To F&F or not to F&F

[nightwatch]

Re: To F&F or not to F&F

Hi Lippy, the secured loan is priority to clear. As it is secured on your property, you are unlikly to get any reduction on the debt,

the CC's are unsecured so last on the list.
send for the CCA to see if the agreement is sound, if it is then the DCA may want quite a high F&F, if it's not then you have more chance of getting a better reduction on F&F as they will want to try and get anything back off you.

good luck NW

[LippyKid]

Re: To F&F or not to F&F

Cheers Nightwatch - Agreed the secured is the biggest monkey on our backs so as you say is its is the priority to get rid.

Ha lightbulb moment yep can see the value of CCA because most of the F&F will go on the secured loan ok I get it now so pursue the DCA's with CCA's etc to gain a better bargaining position.

Duh I'm finally starting to learn.

[nightwatch]

Re: To F&F or not to F&F

Thanks MrsD no haven't requested CCA's as yet, surely if payment plans are in place that means an acceptance of debt by ourselves.
Fair point re the secured loan think I'll concentrate on that one at get it cleared and forget the DCA's at least for now.

Thanks everyone for thier help

re the acceptance of the debt, yes you have been paying it but that dosn't mean the agreement they have is legal, eg; they may not have the agreement, it may be missing parts, if so this means that in some cases they cannot make you pay it back.

we had £95k of debt and were struggling to pay it back when hubby finished work, we would be 206 years of age before it was paid off.
one or two creditors started to get shitty threatening to take us to court and get us thrown out of our home unless we paid more than we could afford, I found this site and life is good. they send a shitty letter I send one back, most of ours are UE and I havent paid them for 12+ months. the Enforcable ones will get a mimimum payment while I get enough to make a F&F , hope this helps

[MrsD]

Re: To F&F or not to F&F

Thanks MrsD no haven't requested CCA's as yet, surely if payment plans are in place that means an acceptance of debt by ourselves.
Fair point re the secured loan think I'll concentrate on that one at get it cleared and forget the DCA's at least for now.

Thanks everyone for thier help

if you have a payment in place at the moment(didn't we all at one point???) yes you have accepted the debt, at the moment, however if you stop paying, send for the CCA and find that they have no agreement or a faulty one, then at that point you would stop paying and go the six years until it becomes Statute Barred. That is how UE works, you have to stop paying for six years for it to achieve statute barred status. Then it is over, gone and no one can reinstate it.
If I were you I'd be looking to check if the CCs were UE, while putting every available penny into the secured loan.

[LippyKid]

Re: To F&F or not to F&F

re the acceptance of the debt, yes you have been paying it but that dosn't mean the agreement they have is legal, eg; they may not have the agreement, it may be missing parts, if so this means that in some cases they cannot make you pay it back.

we had £95k of debt and were struggling to pay it back when hubby finished work, we would be 206 years of age before it was paid off.
one or two creditors started to get shitty threatening to take us to court and get us thrown out of our home unless we paid more than we could afford, I found this site and life is good. they send a shitty letter I send one back, most of ours are UE and I havent paid them for 12+ months. the Enforcable ones will get a mimimum payment while I get enough to make a F&F , hope this helps

Tremendously! thanks again nightwatch, ok got a plan now thanks to everyone else who contributed to this thread as well.

[LippyKid]

Re: To F&F or not to F&F

if you have a payment in place at the moment(didn't we all at one point???) yes you have accepted the debt, at the moment, however if you stop paying, send for the CCA and find that they have no agreement or a faulty one, then at that point you would stop paying and go the six years until it becomes Statute Barred. That is how UE works, you have to stop paying for six years for it to achieve statute barred status. Then it is over, gone and no one can reinstate it.
If I were you I'd be looking to check if the CCs were UE, while putting every available penny into the secured loan.

Thanks again MrsD, yes totally agree with all that.