Considering making F&F payment on default - Suggestions please

[BRIGADIER2JCS]

Hi Lisa welcome to CAG.

 

Don't worry no further default can be issued on this account, nor can the original default be changed.

You now have an agreement with Moorgate as they will have acquired the ''whole original agreement''

with the rights and obligations existing under the agreement.

BTW you are under NO legal obligation to provide personal income & expenditure data unless it is ordered

by a court!

[BRIGADIER2JCS]

Hi Lisa, you are not obliged to provide any I&E data.

You are quite right to refuse the ''management loan'' it is always

bad to borrow more from a bank to cover existing loans.

 

What was paid for the debt by a debt purchase for any account really is speculation and can have no bearing on the amount offered in full and final payment.

 

If you are going to use a relatives money to make the offer then you should start at no more than 15% of the balance outstanding then you have room to negotiate.

 

Make the offers conditional on the following points:

1. The remaining balance is not to be sold on to any third party.

2.All CRA files are to have ''defaults'' removed and marked settled.

 

The offer is to be accepted within 7 days in writing confirming agreement

with the conditions.

 

Do not be tempted to send money without the written agreement, you will

loose out and be left to pay the balance.

 

Back to HSBCs management loan this breaches OFT Guidance regarding ''encouraging debtors to take further borrowing to clear outstanding debts''.