advice on full +final settlements on debts

[carrie52]

still trying to sell my home, but would it be a good idea to approach my creditors for a FFS amount before or after l sell ? just so l know how much i,d have to repay... as l dont want to sell and find what l have left to give creditors is,nt enough and still be in debt which is why im sellimg in first place
any advice pse ??

[Happyolddog]

Re: advice on full +final settlements on debts

If you're selling to clear debts, I would advise you talk to your solicitor and have them contact all who you owe the money too. They might get any further charges frozen whilst the house is on the market, as houses are not selling too well this could be in your favour.

Good luck,
Hod..Liam..

[carrie52]

Re: advice on full +final settlements on debts

If you're selling to clear debts, I would advise you talk to your solicitor and have them contact all who you owe the money too. They might get any further charges frozen whilst the house is on the market, as houses are not selling too well this could be in your favour.

Good luck,
Hod..Liam..

If you're selling to clear debts, I would advise you talk to your solicitor and have them contact all who you owe the money too. They might get any further charges frozen whilst the house is on the market, as houses are not selling too well this could be in your favour.

Good luck,
Hod..Liam..

hi you old dog you !!:beagle:

l live in a park home /mobile home so you dont need to use a solicitor to sell these homes as you would a " bricks + mortar home " bit like selling a car/ caravan [scary but it works well if you get a survey done to make sure the home is sound ect :}
am currently with CCCS on dmp and have had all charges + interest refunded and interest on all my debts have been frozen + ppi ccld + refunded after me being a pain in the botty for months to all of my creditors especially with the LOVERLY !! halifax/hbos, whom the FOS had to "get down ,n, get dirty with" to help me get £6,000 off my debts with them they are brill !!

yes , as for selling god its a nightmare , nothing going on at all
just dont want to sell and still b in debt ,might as well stay put and struggle on , prob is lve been off sick for 6 mths due to all of this + other crap in life and may lose my job so the payments im making will be reduced more and lm worried what might happen if they dont accept even less each month
THEN WHAT !!


in my next life lm coming back as a sloth ... they live in trees and only
come down to the ground once a week to have poo !!! sounds good to me

[enaid]

Re: advice on full +final settlements on debts

Hi carrie,
As you are already with CCCS, they should do fairly regular reviews as to your financial situation. If your situation changes at all you must inform them as soon as, so they can contact your creditors.
I wouldn't personally advise my creditors that my home was up for sale and promise to pay them in full when it is sold. It may be a long while before you do actually sell and you may have to take a reduced offer too.
I would, if it were me, carry on under the management of CCCS for the near future anyway.
Enaid x

[carrie52]

Re: advice on full +final settlements on debts

Hi carrie,
As you are already with CCCS, they should do fairly regular reviews as to your financial situation. If your situation changes at all you must inform them as soon as, so they can contact your creditors.
I wouldn't personally advise my creditors that my home was up for sale and promise to pay them in full when it is sold. It may be a long while before you do actually sell and you may have to take a reduced offer too.
I would, if it were me, carry on under the management of CCCS for the near future anyway.
Enaid x

thanks, im due a review of my situation in feb with CCCS so l will have a chat with them about it
thanks again
x:beagle:

[Godzilla]

Re: advice on full +final settlements on debts

Hello Carrie,

I am sorry to hear about your troubles and I would like to offer you some advice in relation to "Full and Final Settlements"

I offer this advice to you from the qualification of the knowledge that I have gained from my expierience in this particular area of law, case law.

There are some circumstances when a cheque sent in "Full and Final Settlement" will discharge a debt, and preclude a creditor from pursuing the debtor for the balance that remains from the original sum of money owed.


The instances in which any creditor will be bound(Legally) by a cheque made out in "Full and Final Settlement" are as follows:


1. The cheque is offered in circumstances where there is a dispute about the amount owed.


2. The offer in "Full and Final Settlement" of the dispute is made at the time the cheque is presented.


3. The creditor presents the cheque in payment and it is duly honoured.


4. At the time of presenting the cheque or within a short time thereafter the creditor fails to inform the payer/debtor that the cheque is not accepted in "Full and Final Settlement".


Number four(4) in the above list is critical, if the creditor fails to reject the settlement offer swiftly, either prior to or after preseting the said cheque for payment, the clearance of the said cheque will be seen as a clear and unequivocal acceptance by the law courts.


Finally, if a creditor should bank a cheque from a third party in "Full and Final Settlement" of a sum(Whether or not disputed) owed by the debtor the creditor will have signified acceptance of it as disgharge of the debt.


If you are going to be making settlement offers to your creditors, be very carefull as to how you word your letter in "Full and Final Settlement" to them.


Your letter will need to be written in such a manner so as you are not seen as being, inconsiderate, unreasonable, unfair, deceitful or forcefull to your creditors. The same applies to your creditors.

You will need to ensure that your Settlement letter is not, broad, wide or open to interpretation, creafully scripted letters are required that are short, clear and concise and considerate.

I will draft a letter for you and post it here if you require so.

Your circumstances are obviously severe if you are considering selling your home, however I would advise you not to sell at the present time, but instead offer a reduced amount to your creditors of £1.00 a month and provide them with a financial statement and any other documents that will prove your serious financial difficulties.

It is very difficult I know, but try to remain calm and keep communicating in writing to your creditors so that you can reach a mutually exceptable agreement.

There is substantial case law on "Full and Final Settlements" 402 years of it, check it out on your search engine.

I hope this reply helps your situation.

God Bless You
Godzilla.

[Glenn UK]

Re: advice on full +final settlements on debts

There are also issues which i think are hinted at but not explicitly set out in Godzilla's post and that is that you cannot force a creditor to accept a lesser amount as F&F settlement and there are number of other circumstances under which F&F can work to your advantage.

one of which is a series of payments made to all creditors pro rata of an amount you have based on the fact that acceptance by all of them has to be received. This makes for a binding settlement as well.

As i recall there are other factors when trying to reach settlements, I know when i made offers to my creditors when i was with payplan it did need thinking about to ensure they could not come back for a second bite.

Funnily enough when i subsequently sued one of my creditors they did try to suggest they could but stepped back when i laughed at them.

Glenn

[carrie52]

Re: advice on full +final settlements on debts

Hello Carrie,

I am sorry to hear about your troubles and I would like to offer you some advice in relation to "Full and Final Settlements"

I offer this advice to you from the qualification of the knowledge that I have gained from my expierience in this particular area of law, case law.

There are some circumstances when a cheque sent in "Full and Final Settlement" will discharge a debt, and preclude a creditor from pursuing the debtor for the balance that remains from the original sum of money owed.


The instances in which any creditor will be bound(Legally) by a cheque made out in "Full and Final Settlement" are as follows:

1. The cheque is offered in circumstances where there is a dispute about the amount owed.


2. The offer in "Full and Final Settlement" of the dispute is made at the time the cheque is presented.


3. The creditor presents the cheque in payment and it is duly honoured.


4. At the time of presenting the cheque or within a short time thereafter the creditor fails to inform the payer/debtor that the cheque is not accepted in "Full and Final Settlement".


Number four(4) in the above list is critical, if the creditor fails to reject the settlement offer swiftly, either prior to or after preseting the said cheque for payment, the clearance of the said cheque will be seen as a clear and unequivocal acceptance by the law courts.


Finally, if a creditor should bank a cheque from a third party in "Full and Final Settlement" of a sum(Whether or not disputed) owed by the debtor the creditor will have signified acceptance of it as disgharge of the debt.


If you are going to be making settlement offers to your creditors, be very carefull as to how you word your letter in "Full and Final Settlement" to them.


Your letter will need to be written in such a manner so as you are not seen as being, inconsiderate, unreasonable, unfair, deceitful or forcefull to your creditors. The same applies to your creditors.

You will need to ensure that your Settlement letter is not, broad, wide or open to interpretation, creafully scripted letters are required that are short, clear and concise and considerate.

I will draft a letter for you and post it here if you require so.

Your circumstances are obviously severe if you are considering selling your home, however I would advise you not to sell at the present time, but instead offer a reduced amount to your creditors of £1.00 a month and provide them with a financial statement and any other documents that will prove your serious financial difficulties.

It is very difficult I know, but try to remain calm and keep communicating in writing to your creditors so that you can reach a mutually exceptable agreement.

There is substantial case law on "Full and Final Settlements" 402 years of it, check it out on your search engine.

I hope this reply helps your situation.

God Bless You
Godzilla.

hi you

thanks for your help l suppose l may be panicing a bit but as lm not getting any wages any more while off sick lm scared that if my dpm only offers £1 pm they are all going to to take me to court + poss bankrupt me :cry:

lm still trying to sell my home ...just cant have this worry over my head any more
is £1.00 pm such a terrible thing in my circumstances ???
do the courts look favourably on nthis under my circumstances ?? lve never rufused to pay anything but £1 is so paltry what court would accept that when it would be easier to bankrupt me!!!!!!
OMG !!!!!PLEASE HELP I DONT SLEEP AT NIGHTS ANYMORE:cry::cry::cry:

[Godzilla]

Re: advice on full +final settlements on debts

Hello and good evening to you, super dudette Carrie,

I am so very sorry to hear of the misery you are going through from the unbearable stress your situation causes.

I do know precisely how it is making you feel, for like many others, I have been there to.

Firstly, if you have not done so already, I urge you to contact CCCS they will be able to give you much assistance and advice.

Secondly, I would like advise you to write to all of your creditors and inform them of your finacial difficulties, and in your letter to them, ask each and every one of them to please consider accepting a £1.00 a month payment plan from you for a period of six months.


Explain to your creditors that you are pursuing every avenue available as far as employment or benifits are concerned, and that you have every intention of honouring your credit bills and that you would be very grateful to them if they are willing to afford you a little time to get your finances sorted out.

Provide your creditors with a finacial statement in your letter to them, this will prove your limited income, and if you have any documents that will show them of the effort that you are undertaking in order to bring your accounts up to date then please provide your creditors with copies of them, the documents I mean.


You do not have to have all of your creditors agreeing to a £1.00 a month payment in order to be successfull in bying yourself some time and breathing space to think, I mean it do not panic.(I am sorry for saying this, as I know it is easier said than done, I simply do not wish for you to suffer any further, believe me you will survive this and I will do all I can to assist your survival)


Your creditors must show themselves as being, reasonable, understanding, fair, sympathetic and considerate in relation to your genuine financial difficulties.

The offer to your creditors of £1.00 a month is a mere splinter of a payment I know, but I tell you this, there is not one law court in this England that would reject it in circumstances such as yours.

The key to your successfull out-come in these testing times( And do not doubt this, you will achieve a successfull ending, for I refuse to stand by and do nothing now that my mind is furnished with the knowledge of your suffering). The key is, the truth and the communication of it to your creditors.

I would like to advise you to deal with each of your creditors on an individual basis, extra paperwork I know, but where one creditor accepts your £1.00 a month payment the others will follow, so the moment one of your creditors accepts your token payment offer, act swiftly and inform the other creditors and they too will accept your offer.(If they do not, they will be seen as unreasonable, unfair, inconsiderate, etc, etc, if they do bring you into court thier behavior towards you will stand them with no favour.)


I hope you gain some form of income shortly, and I pray that you have some super hero friends or family around you to help you through this painfull time in your life.


Do not fear your creditors and I beg you to please try and remain calm and I do hope that you are able to get enough rest.

I will keep following your story, in the mean-time if there is anything that you think I might be able to help you with then do not hesitate to ask me, I will give you what ever advise or support I can.


God Bless You Carrie
Godzilla.

[Glenn UK]

Re: advice on full +final settlements on debts

Carrie

I would echo most of Godzillas sentiments except for one important detail.

I would recommend registering with either CCCS or Payplan and then let your creditors know.


As i recall when you register with one of these they give you a reference number to quote. Once your creditors have this they will in all probability pull back for a while in the knowledge that these organisations will make an offer of what you can basically afford to pay and work with you to make sure you can keep payments up.

Token payments may work for a while but unless your creditors know you are working on something they wont be happy for long.

CCCS/Payplan are funded by the banks themselves but don't let that put you off, any payments you make go entirely to your creditors and they do not charge you. I found that Payplan were on my side and not the creditors despite how they are funded.

HTH

Glenn

[carrie52]

Re: advice on full +final settlements on debts

Hello and good evening to you, super dudette Carrie,

I am so very sorry to hear of the misery you are going through from the unbearable stress your situation causes.

I do know precisely how it is making you feel, for like many others, I have been there to.

Firstly, if you have not done so already, I urge you to contact CCCS they will be able to give you much assistance and advice.

Secondly, I would like advise you to write to all of your creditors and inform them of your finacial difficulties, and in your letter to them, ask each and every one of them to please consider accepting a £1.00 a month payment plan from you for a period of six months.


Explain to your creditors that you are pursuing every avenue available as far as employment or benifits are concerned, and that you have every intention of honouring your credit bills and that you would be very grateful to them if they are willing to afford you a little time to get your finances sorted out.

Provide your creditors with a finacial statement in your letter to them, this will prove your limited income, and if you have any documents that will show them of the effort that you are undertaking in order to bring your accounts up to date then please provide your creditors with copies of them, the documents I mean.


You do not have to have all of your creditors agreeing to a £1.00 a month payment in order to be successfull in bying yourself some time and breathing space to think, I mean it do not panic.(I am sorry for saying this, as I know it is easier said than done, I simply do not wish for you to suffer any further, believe me you will survive this and I will do all I can to assist your survival)


Your creditors must show themselves as being, reasonable, understanding, fair, sympathetic and considerate in relation to your genuine financial difficulties.

The offer to your creditors of £1.00 a month is a mere splinter of a payment I know, but I tell you this, there is not one law court in this England that would reject it in circumstances such as yours.

The key to your successfull out-come in these testing times( And do not doubt this, you will achieve a successfull ending, for I refuse to stand by and do nothing now that my mind is furnished with the knowledge of your suffering). The key is, the truth and the communication of it to your creditors.

I would like to advise you to deal with each of your creditors on an individual basis, extra paperwork I know, but where one creditor accepts your £1.00 a month payment the others will follow, so the moment one of your creditors accepts your token payment offer, act swiftly and inform the other creditors and they too will accept your offer.(If they do not, they will be seen as unreasonable, unfair, inconsiderate, etc, etc, if they do bring you into court thier behavior towards you will stand them with no favour.)


I hope you gain some form of income shortly, and I pray that you have some super hero friends or family around you to help you through this painfull time in your life.


Do not fear your creditors and I beg you to please try and remain calm and I do hope that you are able to get enough rest.

I will keep following your story, in the mean-time if there is anything that you think I might be able to help you with then do not hesitate to ask me, I will give you what ever advise or support I can.


God Bless You Carrie
Godzilla.

sorry for the delay answering been having virus prob on computer and just spent 2 days getting that sorted !!!!

thank you so much for your advice and support l am trying to be calm and getting there slowly... l have 3 sisters all live very close by who are my best buddies so yes l do have a lot of support of which lm thankful

have just found out that l have been accepted for esa payments now that my wages + ssp have come to an end at work so thats good news although still not looking forward to asking everyone to accept less but with cccs and your advice its not as scary as it was a few mths ago

thnak you again for your concern
xx

Hello Carrie,

I am sorry to hear about your troubles and I would like to offer you some advice in relation to "Full and Final Settlements"

I offer this advice to you from the qualification of the knowledge that I have gained from my expierience in this particular area of law, case law.

There are some circumstances when a cheque sent in "Full and Final Settlement" will discharge a debt, and preclude a creditor from pursuing the debtor for the balance that remains from the original sum of money owed.


The instances in which any creditor will be bound(Legally) by a cheque made out in "Full and Final Settlement" are as follows:

1. The cheque is offered in circumstances where there is a dispute about the amount owed.


2. The offer in "Full and Final Settlement" of the dispute is made at the time the cheque is presented.


3. The creditor presents the cheque in payment and it is duly honoured.


4. At the time of presenting the cheque or within a short time thereafter the creditor fails to inform the payer/debtor that the cheque is not accepted in "Full and Final Settlement".


Number four(4) in the above list is critical, if the creditor fails to reject the settlement offer swiftly, either prior to or after preseting the said cheque for payment, the clearance of the said cheque will be seen as a clear and unequivocal acceptance by the law courts.


Finally, if a creditor should bank a cheque from a third party in "Full and Final Settlement" of a sum(Whether or not disputed) owed by the debtor the creditor will have signified acceptance of it as disgharge of the debt.


If you are going to be making settlement offers to your creditors, be very carefull as to how you word your letter in "Full and Final Settlement" to them.


Your letter will need to be written in such a manner so as you are not seen as being, inconsiderate, unreasonable, unfair, deceitful or forcefull to your creditors. The same applies to your creditors.

You will need to ensure that your Settlement letter is not, broad, wide or open to interpretation, creafully scripted letters are required that are short, clear and concise and considerate.

I will draft a letter for you and post it here if you require so.

Your circumstances are obviously severe if you are considering selling your home, however I would advise you not to sell at the present time, but instead offer a reduced amount to your creditors of £1.00 a month and provide them with a financial statement and any other documents that will prove your serious financial difficulties.

It is very difficult I know, but try to remain calm and keep communicating in writing to your creditors so that you can reach a mutually exceptable agreement.

There is substantial case law on "Full and Final Settlements" 402 years of it, check it out on your search engine.

I hope this reply helps your situation.

God Bless You
Godzilla.

hi you

thanks for your help l suppose l may be panicing a bit but as lm not getting any wages any more while off sick lm scared that if my dpm only offers £1 pm they are all going to to take me to court + poss bankrupt me :cry:

lm still trying to sell my home ...just cant have this worry over my head any more
is £1.00 pm such a terrible thing in my circumstances ???
do the courts look favourably on nthis under my circumstances ?? lve never rufused to pay anything but £1 is so paltry what court would accept that when it would be easier to bankrupt me!!!!!!
OMG !!!!!PLEASE HELP I DONT SLEEP AT NIGHTS ANYMORE:cry::cry::cry:
------------------------------- merged -------------------------------

Carrie

I would echo most of Godzillas sentiments except for one important detail.

I would recommend registering with either CCCS or Payplan and then let your creditors know.


As i recall when you register with one of these they give you a reference number to quote. Once your creditors have this they will in all probability pull back for a while in the knowledge that these organisations will make an offer of what you can basically afford to pay and work with you to make sure you can keep payments up.

Token payments may work for a while but unless your creditors know you are working on something they wont be happy for long.

CCCS/Payplan are funded by the banks themselves but don't let that put you off, any payments you make go entirely to your creditors and they do not charge you. I found that Payplan were on my side and not the creditors despite how they are funded.

HTH

Glenn

hi glenn

yes hsve already been with cccs for 2 yrs now and all apart from hbos have no probs with what lm paying , hbos have quietened down a bit and dont ring me anymore but they have recently sold on 1 of my debts with them
to cabot ... theyve been quiet so far.....
thanks for your support + adv