Will a DCA settle?

[Mother hen]

I have now been contacted by 2 debts collection agencies, the first of many I'm sure. I have 4 out standings debts which have been ignored for 4.5yrs (been out of the country). From reading all the post on this forum I'm sure they have all been sold to countless DCA. What I would like to know is.....
once I find out who is claiming which debt, would they settle for less?
if my biggest original debt was £3000 (interest will now be added) would they accept an offer of say HALF in full and final settlement?
im not working so I could do the £1 a month for yonks or my partner has said he would help settle if they would bargain?
does this ever happen?
cheeky I know, but trying to relocate back and starting life over etc and I know I'm responsible for it but was hoping to catch a break!
Im sick with worry over all this and just want to get it all sorted.
thanx for any help.

[MIKE770]

Re: Will a DCA settle?

Give more information i.e. to whom owed type debt DCA also credit agreements etc? a lot of passed around so called debts are not enforceable???

[Mother hen]

Re: Will a DCA settle?

Hi,
i have 4 debts.
2 credit cards, 1 online clothing account, 1 mobile phone 2yr contract.
none of these have been paid since 2010 when I left.
i am waiting for my credit check to arrive from Experian and once I get that I'm hoping most of the info shall be listed.
worried as to how much they have grown, worried sick about folks banging on my door and want to sort soonest. Have you heard of DCA settling for less in full and final settlement?

[nemesis45]

Re: Will a DCA settle?

The likelihood of doorstep debt collection agents knocking on the door is
absolutely minimal!!

In the event of any such visit you have no obligation whatsoever to discuss anything
with them their only authority is their company script, just tell them to leave immediately.

nem.

[Mother hen]

Re: Will a DCA settle?

Hi nem,
have you ever heard of a DCA settling for less than owed if paid in lump sum?
thanx

[Amethyst]

Re: Will a DCA settle?

If you want to do full and final settlements - then remember most of those debts will have been sold on to debt collection agencies and they will have paid around 10-15% for them - so I'd start offers at 30% and negotiate from there. Quite often you can negotiate settlement at 50%-70%

BEFORE doing any of that though I would see which ones are active, which are likely to just go to statute barred, and probably get some requests for Consumer Credit Agreements sent off to improve your bargaining power first.

Also, little warning for people, if things are quiet on the debt front, you're coming up on 6 years and you're not urgently wanting to try sort out your credit file for a specific reason, don't go getting your CRA file as it just nudges them all back into action.

[nemesis45]

Re: Will a DCA settle?

Being " tight fisted" I have always recommended starting F & F settlement offer at no more than 10-15%
of the balance giving room for a bit of " negotiation" it's surprising how often these lower offers are accepeted
very quickly.

nem

[Mother hen]

Re: Will a DCA settle?

Wow, thanx for that! Very informative
yes, I went to get my credit check done and that has opened a can of worms.
i did not realise that Experian was allowed to sell my info on........
capquest said they bought my details from Experian which angered me as when I called Experian the first thing I asked them, was if everything was confidential. They said yes. When I confronted them about selling my info on they said they would never do that! Well I guess somebody at their organisation is making quite a bit on the side then.

[Mother hen]

Re: Will a DCA settle?

Some more questions......
1 - I take it all this gets done in writing! Is email ok? Or is email ok?
2- first step is getting a CCA and I do that by sending off a postal order for £1. Who do I make the postal order out to?
3- once I have a copy of CCA and I have a clear cut amount I can make an offer starting at 10%
4- if they agree then the debt will be cleared and my record cleans up sooner.

all sounds so simple, quick and easy but sadly I don't believe this is the case, going by what I see on this forum.
as I'm useless at these sorts of things is there somebody I can contact who can sort this all out for me? Someone who can do all the negotiating for me, someone who can do all the correct documentation etc.
are there debt lawyers around who don't charge an arm and a leg?
Pmy partner wants it sorted ASAP as they have been calling his business now that has nothing to do with me...