F & F Settlement Offer Accepted - what next?

[Lakeside1]

Re: F & F Settlement Offer Accepted - what next?

can you quote or ask the question again please.....?

I'd be lying if I said I wasn't a little scared of the backlash


At the time I was negotiating a partial settlement (in May) Cap 1 agreed to freeze all interest and payments on my account to zero, effective July (I have this in writing from them). I actually made a token payment of £1 to them for July, so effectively overpaying? As at June the CRAs were showing my account to be 4 months overdue. The July monthly status with the CRAs is now showing 5 months overdue. My question is..... is this status correct? Surely as they had reduced the payments to nil, no payment was required for July and therefore it cannot be shown as further overdue / not paid?

[Never-In-Doubt]

Re: F & F Settlement Offer Accepted - what next?

I'd be lying if I said I wasn't a little scared of the backlash


At the time I was negotiating a partial settlement (in May) Cap 1 agreed to freeze all interest and payments on my account to zero, effective July (I have this in writing from them). I actually made a token payment of £1 to them for July, so effectively overpaying? As at June the CRAs were showing my account to be 4 months overdue. The July monthly status with the CRAs is now showing 5 months overdue. My question is..... is this status correct? Surely as they had reduced the payments to nil, no payment was required for July and therefore it cannot be shown as further overdue / not paid?

Ok, yes they can and will report it as late as the terms with the CRA (and lender) are that they report accurate data based on the terms of the agreement thus you agreed to repay 2.5% or whatever and if you never, they can mark it as AP or as a late marker. This though can be rectified with a simple request to the reflective DCA/Lender - they may well remove it, however for the same token they may well not.

What you "should" have done was negotiate the removal of 4 late payments within the F&F - point is, a default they will leave, a late payment they can wipe if they feel like it.

You won't have a backlash, as Garlok and myself keep saying you need to think worse case - but you don't stay in every day thinking "worse case" a plane will drop out the sky and land on you, do you?

See my point? You've paid, it's closed now forget it - if for whatever reason they ever did sell this on we'd be able to get the new DCA off the case quick smart as most won't bother fighting if they know we know what we're on about.....

[caspar]

Re: F & F Settlement Offer Accepted - what next?

The whole forum is coming together as a fantastic knowledge base around the financial industry's processes and what does and doesn't work and what happens out there. Surely the only way to get the answers is to ask the questions - (be that asking the rest of the forum or taking a punt and trying something on with a lender)?

Hi All,

I'm coming into this as a peacemaker as I've seen serious fallings out with people on forums over this issue in the past.

Lakeside, I can see what you're saying. I agree that the forums are coming together very nicely with the joint knowledge base. You then go on to say about finding out what does and doesn't work by someone being prepared to take a punt.

I think what Niddy and Garlok are saying, and I have to agree, is that you didn't need to take this punt. You have - it is always ultimately up to any individual what they do. However, that joint knowledge base you talk about is what you are being offered the benefit of here.

People have gone through this, and some have had bad experiences of things backfiring - we're obviously hoping this doesn't happen to you, but experience dictates that it could.

There's little point arguing anything further from either side as Lakeside has made the payment and is at the moment happy - we hope it stays that way. Niddy and Garlok know it can backfire and are saying this in reply to the question Lakeside asked. I have to say I agree with them, but it's irrelevant now as the payment has been made. I see no point in arguing a point over something which has been done - the time for this was prior to the settlement being made.

[Never-In-Doubt]

Re: F & F Settlement Offer Accepted - what next?

There wasn't an argument, I think it is a natural reaction to get defensive when you notice people making errors, but we're all human.....

It's a really good thread but the key elements always remain, the main one being what works for customer A may not work for customer B and thus each case is to be taken on its own merit, throughout bearing in mind no matter how honest we are and expect our counterparts to be - unfortunately the sad truth is they do and have done so in the past, breached their own agreements...... Moral here, be cautious and then be careful....

Its Friday - who wants to get pissed?

[Never-In-Doubt]

Re: F & F Settlement Offer Accepted - what next?

If they did come chasing - I'd be on to FOS quicker than Amy Winehouse can say, "mine's a double".

I just want to point out that the FOS would not be able to intervene in such cases, well they could but not as you would expect! Ok, this would be going from a breach of legislation into Common (Contract) Law meaning the worse the FOS could do is issue a Modest Sum (see below link) which would be upto £300 (usually) - so what would you gain by the FOS? Not a lot....

---> compensation for distress, inconvenience or other non-financial loss

Just thought i'd let you know this so as others don't get mistaken into believing the FOS are miracle workers, they actually have limited (if any) powers contrary to popular belief......

[garlok]

Re: F & F Settlement Offer Accepted - what next?

Thanks guys. But you are right that it can all backfire. It usually hinges on one of the original cases I have mentioned and seems to come up time after time and it is Penny v Cole (Pinnel 1602) yes 1602 whereby Sir Edward Coke opined that a debt CANNOT be settled by any form of partial payment.

The whole thing is a mess and rests on unclear case law and the FOS have no jurisdiction anyway to intervene fully in a Common Law dispute which is what this is.

regards
Garlok

[caspar]

Re: F & F Settlement Offer Accepted - what next?

....... and as we all know, Common Law is a f***ing nightmare!

[AnonymousA]

Re: F & F Settlement Offer Accepted - what next?

This thread makes me worried about the F&F that we have offered lenders!

[caspar]

Re: F & F Settlement Offer Accepted - what next?

Not necessarily a bad thing. You say you've offered it, that implies you've not paid anything yet?

[Never-In-Doubt]

Re: F & F Settlement Offer Accepted - what next?

This thread makes me worried about the F&F that we have offered lenders!

Don't be - i've been helping from day1 and will continue to monitor things when you get replies, i'll not let them take you for a ride mate

[Never-In-Doubt]

Re: F & F Settlement Offer Accepted - what next?

Not necessarily a bad thing. You say you've offered it, that implies you've not paid anything yet?

No nothing paid yet, its a culmination of a ppi/charges refund vs debt write off thus extremely small offers are being made.... nothing worth worrying over anyway

[garlok]

Re: F & F Settlement Offer Accepted - what next?

Don't worry AA. Niddy is handling your case and I won't interfere unless he asks. We are purely discussing the potentials most of which are ironed out at the beginning if it is all tackled properly.

In our case it was a set of circumstances where the OC has tried it on and came up against a solid wall of legal people who represent us and on the infamous balance of probability in civil matters if they continue (which they won't) they will make me and mine and our sols a lot richer than we are at the moment.

regards
Garlok