Settlement of account in full accepted

[wooldra]

Hello, after some negotiation I have come to an agreement with my DCA over a full and final settlement. In the body of the letter it states 'your offer of £xxx.xx as a discounted full and final settlement has been accepted, to release your personal liability on the above mentioned account'

 

'Following receipt of your payment the remainder of the balance will be written off and recorded as a partial settlement with the Credit Reference Agencies. We must inform you that this may have an adverse effect on your client credit rating and will remain on record for six years. If you wish to avoid this then you must pay the full balance outstanding'

 

Does this seem to be a bit of a mean action?, they have received 75% of the full balance as an F&F btw.

[renegadeimp]

You just wasted your money.

 

recorded as a partial settlement with the Credit Reference Agencies

 

You would have been better off not paying them.

 

Never EVER pay a F&F unless they agree in writing that all monies outstanding will be written off, any adverse entries will be removed from your credit file, and the remainder will not be passed on or collected by any third party.

 

Only after getting written confirmation of that would you even consider paying an F&F. And especially NOT as high as 75% to a company that probably paid 2% for it originally.

[sequenci]

You just wasted your money.

 

Why have they? They may be able to settle a debt for less than the full amount. The vast majority of people are far more interested in getting out of debt than their credit score. Think about it.

You would have been better off not paying them.

 

For what reason?

[BRIGADIER2JCS]

Was this debt defaulted, if so it will NOT remain for a further 6 years, it will be removed from all credit reference files on the 6th anniversary of the default date in accordance with the rule that ALL default entries will be removed after 6 years PAID or NOT.

[dx100uk]

Hello, after some negotiation I have come to an agreement with my DCA over a full and final settlement. In the body of the letter it states 'your offer of £xxx.xx as a discounted full and final settlement has been accepted, to release your personal liability on the above mentioned account'

 

'Following receipt of your payment the remainder of the balance will be written off and recorded as a partial settlement with the Credit Reference Agencies. We must inform you that this may have an adverse effect on your client credit rating and will remain on record for six years. If you wish to avoid this then you must pay the full balance outstanding'

 

Does this seem to be a bit of a mean action?, they have received 75% of the full balance as an F&F btw.

 

have you actually paid this yet?

 

what is the debt all about?

 

is it on your CRA file?

 

is it defaulted?

 

have you looked to CHECK they hold the enforceable paperwork to demand/accept money from you?

 

do they own the debt concerned?

 

who is the dca?

 

never blindly accept what a dca says is the truth either

 

dx

[wooldra]

Hi Brig, this debt was defaulted by the OC in 2006, I was paying under an arrangement till 2012 when the debt was assigned to the DCA, (who are also a debt buyer). So they cannot again put a six year notice onto my Credit Reference Account?.

 

Re DX100uk 's comment it took very hard bargaining to get an acceptance of 75% of the outstanding sum, and believe me we went through all the requisite hoops of CCA etc.

 

They told me their normal policy is the only F&F they will accept is 100%, take it or leave it and keep paying.

 

They are tough and according to my research unyielding and also one of the biggest players in the buying of unsecured debt, indeed during 2011 - 2012 according to their annual accounts it contributed 24% of their bottom line.

 

I have dealt with many DCA's in my time and would rate them as the toughest, you cannot get to managers or other decision makers regardless of what tack you try.

 

If we look at the business of debt buying and assignment in my view the only thing which will change this business in the long term is revision of the law, particularly in regard to the Law of Property Act 1925 and also the transparency of groups such as the CSA and the DBSG.

 

If you look at their structure you will find it to be very self-serving. A change in the law is required, this will be firmly resisted as the major investors in the big DCA's/DBG's are banks, insurance companies, venture capital outfits who care little for people only the bottom line. Here endeth the lesson!

[sequenci]

Well if the debt defaulted in Oct 2006 then your credit file should be clear of the debt already. They'll be unable to add anything further unless they secure a CCJ.

[dx100uk]

they are trying to fleece you blind

 

its not on your cra file

 

as the default has ben registered more than 6yrs ago,.

 

so to be honest they are lying to you on many fronts.

 

the reason why they try hardball

is to make you pay more than what you should

 

who says the CCa is enforceable as well

 

have you ever sent the original creditor an SAR to get all the statements?

 

something smells here

 

dx

[sequenci]

they are trying to fleece you blind

 

Read post #06

[citizenB]

wooldra, if you are happy with the F&F, then accept. It should already be off your credit files if the original default date was 2006 ?

 

If they don't, then you will be able to make a complaint to the Information Commissioner.

[dx100uk]

who do we bet marlins cabot lowells ....

 

 

hope this hasn't been via the phone too.

 

strange to oc sold the debt though

 

makes me wonder if everything has been reclaimed that can be.

 

something must be wrong with it for them to sell it on after all these years

 

when they could of gone to court already with it.

 

just doesn't sound right to me.

 

dx

 

dx

[BEC01]

Something really doesn't make sense here...