Proof of how much a debt was sold for?

[garlok]

Re: Proof of how much a debt was sold for?

Hi PlanB,

My answer is simple, use every single weapon I legally have against them, encourage, help and support others to do the same.

Garlok

[PlanB]

Re: Proof of how much a debt was sold for?

Just use your saggyness like the other pensioners

* cheeky niddy legs it knowing two weeks is ample time to change identities...

I'm thinking demob fever is maybe kicking in (via the Duty Free Shop) so all is forgiven

[Never-In-Doubt]

Re: Proof of how much a debt was sold for?

I'm thinking demob fever is maybe kicking in (via the Duty Free Shop) so all is forgiven

I'm only kidding. Take care, see you in 2wks - be good

[CleverClogs (RIP)]

Re: Proof of how much a debt was sold for?

I'm thinking demob fever is maybe kicking in (via the Duty Free Shop) so all is forgiven

I wonder if Niddy meant sagacity rather than "saggyness".

[malamute]

Re: Proof of how much a debt was sold for?

This same "binding contract" exists regardless who agrees the offer, so long as you get acceptance of your offer agreed using wording you add, then it would form the same basis.

Our F&F template as scattered here mentions case law to bypass them trying to reclaim at a later date, as part of the agreement to settle would mean they agree that (in line with the quoted case law) they accept the deal.

Regards to offers, you always go in at between 5-10% to start with and then have a cut off point, I usually say for a £5k debt, a £500 offer is good to start - BUT it will definitely be declined, so then be prepared to go as high as £2000 for a £5k debt. Doesn't seem much of a saving but it really is when you think about it.... then work the rest to the same level, so a £20k debt would mean a maximum offer ever of around £7k-£8k but obviously you'd start around the £1k-£1500 mark and work up....

Basically an offer is only as good as what you're prepared to pay - the amounts the DCA paid for the debt matters little as some people still make a profit on a loss, basic business accounting - making £2k on a debt that you paid £3k for is still good - the bad version would be if it was a write off or unenforceable so to even get £2k back is a bonus to the DCA. Remember that!

Ok - so having read all the notes - I'm feeling a lot more comfortable about F&Fs - thanks to everyone!!

One more question - hope its not a stupid question...........As from my UE diary I've large accounts for an egg card (cabot) and a crap1 card (lowells). The balances are large so on a monthly payment plan. Given the defaults were issued in 2008 - will I be in a better position negotiating the F&F when the default falls off?

Egg has a payment plan in place and I get no problems from cabot (no interest and payment plan been in place since early 2009) -

I'm yet to set up a payment plan offer to lowells as I need to work out how much my family member has (its their account).

Only about 30 months ish of the defaults left til they come off.

[Undercover Elsa]

Re: Proof of how much a debt was sold for?

Hi Shepherdess,

Trying to catch up, as usual sorry for the delay. No, the legal representative has to be seen to have "clean hands" and to be acting only in the best interests of the client. Therefore, the cheque(s) in this case have to come from a friend or relative who does not have the same name as you. Then their correspondence can truthfully say that you are not in a position to repay the debt in full. However a benefactor has stepped in who is prepared to make an offer of £XXXX in Full & Final settlement and so on almost as per the template letters on the site here. What has to be made clear is that an essential condition of the cheque(s) being cashed is that they may not further pursue the outstanding balance(s) using Penny v Cole (1602).

However I want to be clear I am NOT recommending anyone try this route on their own, it is fraught with pitfalls of the Common Law and always but always use a solicitor who knows what they are doing. Otherwise follow the site advice and get full agreement in writing to ALL of the terms you have laid down BEFORE sending any money.

I do not wish to be derogatory in any way but the normal High Street practice will fob you off with a case known as Comissioners of Inland Revenue v Fry. Happy to do all this explaining but be careful!! I could write a book on it and still it would be wrong due to the vagaries of Common Law.

regards
Garlok

Thanks Garlok,
Shame there isn't some sort of third party escrow service! My available relatives are so useless with money I don't know if I'd dare risk paying anything into their accounts for them to pass on a cheque, LOL.