How Much Should I Offer As Full & Final Settlement?

[pilch23]

Hi all,

 

I about to come into some money, quite substanial amount.

 

I owe £100k to 14 creditors (all credit cards) and have a CCJ from HFC/Marbles and they are about to obtain a charging order on my property (paid £5 ccj payment week late and now up to date).

 

Most of the creditors have been ok with reduced payments but some nightmare i.e. HFC/Marbles. I realise I will have to pay full ccj amount but how much can i offer the others as full & final? My credit history will be pants for the next 6 years anyway !!!!

 

Regards

[Michael Browne]

I would start at 10-15%.

 

Have you CCA'd these creditors. It may well be that their agreements have not been correctly executed and may be unenforceable.

 

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html#post162367

[Goldlady]

You need to adjust your mind from being a "victim" for so long. What a great position to be in.

 

The CCJ should only stay on your record for 3 years as far as I know.

 

Anyway, do the CCA thing - no need to pay them if it is unenforceable.

 

Good luck

[tifo]

start at 10%, maximum 25%.

 

i have to say, 100k on credit cards is extreme!

 

you might not have to pay the whole CCJ amount as it is up to date and 1 week late can be forgiven (maybe you were ill?).

[pilch23]

Thank you for the info. I am amazed that they "may" accept as little as 10%

 

I will do the CCA thing, to whom do I write to? some have been taken over by alleged collection agents!!!!

 

Yes, I agree £100k is extreme and I dread to think how much is charges and interest !!!!

[Michael Browne]

I am amazed that they "may" accept as little as 10%

 

They won't, but they won't accept whatever figure you start at, so you start low.

[tifo]

They won't accept 10%, but if you do the CCA request you're in a better bargaining position IF they cannot supply the right documents BUT you want to settle anyway. Then they may think 10% is better than nothing!

[pilch23]

Thank you Michael,

 

What timescale should I expect to resolve?

 

To whom do I write the offer to, the lender or the debt collection agency?

 

Also, to whom would I send the CCA request?

[The GodMother]

if you ahev a DCA with the debt you contact the DCA if it is still with the lender you contact the lender.

 

The main thing you need to remeber is you write to who ever last wrote to you about it unless it was a court.

 

Chrissi

[pilch23]

Hi Forum

 

Head is no longer buried! ......wish to get debt free.

 

Noodle report is attached CAG1 Open / CAG2 Closed

 

I also have a CCJ dated 11/06/2009 (I had another also but it has now disappeared as 6 years old)

 

Currently pay everyone £5 per month but wish to get cleared.

 

Where do I begin?

 

Cheers

[dx100uk]

debt free or credit file clean?

 

dx

[citizenB]

Do you know if there are any default / penalty charges on any of the accounts that could be reclaimed and used to reduce the balances ?

 

Are you still only able to afford the £5.00 ?

 

Are any of them adding interest to the balances ?

 

How old are the defaults ?

[pilch23]

Credit file clean!

[pilch23]

citizenB said:

Do you know if there are any default / penalty charges on any of the accounts that could be reclaimed and used to reduce the balances ?

Are you still only able to afford the £5.00 ?

Are any of them adding interest to the balances ?

How old are the defaults ?

Highly unlikely.

 

Yes, no issue...more if needed to be honest.

 

None...all are interest free (to my knowledge)

 

Most 5 years.....but Cabot have been crafty only 6 months and 1 year

 

More info....Paying 2 people for same debt !!

 

I am paying Mortimer Clarke Solicitors £5 per month and the HFC bank (old CCJ now over 6 years and disappeared) the same...should I just stop paying?

[caro]

Why do you think it's unlikely there are charges?

[dx100uk]

so if your cra file is clean

 

then everything is over 6yrs defaulted or CCj'd.

 

doesn't mean the debts are not owed

esp the CCJ.

 

list all your debt

who they were with

who they are with now [paying wise?

 

barring the CCJ

 

you should be sending a CCA request to everyone

 

dx

[pilch23]

Hi

 

 

Should I CCA debtors both open and closed?

[dx100uk]

only those you are paying anything too

[pilch23]

Cheers dx100uk

 

For 100% clarity...

..anything in my Noodle report which states is "closed" so is marked satisfied or settled leave and do nothing.

 

I then have some which are "open"

of which are 2 for Arrow Global,

1 for Cabot which they clearly represent a lender and then

1 for Barclaycard (no default or balance but I do not pay!) and finally

 

 

a Lloyds TSB which I have just started to get letters from Westcot.

[dx100uk]

as post 10

are you paying these people anything?

 

 

dx

[pilch23]

Yes, I am paying £5 per month to the original lenders (so not Arrow or Cabot) and it is been shown on Noodle as paying, but the debt is stated as them not original lenders.

[dx100uk]

so the OC is fwding payments to them

they get the CCA requests then.

 

any others that are being chased, whomever is chasing gets a CCA request too.

 

you cant CCA mobile phone or bank accounts mind.

 

those debts that you are not paying or are not being chased

for now, I'd leave well alone.

 

dx