"full and final" settlement to DCA ?

[lordluca]

Hi,

i owe £8k to a dca and my family have offered to give £3k to offer as a single payment in "full and final" settlement. Is this figure acceptable in the world of dca's? What is the average figure if there is such a thing. This debt has been passed on twice so the dca probably bought this for no more than £1000. Please advice as i'd like to try and clear this so i can break free. Any advice would be great.

Thanks in advance.

[maroondevo52]

Hello and Welcome, lordluca.

 

I'll move your post to start a new thread in the appropriate Forum.

 

Regards.

 

Scott.

[MARTIN3030]

3k is probably very attractive to them.Theres been a few threads on this lately-you should find them if you take some time to search.

[charley2212]

hi lordluca , maybe best to get a lower first offer in first and go from there , you never know they may accept thats if explained its all you /they have for a full and final settlement . good luck

[debt4get]

remember they only pay about 10p in the pound for these debts, i would think they will bite your hand off for 3 grand...remember do everything in writing..insist on it...otherwise they will take the money and pursue you for rest...

[charley2212]

not sure but double check please , i think the figure is 20 % of the debt

[247orbital]

Everything in writing and make sure you make quite clear it is a full and final settlement. I would even ask for the default marker to be removed (if the debt has one). Be very careful when the DCA reply as the wording of the letters can be vague.

You need clarification that the payment is a full and final settlement NOT a partial settlement, the debt will not be re-sold, the default marker will be removed. Offer 10% and go from there. These bottom feeding **** buy debts for as low as 10p in the £.

Good luck and remember everything in writing, paper not email, send everything recorded delivery.

[lordluca]

Hi guys,

 

amazing replies so far, shame your not the dca. they are pure vile on the phone. i know they possibly deal with some pond life but they seem to tar everyone with the same brush. what is scary is that from your replies they seem to accept and then can come after you again if your not wise. is there anywhere i can get a fail safe full and final offer template?

do dca's really settle as low as 10-20%?

thanks for help so far all of you.

[debt4get]

couldnt find one a minute but would like you to have a look at this first it sort of shows some of pitfalls that may be encountered

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/244809-final-settlement-offers-any-2.htm

[debt4get]

as a matter of interest..why has this been passed from dca to dca..normally this means that for some reason they are not too sure that they can actually enforce payment legally... is it for a credit card? or something covered by the consumer credit act cos if it is it may be worth sending a letter asking for you agreement...which may or may not be enforceable...

[lordluca]

Hi,

 

it was for a loan and then dealt with hsbc in house dca (metropolitan collection services) and then passed to the current dca. i cant find any documentation for loan, it was a traumatic time in my life then after a death. Im scared to deal with these people, changed mobile etc as constantly harrassing on phone. the interest is frozen, but are you suggesting that the loan could be invalid?

 

many thanks

[debt4get]

anything in life is possible, it may be worth asking for a copy of the agreement it costs a pound and the dca has 12 + 2 days to comply with request..if they do not..nor cannot...they may not ask or demand payment and you need not pay them... the account enters into default... if they do send you can post here with your details blanked out..and cag will let you know if agreement is enforceable or not

 

letter below

To Whom It May Concern:

 

Your Reference:

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOUR COMPANY

 

 

With reference to the above account, I request that you send me a true copy of this Credit Agreement before I will correspond further on this matter.

 

This is my right under the legislation contained within Section 77 (1) and Section 78 (1) of the Consumer Credit Act 1974, and I am entitled to receive a copy of my Credit Agreement on request.

 

Your obligation also extends to providing me with a statement of account. I enclose a £1 Postal Order, which represents payment of the statutory fee payable under the Consumer Credit Act. I understand that a copy of my Credit Agreement should be supplied within 12 working days from the date of this letter.

 

I also understand that under the Consumer Credit Act, creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the Agreement under these sections of the Act.

 

In summary, I DO NOT ACKNOWLEDGE THIS DEBT AND THEREFORE REQUIRE YOU TO SUBSTANTIATE THIS BY PROVIDING THE FOLLOWING DOCUMENTATION BEFORE I CORRESPOND FURTHER :

 

 

1. True copy of original Credit Agreement

2. Statement of Account

3. Copy of the executed Deed Of Assignment from the Original Creditor

4. Fair Processing Notice.

 

The time limits, which are laid down in the Consumer Credit (Prescribed Periods for Giving Information) Regulations 1983 are clear. You must supply an executed Credit Agreement within 12 + 2 working days of a proper Consumer Credit Agreement request.

If you fail to comply with a legitimate request the account enters a default situation.

 

As you are aware, a Credit Agreement that is not properly documented and signed by the customer is totally unenforceable under the Consumer Credit Act and therefore is a complete defence to any court claim that is issued.

 

 

Take note at this stage, that any legal action you may contemplate will be both vigorously defended and contested.

 

Further to the above, please ensure that any contact by yourselves is made in writing only to the above address. Telephone calls and personal visits will not be accepted and viewed as harassment - Administration Of Justice Act 1970, Protection From Harassment Act 1997, Communications Act 2003. If you continue to harass me by telephone I will report you to OFCOM, Trading Standards and The Office Of Fair Trading, meaning that you will be liable to a substantial fine

 

May I remind you, there is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, Police attendance.

 

[debt4get]

how old is the loan and how long since you last made a payment on it?

[lordluca]

hi,

 

the loan is 7 years old and i pay £25 per month as i just went along with what they have said (pressured) on the phone. The replies on here seem to suggest that i should offer less than £2000 to begin with?

that is an extremely good template you have supplied. i do worry that if i rub them up the wrong way they may get nasty with me.

cheers

[maroondevo52]

Hi,

 

Regarding the CCA request, A debt becomes unenforceable under the CCA if a creditor does not supply a true copy of the signed credit agreement within 12 working days of it being requested.

 

The debt remains unenforceable for as long as the creditor fails to produce the signed credit agreement – this means if they produce the agreement some months down the line, they are quite within their rights to enforce it. They do not need to take any further action to enforce the debt.

 

If after requesting a true copy of a signed credit agreement the creditor fails to produce it, the debtor may now however be in a good position to make a full and final offer to clear the debt.

 

Regards.

 

Scott.

[ann-imal]

Sorry to butt in on this thread but i'm a little confused.

 

If no CCA is produced, then do you still need to offer a full and final offer to clear the debt?

 

:confused:

[maroondevo52]

Sorry to butt in on this thread but i'm a little confused.

 

If no CCA is produced, then do you still need to offer a full and final offer to clear the debt?

 

:confused:

 

No, thats up to you, some would'nt pay another bolt

[ann-imal]

Thanks for the clarification

[lordluca]

worse case scenario, they reply with a CCA. would they then accept a full and final or would they get their backs up and hound me for the rest of full balance. like i said, they are very very intimidating to deal with.

 

cheers

[maroondevo52]

Hi,

 

Lets see what they come up with.

 

When was the last time anyone was in contact with you regarding this loan and remember, never speak to them on the phone, send debt4get's letter, letting them know you will only communicate in writing.

 

Regards.

 

Scott.

[lordluca]

hi,

 

about three months ago as i have had to change my mobile number to be able to live in peace. they used to call every month but now ive changed my number, obviously they cant call and they havent written to me at all in a year. im still paying the agreed monthly installments.

[diddydicky]

anything in life is possible, it may be worth asking for a copy of the agreement it costs a pound and the dca has 12 + 2 days to comply with request..if they do not..nor cannot...they may not ask or demand payment and you need not pay them... the account enters into default... if they do send you can post here with your details blanked out..and cag will let you know if agreement is enforceable or not

 

letter below

To Whom It May Concern:

 

Your Reference:

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOUR COMPANY

 

 

With reference to the above account, I request that you send me a true copy of this Credit Agreement before I will correspond further on this matter.

 

This is my right under the legislation contained within Section 77 (1) and Section 78 (1) of the Consumer Credit Act 1974, and I am entitled to receive a copy of my Credit Agreement on request.

 

Your obligation also extends to providing me with a statement of account. I enclose a £1 Postal Order, which represents payment of the statutory fee payable under the Consumer Credit Act. I understand that a copy of my Credit Agreement should be supplied within 12 working days from the date of this letter.

 

I also understand that under the Consumer Credit Act, creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the Agreement under these sections of the Act.

 

In summary, I DO NOT ACKNOWLEDGE THIS DEBT AND THEREFORE REQUIRE YOU TO SUBSTANTIATE THIS BY PROVIDING THE FOLLOWING DOCUMENTATION BEFORE I CORRESPOND FURTHER :

 

 

1. True copy of original Credit Agreement

2. Statement of Account

3. Copy of the executed Deed Of Assignment from the Original Creditor

4. Fair Processing Notice.

 

The time limits, which are laid down in the Consumer Credit (Prescribed Periods for Giving Information) Regulations 1983 are clear. You must supply an executed Credit Agreement within 12 + 2 working days of a proper Consumer Credit Agreement request.

If you fail to comply with a legitimate request the account enters a default situation.

 

As you are aware, a Credit Agreement that is not properly documented and signed by the customer is totally unenforceable under the Consumer Credit Act and therefore is a complete defence to any court claim that is issued.

 

 

Take note at this stage, that any legal action you may contemplate will be both vigorously defended and contested.

 

Further to the above, please ensure that any contact by yourselves is made in writing only to the above address. Telephone calls and personal visits will not be accepted and viewed as harassment - Administration Of Justice Act 1970, Protection From Harassment Act 1997, Communications Act 2003. If you continue to harass me by telephone I will report you to OFCOM, Trading Standards and The Office Of Fair Trading, meaning that you will be liable to a substantial fine

 

May I remind you, there is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, Police attendance.

 

 

if i may add

 

you should make it clear in the s78 that their obligations are to provide

 

a true copy of the executed credit agreement

and

the terms and conditions applicable at the time the agreement was originally signed

and

details of any variations in those original terms and conditions

and

any other document referred to in the agreement

and

a signed statement of account

 

also please not that your obligations are not met unless the aforementioned documents are "easily legible"

[diddydicky]

Thanks for the clarification

 

but remember that the lack of a cca does NOT mean that a debt does not exist!! merely that it will not be legally enforceable

[lordluca]

Hi all

Been burying my head in the sand, shameful. However, now got a letter from Arrow Global, its been passed on by Rockwell at sometime, giving the balance owing of a few thousand. However, no original loan amount detailed or term of original agreement available with the documentation.

 

I've been paying monthly for the last few years but now this letter has arrived its reminded me of the debt and I now want to be rid of it. I'm going to write for a CCA again and if they can't supply it then stop paying. Adviseable?

 

Will they be able to screw up my credit rating as I've now recoved end my finanial made and my rating is 100% and I now have a mortgage.

 

Over the years I've paid back what I've borrowed but what I now owe is probably all interest over the time.

 

Please advise.

 

Many thanks