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Advice needed on paying off partners debt.

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  • Advice needed on paying off partners debt.

    Hi All,
    This is my first post so please be gentle ! My partner has a Financial Management Plan with Harrington Brooks to whom she pays £150 a month to pay her creditors. She has been paying this amount for the past six or seven years. However, we may be in a financial position soon to make offers to clear these debts. We obviously would prefer to not pay the asked for balances in full as I'm aware that the creditors have 'bought' my partners debt and their balances dont reflect the 'true' debt.
    Should we :
    1. Approach the creditors through Harrington Brooks or directly?
    2. If directly, do we send each of the creditors a CCA letter asking for the original loan details and loan amount?
    3. Is it worth emailing the creditors directly with a settlement offer or is this a no no legally?
    4. One of the debts is a joint one with my partners ex. Can she settle just her half of the debt seperately or will it have to be fully?
    I would very much appreciate any advice anyone can give and/or suggestions on how we can settle these debts to our best advantage !
    Many thanks to all in advance.

    Regards,

    Steve Davies
    Tags: None

  • #2
    Re: Advice needed on paying off partners debt.

    Originally posted by trikeboy1 View Post
    Hi All,
    This is my first post so please be gentle ! My partner has a Financial Management Plan with Harrington Brooks to whom she pays £150 a month to pay her creditors. She has been paying this amount for the past six or seven years. However, we may be in a financial position soon to make offers to clear these debts. We obviously would prefer to not pay the asked for balances in full as I'm aware that the creditors have 'bought' my partners debt and their balances dont reflect the 'true' debt.
    Should we :
    1. Approach the creditors through Harrington Brooks or directly?
    2. If directly, do we send each of the creditors a CCA letter asking for the original loan details and loan amount?
    3. Is it worth emailing the creditors directly with a settlement offer or is this a no no legally?
    4. One of the debts is a joint one with my partners ex. Can she settle just her half of the debt seperately or will it have to be fully?
    I would very much appreciate any advice anyone can give and/or suggestions on how we can settle these debts to our best advantage !
    Many thanks to all in advance.

    Regards,

    Steve Davies
    Hello welcome to LB,

    How much if the £150 per month is actually going to reduce the debts?

    I assume that you mean some of the debts have been sold by the creditors to debt purchase companies?

    1. If you are going to make offers of full and final settlements I would take the debt (s) out of the hands
    of the FMO.

    2. Is HB providing regular statement of the debts? If not demand a full statement for each account before
    doing anything else.

    3. Do Not attempt to negotiate F& F deals by e-mail you need to deal with this more formally in writing and
    with the proper conditions laid down for the offers.

    4. A joint account bank account or loan: The parties to a joint account are in law " jointly and severally " liable
    for the full debt, there are no" half shares", if one fails to pay the other is liable for the whole debt.

    Get the statement (s) from Harrington Brooks asap and don't do anything until you have them.

    nem

    Comment


    • #3
      Re: Advice needed on paying off partners debt.

      Harrington brooks charge 50% for the first 6 months, thereafter £38 a month. So after the first 6 months £112 a month should have been going to pay off the debts. ( there isn't any mention of VAT so I don't know whether it is included in that £38 or added on top )
      #staysafestayhome

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      Comment


      • #4
        Re: Advice needed on paying off partners debt.

        Many thanks for the replies guys! Mem can you please clarify what you mean by 'FMO'? Yes, HB do provide regular statements latest one we have is to 5/1/2016 . Amethyst is right HB do charge £38 per month 'Admin Fee' and the other £112 is split between the four creditors which they have all accepted. Mem I apologise in advance if you've already recommended this but are
        you saying that we should approach the creditors directly, in writing, with our offer of settlement or would it be better to ask them what they would be willing to accept to settle the debt? ( and by-passing HB ?). Is there a template we could use available on the forum?
        Many thanks again guys for the advic.

        Cheerd,

        Comment

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