Saff's Car

I have started this thread to get help writing the letters because I am crap at them and thought I'd ask for some help with the grammar etc.

Okies, here's the story.

I have a BMW 535i, which basically costs a bomb to run. I'd love to swap it in and get a more economical car but the finance owed on it is £5,942.08 and its only worth around £2.9k (errrrr negative equity or what).

So I basically stopped paying the finance (not to be recommended but I wanted to see if I can get a reduced offer) and its been passed over to various DCA's and as expected my offers of £50 month were ignored.

Well the letter has arrived and I have been offered a reduced settlement figure of 60% of the amount owed (£3,565.24), provided they receive payment or proposals to pay within the next 14 days and they are prepared to accept 3 instalments.

Hmmmm me thinks I could possibly negotiate a further drop in the amount they are looking for, so lets start with 30% (£1,782.62) and see what happens.

Dear

Thank you for your recent letter dated 9th July 2008 in which you are offering me an opportunity to settle this debt at 60% of the total amount owed.

I most certainly would like to settle this debt but as explained previously I am on an extremely tight budget and 60% £3,565.24 is well beyond my capabilities. I am in a position to offer you 30% £1,782.62 over 4 equal instalments of £445.65.

Obviously this offer would be on the understanding that this is a Full and Final Settlement and that our records would be marked accordingly and that 'settled' would be entered onto our records with any credit reference agency that you may be using.

[Amethyst]

Re: Saff's Car

I love you Sapphy xxx

Letter techically sounds okay to me, let the Grammar queen at it though

[Sapphire]

Re: Saff's Car

Always worth a try isn't it Ame :okay:

[enaid]

Re: Saff's Car

Pure cheek, but none the less pure genius lol, Good Luck xxxxxxx

[Curlyben]

Re: Saff's Car

Just a quickie.
Was this a normal s77 loan or on an HP agreement s79 ?

[Sapphire]

Re: Saff's Car

Pure cheek, but none the less pure genius lol, Good Luck xxxxxxx

Its all part of the greater scheme of things, the more I can save on these kind of debts that have obviously been sold off at a mere few 'P' in in pound, the more I have to pay off the bigger debts.

Well it works for me anyway

Digging out the paperwork now Curly.

[Curlyben]

Re: Saff's Car

As confirmed by Sappy this is a conditional sale agreement, so this applies: Conditional sale agreements: a guide for consumers

[Amy]

Re: Saff's Car

What about my previous effort?

Legal Beagles letter #3

[Amy]

Re: Saff's Car

I have started this thread to get help writing the letters because I am crap at them and thought I'd ask for some help with the grammar etc.

PMSL - that is so not true Sapphy!

"Thanks to Amy and Sapphire for rewriting the debt letters and guide, and Tomterm8 and CurlyBen for their comprehensive guides."

[Sapphire]

Re: Saff's Car

Brilliant Amy that will do nicely, I can adapt that accordingly.

Thanks hun.

xxxxxx

Ok here's the letter all prepared and in the post, lets see what comes back

We write with reference to the above mentioned account number.

We confirm that we are unable to offer the full amount repayable, we are, however, able to raise a total of £1,700.00 and wish to offer this as an ex-gratia payment in full and final settlement of the above account.

This offer is made on the clear understanding that, if accepted, neither you nor any associated company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released from any liability.

We also request that, if accepted, you inform the relevant credit reference agency and mark our file relating to the above account as "satisfied”.

Four regular monthly payments of £425.00 can start within 2 weeks of receiving your written acceptance of these proposals.

We look forward to receiving your reply.

Yours faithfully,



L D Brockman

[Sapphire]

Re: Saff's Car

Okies guess what they've just phoned me. As usual I explained that I never normally talk on the phone to any DCA's but just this once I would make an exception to the rule.

The young lady asked why the very low offer and I explained that due himselfs ill health, and me being the only one working blah blah that its the very maximum that we can afford, she replied that they normally go for a minumum of 50% but in this case she will go back to her people and put our proposal forward.
Oh by the way she said, would we be in a position to pay the £1700 in full by the end of July, to which I replied don't be silly hun, if we were originally only offering you £50 month how can we afford a one off payment that big, I'm sorry it would be in equal instalments.
She said she understood and would contact me in a few days or so.

Keeps your fingers crossed.

[Guest]

Re: Saff's Car

Don't make an exception to the rule, ever. If you are going to make exceptions then it's not much of a rule is it?

Stop talking to these people, they are experienced in making you agree to things you had no intention of agreeing to, it's what they do.

It is not necessary to talk to them at all, if they telephone you then simply tell them to write and put the telephone down.

[enaid]

Re: Saff's Car

I know your right Cet about the phone thing, I can also understand why Sappy spoke on the phone, she just wants these things over with.
Anyway good luck with this Sappy, I hope they accept your offer, but please let it be in writing :tung:

[scottishlass]

Re: Saff's Car

Good Luck with this Sapphy SL xxxx

[Sapphire]

Re: Saff's Car

Before you read this apologies to Cet, yes I know we shouldn't talk on phone to these peeps, but I really wanted to get my point across and for the life of me couldn't get it down on paper, so thought it easier to explain things on the phone.

Okies have had a call from one of the managers who congratulated me on my excellent letter writing and the fact that it covers all the bases, pmsl.

Basically the finance company want a minimum of 50% in instalments or 40% in a one off payment, and that £1700 was just too low an offer.
Could I make a higher offer?
Can it be paid in one go?
To which I answered if I could I wouldn't have made that offer would I.

So I said ok back to the £50 month for the time being, and he said well if you can get a nice amount together perhaps in a couple of months you can make another offer, and as long as you can do a one off offer they might think about it.

So I said I'll write to you when I have £700 together lets see if they accept that as a one off then, because they are going to start getting desperate arn't they. He choked and coughed when I said that, but did say that anything is worth a try lol.

Watch this space !