
merge

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please use UPLOAD to send us docs

 

what part of the CCA request did you not read?

 

you don't ever send CHEQUES!!

that gives them a signature to scan and pop on FAKE agreements.


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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They are not the creditor or legal owner so cant accept payment or the request...only pass it on...deal with the creditor...not the ambulance chasers.

 

Andy


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

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Thank dx100uk - cheques weren't sent in my name though.

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lucky you!

well done

 

that's why we say use blank PO's then they do fwd them on

who are their clients?

another DCA or the original creditors?


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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So here is the proper copy, as you specified.

 

Each of the 3 letters does refer to the original creditor.

 

So next step - get a PO and send the letter again?

Wescot CCA request response.pdf

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