help needed offer of settlement dca please

[merlinoftottenham]

hi 1st time so go easy if im in the wrong place
had overdraft of 4k ablout 4 yrs ago self employed work dried up..chipped away at it 50 a month as bank closed account..work again dried up couldnt pay..now dca csl..purley..they sent letter saying there client..my old bank will accept 800 ( ive 1800 on it ) if i can pay by 30th jan..i could maybe just do this..should i..i need help letter states full and final settlement and client will write off the balance

help plse

[mr.ton]

Re: help needed offer of settlement dca please

Never trust them.
You will end up paying the amount and they will still harass you for more now they know that you will be easy to fleece.
You tell them what you can/will pay - if that be £1 per month then tough on them if they dont accept it.

[merlinoftottenham]

Re: help needed offer of settlement dca please

so there letter stating full final settlement is useless then as i owe 1800 and can settle it says for 800

[labman]

Re: help needed offer of settlement dca please

Not necessarily. If you are happy with the amount, bearing in mind the reduction from £1800 is probably all charges, then there is no reason why you should not write to them offering F&F at £800 so it is done on your terms. No F&F is ever 100% watertight, as they are based on Common Law. However, I can post up a template which is as watertight as I've ever seen. I think there may be one already on this site somewhere.

Please post up what you intend to write before actioning anything, and also how you intend the payment to be made.

[merlinoftottenham]

Re: help needed offer of settlement dca please

shall i contact barclays and offer then a f and f offer as they still own debt it seems..id like to ideally offer 400 as itll be tight doing 800 to dca by 30th jan..god i dont know what to do
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hi again labman have you got template as well plse..this is driving me mad i hate debt and wish id never got in it

[labman]

Re: help needed offer of settlement dca please

How much was the original debt before they started piling on charges?

[merlinoftottenham]

Re: help needed offer of settlement dca please

i had a 4k overdraft on additions acc i dont what the charges were but i was over it before they closed account dca says balance is 1808.20 i dont if thats right and barclays will settle for 813.69

[labman]

Re: help needed offer of settlement dca please

This is purely a personal opinion, but I would not let them dictate what you should pay. They make these offers in the hope that you don't realise that chances are, all you are paying is the full original debt, or possibly slightly more. It seems like a very attractive option on paper as you are led to think you're saving £1000 when in reality you are not.

You are free, at any time, to make a F&F to them, starting low and working up, on your terms, not theirs. This to me is a much more attractive proposition. They will always consider your proposal and come back to you.

Again there is something on here already about F&F's, but if stuck, I can provide a good template letter. :beagle:

[Guest]

Re: help needed offer of settlement dca please

Offer £400 F&F and ask they confirm in writing.

[merlinoftottenham]

Re: help needed offer of settlement dca please

do i make offer to dca or barclays please labman
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shall i make that dca or barclays

[Guest]

Re: help needed offer of settlement dca please

Whoever is demanding payment.

Seek advice on paying on a sold debt. I heard somewere if a debt is sold then the debtor has no contract with the buyer and thus, no obligation to pay.

[merlinoftottenham]

Re: help needed offer of settlement dca please

dca says they are acting on behalf of there client barclays babk plc

[labman]

Re: help needed offer of settlement dca please

Yes, make the offer to whoever is demanding payment, but you want to ensure;

the debt is settled in full and any remaining balance written off (they off sell the remainder on to a third party to collect)

your credit file is marked as settled in full or satisfied

make the payment via a third party. The contract is then made with them not you.


Below is a good letter, there may already be one on here, so apologies to site team is this is duplicating something:

Dear Sir,


Re: Account Number abc123

I write with regard to our previous communications about the balance owing on the above account. I would like settle this issue, and so am making a proposal which should be mutually acceptable.



As you know the outstanding balance on the account is comprised mainly of charges. I am willing to offer a full and final payment which takes into account and absorbs many of these charges in order to settle and close this account once and for all.


I therefore offer £xxx.xx in Full and Final settlement of this debt, on the condition you agree and ensure that the following will be carried out:

• The Default Notice will be removed;
• The Status of the account will change from “Defaulted” to “Settled;”
• The Current Balance will appear as £0.00;
• The Default / Delinquent Balance will be set to £0.00;
• There will be no date in the “Defaulted Date” field;
• There will be no date in the “Date Last Delinquent” field on the report;
• The above actions are applied to all three Credit Reference Agencies, namely Experian, Equifax & Call Credit.

If you are happy with my proposal, please respond confirming each of the above points on official headed paper, confirming the exact amount owing. I will then send a cheque by return.



I look forward to your response.



Yours faithfully,


Print your signature

[merlinoftottenham]

Re: help needed offer of settlement dca please

can you provide me template letter please labman

[labman]

Re: help needed offer of settlement dca please

See above! lol