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Full & Final Settlements


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Hi all.

Quick history, been in DMP with Payplan for 7 months, 10 creditors, approx 70k debt. Two intrim CO's, with pending court date going final.

Have applied and be confirmed of a re-mortgage which will release 47k to offer F&Fto creditors, couple of questions:

1. Payplan say they only offer/help with 75%-80% f&f's. We have 70% to offer?

2. Payplan say we have to offer the same % to ALL our creditors, 3 of our debts we are claiming back charges on, do they have to be part of the f&f package?

3. If say 5 out of 10 creditors accept 70% f&f, do we pay them and the remaining 5 get a re offer?

4. Should we go it alone with f&f so we offer say 50% and work up? We know we need a third-party to offer on our behalf, that can be anyone yes?

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"Have applied and be confirmed of a re-mortgage which will release 47k to offer F&Fto creditors"

 

What a waste of money:confused:

 

You need to make some serious CCA requests before handing over any money - I had debts that size and it turned out less than £5k was enforceable. You should also SAR to see how much of that is unlawful charges too. Paying creditors exactly what they ask for is totally insane.

"Why CCJ when you can CCA!"

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Thank you for your quick reply.

Out of the 10 creditors i have debt with only three are bank accounts the rest being loans and CC. I have looked into all the accounts and i am generally sure that all but 3 have very little if no unlawful charges to reclaim. I do understand that there maybe a possibitly of them not being able to supply a CCA but all the accounts were setup within the last 4 years. Because of the stress this whole situation has caused over the past months, we would be happy to end the situation asap. By the way the charges we are claiming back on one account add up 4k and we owe them approx £400. That is why i am asking if they have to be included in the f&f???

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Thank you for your quick reply.

Out of the 10 creditors i have debt with only three are bank accounts the rest being loans and CC.

 

You definately need to CCA the other 7 before parting with any cash... they may not be legally entitled to collect anything from you and until they can respond to the CCA request... the account(s) are in dispute. This means that no further enforcement action can be taken...

I have looked into all the accounts and i am generally sure that all but 3 have very little if no unlawful charges to reclaim.

 

A CCA request has nothing to do with unlawful charges.... it is a legal request for information. If a DCA/creditor doesn't have it, then they cannot legally pursue you for payment.

I do understand that there maybe a possibitly of them not being able to supply a CCA but all the accounts were setup within the last 4 years.

 

Then you owe it to yourself and your family to find out.

Because of the stress this whole situation has caused over the past months, we would be happy to end the situation asap.

 

I can fully appreciate what you are saying... but if any of this stress is down to 'phone calls pressing you for payments with threats of this and that.... there are ways and means of bringing that to an end. You can then deal with all of your creditors in writing... which they won't like because they can no longer threaten you.

By the way the charges we are claiming back on one account add up 4k and we owe them approx £400. That is why i am asking if they have to be included in the f&f???

 

Definately not !! You want that lot back for a start...

 

 

:)

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Thank you for your quick reply.

Out of the 10 creditors i have debt with only three are bank accounts the rest being loans and CC. I have looked into all the accounts and i am generally sure that all but 3 have very little if no unlawful charges to reclaim. I do understand that there maybe a possibitly of them not being able to supply a CCA but all the accounts were setup within the last 4 years. Because of the stress this whole situation has caused over the past months, we would be happy to end the situation asap. By the way the charges we are claiming back on one account add up 4k and we owe them approx £400. That is why i am asking if they have to be included in the f&f???

 

The consensus here is that the "agreements" cc companies supply are only application forms - not CCA 1974 compliant agreements so any demands from them can simply be treated as interesting suggestions. Don't pay out anything to them unless they have proper agreements.

"Why CCJ when you can CCA!"

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I am fairly sure because most of the accounts are only max 5 years old, they will be able to supply the orignal agreement, and was thinking that by requesting, may go aganist f&F as up to now all creditors except one has frozen interest and been very quiet etc.

 

"I can fully appreciate what you are saying... but if any of this stress is down to 'phone calls pressing you for payments with threats of this and that.... there are ways and means of bringing that to an end. You can then deal with all of your creditors in writing... which they won't like because they can no longer threaten you."

From the start we have demanded all communication in writing, this has been fairly well accepted by all of them, so it is not that pressure/stress but just the realisation of the debt that we need to end.

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You are lawfuly entitled to ask for this information, if they haven't got it, they are not entitled to payment.

 

If they have got it they will supply it.

 

The Law is the Law.

 

You are sorting out your obligations, they have obligations too.

 

No CCA No Pay

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I really think but by going CCA or/and SAR route with all my creditors will just result in maybe a delat tactic, which really i do not want, on the other hand they may stop being quiet and refuse f&f, just out of spite! Am i correct i could still go down the route of SAR's etc even once i have become debt free with them?

I know guys will say " why pay them if they owe you" but

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I really think but by going CCA or/and S.A.R - (Subject Access Request) route with all my creditors will just result in maybe a delat tactic, which really i do not want, on the other hand they may stop being quiet and refuse f&f, just out of spite! Am i correct i could still go down the route of SAR's etc even once i have become debt free with them?

I know guys will say " why pay them if they owe you" but

 

The people you are dealing with are pure commission monkeys - the more you pay the more they get. Use the law - SAR & CCA.

"Why CCJ when you can CCA!"

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Gopher I will point out two things to you the first is that in order to legally enforce a debt a copy of the credit agreement is required. Asking for a copy of this is your legal right.

 

The second is with regards to the SAR , again requesting this is just enforcing your legal rights. Often after looking at the charges on the account they end up owing you money.

 

With regards to f&f's if they do not have a copy of the credit agreement then they should be looking for a settlement of round about £0. Anything over this will be a bonus.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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