know im being sneaky.. but oh well

[pupj2003]

Hi All

i hope someone can give me a little bit of advice. i have been reading loads of threads and posts on here on and off for a few days now and well info overload!

Myself and my mum are in a bit of debt.. (£57K..) a few years ago we joined a debt management plan, and have since been making payments to them without fail. (to be honest we handed it over and put our head in the sand!) most of the debts have been passed on to DCA's i dont know whether brought or just acting on behalf of. however 1st credit who have my barcleycard debt send through offers of F&F about twice a year and Lowells who has my mums Littlewoods loan done the same quite good offers too i must say! when we spoke to the management company they advised we should try and save money to make this offers and also to make offers to the other creditors as they tend to accept them if they are reasonable - they say offer 50-80% - if we go through them they expect 5% of whatever we save. but also advised we could do ourselves without their involvement.

so i know i am being sneaky and very underhand - but at least im honest?! well kind of.

if we send a request for the CCA's to the other creditors, or DCA's and they dont have copies can we lower the amount we plan to offer as F&F settlement - as said i know sneaky but 80% on a £15k loan well it will take forever to save enough to make an offer i may aswell just pay the rest too..

so long and short of it really is can i still send a request for CCA if we have been paying these companies for the last few years??

should add, we dont get any hassle from any of them and since joining the DMC all interest frozen etc.

thoughts please.

thanks in advance

[IdaInFife]

yes send of cca requests and always start of low around 10% if you are going to make offers that way it can always be increased if needed

 

 

ida x

[Mydogsawestie]

we are with payplan ourselves who dont take anything like some fee based debt mngt companies .

 

There is no harm in cca your creditors should you want to see if these are enforceable or not. These will then show if you are in a better driving seat to offer a full & final settlement at a sum of what you might want to suggest rather than them. That way they should be grateful for any monies you might want to make them in the end !

[minmac]

People have said 20p-40p for every £1 owed is a realistic offer of a FnF. I am currently considering a FnF to lowells over a cap1 card. As they are the very s*** we step in I am going to go in really low with an offer of £120 (amount I owe is £1220 ) doubt they will accept it but if I can get them at £250 that would be achieveable for me to get.

[pupj2003]

hi

thanks for your thoughts, ill try one at a time and see how i get on.

[42man]

I would only really say this as a last resort, and providing you have no assets to speak of have you considered bankruptcy ?. I think a chat with the National Debtline might be a good start too - their advice is free, confidential and impartial - National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[pmhcfc]

hi

thanks for your thoughts, ill try one at a time and see how i get on.

 

Don't ever forget these DCA's pay something between 2 and 20% [of it's value] for the debt. 20% being the very top end and rarely are the debts that expensive for them to purchase.

 

If you do offer them a F&F and you offer them 25% of it, they'll still be making a decent profit.