F&F Settlements

[Ruby]

Re: F&F Settlements

Forget my last post! Senior moment

[FlamingParrot]

Re: F&F Settlements

Thanks Labman for further explanation. Snoogywoo did mention initially he could get the loan interest free from his company. Would be interested in hearing more about the formula you have for negotiating F & F settlements......

I have currently a 50 K (supposedly secured) loan which has now been sold to a DCA. They have from the very beginning said (verbally) that they would accept a 10% discount for F & F settlement.

Can you clarify what you mean by 'supposedly secured'? Either the loan is secured on property you own or it's unsecured. If it's secured, there may not be that much incentive for the DCA to accept a low F&F.

A 10% discount isn't even worth considering and any discussions of this nature should always be in writing.

[PlanB]

Re: F&F Settlements

I have currently a 50 K (supposedly secured) loan which has now been sold to a DCA. They have from the very beginning said (verbally) that they would accept a 10% discount for F & F settlement.

You can check whether that loan really is secured on the Land Registry website where the creditor would need to have registered any charge over your property http://www.landregistry.gov.uk/public/online-services .

This would only be a secured loan if you either (a) took out a secured loan and signed a deed which would be registered at LR, or (b) defaulted on a loan and the creditor obtained a County Court Judgement followed by a Charging Order. In either scenario you or your partner should have been involved in the paperwork. Were you?

[Ruby]

Re: F&F Settlements

The OC did not register its interest on the land registry records. The DCA call this loan a 'mortgage' which I have never corrected them on but its not a mortgage. I have a mortgage and the OC was supposedly a second charge. The Security document we signed has been seen by a solicitor recently and I was told there are various discrepancies ie. the document was never dated and noted as to where it was witnessed for signature purposes. Person who 'witnessed' the signature I have never heard of or met. I assume the 'witness' was an employee of the broker company we used. The brokers address - the 'witnesses' address is in the opposite end of the country where I live.

I do not want to 'wake the DCA up' to the fact that I know all of the above in case they try to remedy the situation with Land Registry. Albeit now that the loan has been sold to them I don't know if they can do that as the security document is not in their name.

The file has now been fast tracked by the FOS so I will see what happens.

[labman]

Re: F&F Settlements

Was the agreement signed on the business premises, in your house or elsewhere. Just to double check, though the answer seems clear, were you there when the agreement was signed?

What does the agreement state about the mortgage and a charge being placed, or being able to be placed against your property?

Sorry - was not able to get on site yesterday.

[Ruby]

Re: F&F Settlements

I signed the credit agreement in my own home together with the Standard Security then posted the docs back to the broker. Although the standard security says it was witnessed by Mr X I had never met this person and he certainly never witnessed me signing any docs. There is nothing in the Standard Security to say otherwise as the piece of paper, where it is printed date of signature and where the signature was witnessed, it is blank.

When the loan documents were prepared I was told that when I received them by post just to sign next to all the 'x's then post the docs back to them. I did just that and wish now I never had. With age comes some wisdom .......

There are a shed load of issues with the loan and that is why it is now with the FOS.

Sorry Snoogywoo for hijacking your thread!

[SnoogyWoo]

Re: F&F Settlements

No worries, all good knowledge.

I spoke to my employer and he is happy to lend me the money. Next step is to take on the DMP job myself. Started going through the debts and we have 21 between us totalling approx 70k!!! About half of them are for debts individually between £300-£1500 and the rest are the bigger ones.

It feels like an impossible task but I have to take it on and try to change the situation even if it takes 3-5 years. One of the debts was a Natwest overdraft from a business (sole trader) £12k inc a ton of charges over the years (not included in the DMP). Had a letter from a debt collector saying they had taken it over and offered an immediate 25% reduction!

A couple of things:

Some of the debts are still with the original company ie. Tesco. Can I offer them a percentage F&F amount or do I stop paying them until they send it to a DCA?

We have equity in our house of approx £60k, will the DCA try and go after this instead of accepting a reduced F&F?


Would it be OK if I list everything here for you guys to look at?

[azyk]

Re: F&F Settlements

No worries, all good knowledge.

I spoke to my employer and he is happy to lend me the money. Next step is to take on the DMP job myself. Started going through the debts and we have 21 between us totalling approx 70k!!! About half of them are for debts individually between £300-£1500 and the rest are the bigger ones.

It feels like an impossible task but I have to take it on and try to change the situation even if it takes 3-5 years. One of the debts was a Natwest overdraft from a business (sole trader) £12k inc a ton of charges over the years (not included in the DMP). Had a letter from a debt collector saying they had taken it over and offered an immediate 25% reduction!

A couple of things:

Some of the debts are still with the original company ie. Tesco. Can I offer them a percentage F&F amount or do I stop paying them until they send it to a DCA?

We have equity in our house of approx £60k, will the DCA try and go after this instead of accepting a reduced F&F?


Would it be OK if I list everything here for you guys to look at?

Hi,

I'm in a similar position. How did it end up going for you?

[FlamingParrot]

Re: F&F Settlements

I'm in a similar position. How did it end up going for you?

I'm sure you realise this is a rather old thread.

For the sake of clarity, it would be good if you could start a new thread and provided details about your own debts, :typing: such as:

• Type of debt (card, loan, overdraft, catalogue, etc.)
• Original lender, bank or finance company
• Current owner/DCA
• Approx. balance
• Approx. start date
• Approx. date of last payment
• Anything else, such as letters you have received, etc.