At what stage would you offer FF settlement?

[deepindebt102]

Hi All,

I am at the stage of requesting SAR and CCA from various lenders and eventually I would want to settle the debt but I do not want to send FF letters too early. I am affraid when I send the FF letters, I am agreeing to the debt.

Can someone please confirm the best way to handle this?

1, First ask for CCA
2, Ask for SAR

then if they can not provide than I just leave it as they can not enforce?
or still offer FF just to get rid of them (and clear it from the credit files)

Thanks
Regards
Deep

[BBNB]

Re: At what stage would you offer FF settlement?

1 and 2 can be done in parallel but with separate letters. F&F won't clear anything from your credit files. A default stays for 6 years. An account continues to be reported for 6 years after it is closed. You do not need to have been sent a default notice in order for the file to be marked as 'in default'. When was the last time you paid anything towards the debt(s) and when was the last time you put anything in writing admitting to the debt? A SAR request is not a written acknowledement of a debt as it is a demand to have everything and anything held about you on file (costs £10) BUT it does not have to include a copy of your original agreement which is why you would have to send a separate CCA request (£1). Also, you have to be careful with the wording of any F&F offers; you would need written assurances that the offer, if accepted, released you from any liability towards the debt and that the remainder would not be sold on for someone to collect further down the line. You would also want the account marked as 'settled' or 'satisfied' and not 'partially settled'. many lenders will simply refuse both of these things, which means your F&F just pays off part of the debt, your Credit File remains trashed and you will get harrassed for the remainder of the debt at a later stage...

[labman]

Re: At what stage would you offer FF settlement?

If you think they may not have the agreement, surely you should be asking them to prove the debt first. There is a letter in the 'Dealing With DCA's' thread. I've not found my way around the new look site sufficiently to post up a link yet, but that should be your first step I would have thought.



Are you saying you actually have the money to offer F&F's or it is just something for the future?

[miliitant]

Re: At what stage would you offer FF settlement?

quote

You do not need to have been sent a default notice in order for the file to be marked as 'in default'.


?????

you do infact have to be sent a default notice served under 87 (1) of the cca 1974 to have your credit file marked as in default. that comes under the default and termination regs

Even that is after the 14 day grace period to rectify the default notice
the credit agencies can mark your file with missed payment markers but not "Default"

me thinks you are getting confused with a notice of default sums. this is needed before a creditor can charge you a penalty fee for breaching a t&c.
even that gets sent to the debtor and not the CRA

[BBNB]

Re: At what stage would you offer FF settlement?

yes, you're right.

[deepindebt102]

Re: At what stage would you offer FF settlement?

Hi Guys,

Thanks for the replies.

The accounts I have already marked as defaulted. I paid last over a year ago. I am getting chased by debt agencies in all cases.

I have sent CCA and SAR to all, some replied, some took the postal orders but did not provide SAR or CCA yet for over a month passed.

But, I want these debts to be marked as "satisfied" on my credit files. The credit file is already trashed, but I want to avoid any future actions later on if I have any dealings in the UK. That is why I want to settle somehow.

I could get some money together to offer around 30-40% of the debt if it is marked satisfied, so wondering at what stage shall I approach them?

For example the ones could not provide CCA yet, shall I get back to them asking to provide one again? or shall I just get back to them with a low FF? They might accept it and then this account is "closed"?

Thanks a lot for any help!

Regards
Deep

[deepindebt102]

Re: At what stage would you offer FF settlement?

I hope I do not get into trouble by posting this link, but this is the FF letter I was planning to send:


Thanks
Deep

[labman]

Re: At what stage would you offer FF settlement?

I doubt you'll get in trouble, though I don't know whether that full link will remain. In any case I can tell you that the F&F letters on that site were exceedingly carefully written, but they were designed to be sent as a series of letters, as you will know if you are familiar with the site. I would recommend you stick to their formula if you are going to use their templates. They are thought through to make things as watertight as possible, but as a combined group, not a single, one off letter. Alternatively, you can read the F&F thread on here which was written by one of the two main contributors to the letter you intend using, and you will learn most of the pitfalls. All F&F's are based on Common Law of Contract, so each case stands or falls on its own merits.

[deepindebt102]

Re: At what stage would you offer FF settlement?

Hi Labman,

Thanks for your reply. I am intending to use the letters in the right order.

My question here, If I start the FF negotiations, does it mean I accept the debt? So if a loan comapny can not prove with CCA that I owe the debt but I have sent an FF offer, could they use it in Court to prove I owe the debt?

and what if I send it Without Prejudice?

Thanks a lot!
Deep

[labman]

Re: At what stage would you offer FF settlement?

If they can't prove there is a debt to pay, why would you want to offer to pay it?