Settling LTSB loans with DCAs

[nelliewops]

Re: Settling LTSB loans with DCAs

Yes well the pro-rata ing is all very well but just bear in mind that you want to negotiate the best deal for you, not them. The lower the better. If there is any left over from each offer after negotiations then keep it for yourself for the time being, don't offer more to another one unless you have to.

Hi Wendy

Yep, will bear that in mind - don't worry I'm not always this dozy.........think I'm catching OH's cold (mind you that'll be the first one since Feb 2008, so not bad going!) and hence feeling a bit yucky.

Nellie x

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi folks,

Just a quick update on this to say that I wrote to LTSB (dealing with the organ-grinder rather than the monkey, lol!) regarding OH's account (letter in OH's name and signed as if written by him) and to date there has been no response. This letter was received by them two weeks ago, but as they seem to delight in taking two months before bothering to respond to my correspondence as a rule, I'm not surprised. It doesn't make getting this matter resolved any easier though

LTSB know full well that OH has had severe depression problems previously and what that culminated in, yet they have absolutely no compassion when it comes to dealing with their erstwhile loyal customers who have fallen into difficulties through no fault of their own.

I'm sure it will do no good whatsoever, but I feel a letter/email to the CEO coming on.................

Will let you know how (or if) this progresses.

Nellie x

[Bill-K]

Re: Settling LTSB loans with DCAs

I know you have quite a story to tell, Nellie. It may be worth adding the hint that you are considering selling your story to the media in an effort to get some kind of restitution, seeing as LTSB are not making any effort at all.

[nelliewops]

Re: Settling LTSB loans with DCAs

I know you have quite a story to tell, Nellie. It may be worth considering the hint that you are considering selling your story to the media in an effort to get some kind of restitution, seeing as LTSB are not making any effort at all.

Hiya Bill,

Thanks for continuing to support me on this :billk:

I think I'll do as you suggest - after all it can't do any harm!

Btw, hope you didn't take offence at my derogatory reference to monkeys in my previous post, lol!

Much love,

Nellie xxx

[nelliewops]

Re: Settling LTSB loans with DCAs

Thinking further on this -

Since Wescot/their inhouse sols first raised the subject of a Full and Final settlement in early September I have written no less than seven letters to them/LTSB, all of which have been received.

The only acknowledgment/response received has been -

1) a letter from Wescot which seemed to be of the misapprehension that I had made a complaint which they intended to investigate (seven weeks on and I've received no further update)

2) an I&E form - which I have no intention of returning.

As it seems absolutely impossible to get through to them on a subject which they themselves started, notwithstanding Bill's excellent idea of threatening them with contacting the media, would it be worth/is it possible to file a complaint with the FOS regarding this?

Would I need to wait until eight weeks had elapsed since Wescot's 'response' as referenced above before I could do so?

Just a thought :tinysmile_hmm_t2:

[nelliewops]

Re: Settling LTSB loans with DCAs

I've had another look through my file and now believe that the aforementioned letter from Wescot wasn't even in response to my F&F counter offer, but referred to a previous letter I had sent asking for confirmation that they had the right to collect.

I've decided to bang in a complaint to the FOS anyway in an attempt to get them to put pressure on LTSB/Wescot to respond to my genuine attempts to resolve this by way of a F&F..................

[Bill-K]

Re: Settling LTSB loans with DCAs

Sorry for not responding earlier, Nellie. Yeah, why not bang that in - nowt to lose and owt to gain.

[nelliewops]

Re: Settling LTSB loans with DCAs

Sorry for not responding earlier, Nellie. Yeah, why not bang that in - nowt to lose and owt to gain.

Thanks Bill, no worries! I've got it all ready to go off on Monday and will get that email/letter off to the CEO too xxx :billk:

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi folks,

I hope everyone had a great Christmas!

Just a quick update on this one................whilst there have been no further developments since my last post regarding OH's account (Wescot etc etc - now with FOS) I did receive a letter a few days before Christmas in response to my email (and hard copy of same) to Mr Daniels. This made no mention of the main point of my email/letter, ie the whole Wescot fiasco, but instead concentrated on the second loan account and current account.

To cut a long story short LTSB offered a 70% reduction on the outstanding balances of both the other loan account and the current account, giving 28 days to pay.

I am interested in taking advantage of their offer on the loan account - the current account is still under FOS investigation - but I'm not happy with either the wording of their letter regarding the settlement conditions or the amount itself. Not that I'm ungrateful, as it is a good offer, but I had hoped to settle for a little less than 30% if at all possible.............although I could possibly stretch to something approaching that amount if need be.

The wording of their letter is as follows -

'It is now my objective to bring about a final resolution to the situation regarding your personal loan account. In order to do this I am willing to accept 30% of the amount owed in full and final settlement of this account.

Should you wish to accept my proposal for this account, please forward your cheque for the sum of £****, made payable to Lloyds TSB Bank. Kindly ensure that reference *************** is quoted on the reverse of the cheque.

Please allow me to confirm that these offers will remain available to you for a period of 28 days from the date of this letter. A prepaid envelope is enclosed (it wasn't!) for you to return your cheques, together with the signed declaration of acceptance accompanying this letter (there wasn't one!) to reach me by *********. Should we not receive the required payments in full by that date, these offers will be withdrawn and will not be made available to you again.

On receipt of your payment, the remaining balances totalling £**** will be written off and your accounts will be closed. We will not look to you to make any further payments to these. Additionally, I will instruct the Credit Reference Agencies to update their records to show that the debts have been partially settled.'


Basically I'm not happy with the 'partially settled' reference and would want assurance that the remainder would not be sold on etc .

Any advice as to what my next step should be - as I don't have much time - would be hugely appreciated.

Many thanks and very best wishes for 2011!

Nellie x

[Godzilla]

Re: Settling LTSB loans with DCAs

Hi folks,

I hope everyone had a great Christmas!

Just a quick update on this one................whilst there have been no further developments since my last post regarding OH's account (Wescot etc etc - now with FOS) I did receive a letter a few days before Christmas in response to my email (and hard copy of same) to Mr Daniels. This made no mention of the main point of my email/letter, ie the whole Wescot fiasco, but instead concentrated on the second loan account and current account.

To cut a long story short LTSB offered a 70% reduction on the outstanding balances of both the other loan account and the current account, giving 28 days to pay.

I am interested in taking advantage of their offer on the loan account - the current account is still under FOS investigation - but I'm not happy with either the wording of their letter regarding the settlement conditions or the amount itself. Not that I'm ungrateful, as it is a good offer, but I had hoped to settle for a little less than 30% if at all possible.............although I could possibly stretch to something approaching that amount if need be.

The wording of their letter is as follows -

'It is now my objective to bring about a final resolution to the situation regarding your personal loan account. In order to do this I am willing to accept 30% of the amount owed in full and final settlement of this account.

Should you wish to accept my proposal for this account, please forward your cheque for the sum of £****, made payable to Lloyds TSB Bank. Kindly ensure that reference *************** is quoted on the reverse of the cheque.

Please allow me to confirm that these offers will remain available to you for a period of 28 days from the date of this letter. A prepaid envelope is enclosed (it wasn't!) for you to return your cheques, together with the signed declaration of acceptance accompanying this letter (there wasn't one!) to reach me by *********. Should we not receive the required payments in full by that date, these offers will be withdrawn and will not be made available to you again.

On receipt of your payment, the remaining balances totalling £**** will be written off and your accounts will be closed. We will not look to you to make any further payments to these. Additionally, I will instruct the Credit Reference Agencies to update their records to show that the debts have been partially settled.'


Basically I'm not happy with the 'partially settled' reference and would want assurance that the remainder would not be sold on etc .

Any advice as to what my next step should be - as I don't have much time - would be hugely appreciated.

Many thanks and very best wishes for 2011!

Nellie x

Hello Nellie

Well, their offer is made out unequivocally in Full and Final Settlement of the amount owed to the account, so, the said offer is not broad, wide or open to interpretation, it [is] an offer in Full and Final Settlement, the remaining balance will be written off and therefore you will be legally discharged of any further liability.

If you can over-come the 'partial settlement' status that they say will be entered on your credit file(s) then, I would advise you to accept their offer before it is withdrawn.

I do hope that will help you somewhat.

Kind Regards

Godzilla

[Bill-K]

Re: Settling LTSB loans with DCAs

I reckon Godzilla's got it in a nutshell, there, Nellie - but sure - there are some ends to tie up, I guess.

It's brinkmanship again, of course, and they seem to be wanting to use this to settle on TWO accounts - one of which is an ongoing (and possibly pivotal) FOS 'Consequential Losses' claim. As I think you are suggesting - we need to separate these. I guess we can do this - as you imply - by pointing out that the current account is now the subject of a FOS claim, and as such must be allowed to take its' course. I don't know if the FOS have had to adjudicate on any similar claims for consequential losses, but I haven't found any transcripts, yet. Somebody send me them, if you have these - please !!!

So, we have an offer of 30% settlement on two accounts - and you are considering rejecting that for the following reasons:
1. One account is currently under FOS scrutiny, and as such is not currently negotiable;
2. The other account is negotiable - but 30% is still too high;
3. Part of any settlement agreement appears to be that the loan(s) may still be registered with CRA's as unsettled - despite LTSB's apparent wish to arrive at a 'full and final' settlement.

I think the apparently accidental omission of any 'F&F settlement' agreement from the last letter from them ties in with item 3 above. They couldn't put it into clear terms - as you would see through their deception.

The snake sheds its' skin - but the design remains the same - and the content still slithers on its' belly.

My feeling is this, good lady. Go for 25% on the remaining loan account - and let them close that chapter. Be prepared to accept 30% as offered - if it looks like they are gonna dig their heels in - but remind them that the current account is gonna cost them !!!

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi Bill and Godzilla,

Many thanks to you both for your very helpful comments and advice.............I intend to do as you suggest and whilst I am prepared that I may indeed have to bite the bullet and pay them the 30%, I will first offer them less on this one. The current account, as you rightly say Bill, they can 'go swivel' for - at least for the time being, as it is subject to the FOS investigation...........I will do my utmost to get them to agree to my terms regarding the status of the settlement, but as we all know that's like trying to get blood from a stone when it comes to good old LTSB!!!

My very best wishes to you both for 2011............and hope you're not working tonight Bill :billk:

Nellie x

[Caspar]

Re: Settling LTSB loans with DCAs

Don't know whether this is any use or not, but just a thought. You are unhappy with the wording partially settled on your credit report. As they are offering "Full and Final Settlement" NOT "Full and Final Partial Settlement" can you not argue that you will have settled the debt, this is the whole purpose of F&F's. Partial settlement is open to interpretation that there needs to be further settlement before it is full and final, so for the avoidance of doubt, could they not mark it as settled?

[Bill-K]

Re: Settling LTSB loans with DCAs

Yeah - that's the bit that needs nailing down, I reckon, Caspar.

Full and Final Settlement is binding on both parties if agreed, isn't it ? Done and dusted.

Partial Settlement is - in effect - no more than a gesture. Offered by one party - and presumably accepted by the other. BUT it is NOT a FINAL Settlement. In its' bare bones - it is no more than just another payment toward the debt.

NO closure. NO 'finality.' NO deal.

A meaningless term, really. Not quite a contradiction in terms - not quite an oxymoron. But nothing that we can call useful, either.

Like a....friendly gorilla....or even....a city-devouring monster that really just wants to see an end to 'jerry-building' - and a return to Art Deco.

Feckit, Godz......Let's hit O'Malley's - we got issues to address.

..............Happy New Year, you guys. Us big guys need to bond, right now.....

Civilization needs us Superheroes !!!

....Why do I always wake up in a pile of puke, when I've had one of those earth-shattering moments ?

Ainj't life a....bwww......bwwwwwww.......... bwwwwllllllccchhhhh !!!!!

HAPPY NEW YEAR !!!!!!

.............kitchen towel. I need kitchen towel........

Sorryyyy.....!!!!

[The Debt Star]

Re: Settling LTSB loans with DCAs

The snake sheds its' skin - but the design remains the same - and the content still slithers on its' belly.

rofl brilliant!!