DCA and settlement figures

[Pdm]

Hi all, would appreciate any information on what a DCA typically buys a debt for, and in all reasonableness/on average does anyone know if creditors have any benchmarks/percentages etc for accepting a full and final offer - I have no doubt they would want every penny - don't want to go into my circumstances - but ultimately they can not have what I have not got. I want to try and negotiate a full and final settlement so any thoughts would be most appreciated.

Regards

[brummie]

Re: DCA and settlement figures

Hi

You will have to disclose what sort of debt it is, as certain debts are different in the way they are dealt with on the DCA front. Is it a bank or card debt? Council tax? Sorry but you will have to be more specific....

[gravytrain]

Re: DCA and settlement figures

Its a bit like how long is a piece of string.
It depends on the DCA , the debt, and the amount of leverage you have.
Also be very careful when offering a full and final settlement, DCA;s have been known to sell them on post payment.
There are ways of ensuring this does not happen, I am sure someone will fill you if if you give a few more details.

[TUTTSI]

Re: DCA and settlement figures

Have you acknowledged This debt to the DCA?

Also, do you know if the DCA has a valid proof of assignment?

[FlamingParrot]

Re: DCA and settlement figures

Hi all, would appreciate any information on what a DCA typically buys a debt for, and in all reasonableness/on average does anyone know if creditors have any benchmarks/percentages etc for accepting a full and final offer - I have no doubt they would want every penny - don't want to go into my circumstances - but ultimately they can not have what I have not got. I want to try and negotiate a full and final settlement so any thoughts would be most appreciated.

Regards

DCAs usually buy debts for 10% or less of the alleged outstanding balance. You'll never find out the exact amount.

As to your course of action, as noted above, it all depends on the nature of the debt, the amount and your circumstances. It would help if you told us a bit more about this debt such as whether it's a loan, credit card, catalogue account, mobile contract, etc. as well as the history of it, when you opened the account and what sort of communication you have had with your creditor and/or the DCA.

Bear in mind if you haven't paid in years, by making an offer you will be acknowledging a debt which could be close to being Statute Barred! :faint2:

Before making a decision you should really tell us a bit more about it so we can make suggestions. You'll need to find out what sort of paperwork the DCA has before anything else, this post may be of help ---> http://www.legalbeagles.info/forums/...9479#post59479 :faint2:

[FlamingParrot]

Re: DCA and settlement figures

To add to the above, if the alleged debt is for a service such as a mobile contract or utility bill, then the CCA request mentioned wouldn't apply, that's why we need to know what it's for.

[Ruby]

Re: DCA and settlement figures

I have a supposed secured loan with a DCA and immediately they bought it they offered me a 10% discount. I think I speak for a lot of folk when wondering how much DCA's buy debts for. In my case they actually bought mine + 200 or so others in bulk, how much did they paid for them?

[Pdm]

Re: DCA and settlement figures

Thanks for all the feedback. Debit is for accredit card started in 2008. Have already reached partial settlement with creditor - essentially seeking advice to plan/prepare in case creditor eventually passes to DCA. Was thinking of going back to creditor with additional sum - need to sell personal possessions first. Interestingly creditor has marked CRF as £0 outstanding - not sure if this is significant - CRF has been like that for 12 months.

[FlamingParrot]

Re: DCA and settlement figures

I have a supposed secured loan with a DCA and immediately they bought it they offered me a 10% discount. I think I speak for a lot of folk when wondering how much DCA's buy debts for. In my case they actually bought mine + 200 or so others in bulk, how much did they paid for them?

Debts are always bought in bulk, usually for a few pence in the pound. If they manage to recover anything, it's mostly profit for the debt purchaser.

Thanks for all the feedback. Debit is for accredit card started in 2008. Have already reached partial settlement with creditor - essentially seeking advice to plan/prepare in case creditor eventually passes to DCA. Was thinking of going back to creditor with additional sum - need to sell personal possessions first. Interestingly creditor has marked CRF as £0 outstanding - not sure if this is significant - CRF has been like that for 12 months.

Being from 2008, unenforceability wouldn't apply. You'll usually get a lower figure accepted when the debt has been sold to a debt purchaser. The OC may pass it on to a DCA for collection but that's different from selling it on. Once the debt is sold, you should receive a Notice of Assignment (NoA) establishing that the DCA owns all rights and obligations.

If you do go the F&F route you should start low, saying a friend or family member is willing to help you with this matter but all you have is £xxx. It can be hard to ensure that the account is in fact closed and the balance is not sold on to another DCA later on. You should make sure you have the owner's agreement in writing before making any payments. F&F should be settled via a third party cheque to make them more water tight and less prone to the balance being sold on.

Would be a good idea if you came back to post before making any payments.

[Pdm]

Re: DCA and settlement figures

Any thoughts on fact that CRF is marked with a £0 balance.

[Ruby]

Re: DCA and settlement figures

CRF figures are not always accurate. I have a few anomalies on my CRF despite the fact that it is law that companies should only supply factual information.