Creditors: F&F vs Payment Plan

[worldtour]

What do you think creditors prefer F&F at lower amount than original debt say 50%, 75% or Payment plan over say 5 years (with no interest added)

I'm assuming the payment plan with show on the credit file so whilst more affordable to debtor probably better to pay lump sum if one can afford??

[Deepie]

Re: Creditors: F&F vs Payment Plan

What do you think creditors prefer F&F at lower amount than original debt say 50%, 75% or Payment plan over say 5 years (with no interest added)

I'm assuming the payment plan with show on the credit file so whilst more affordable to debtor probably better to pay lump sum if one can afford??

I would start at 10/15%.......

[BBoo]

Re: Creditors: F&F vs Payment Plan

I can't answer your question, I think it would depend on the individual case.

However, what I can say is that a lot of DMP providers (including free ones) do not push hard enough for their clients to be defaulted asap, and leave a payment arrangement showing on their CRF.

This is of course disastorous to their credit as a PA stays on the CRF for a full 6 years AFTER the debt has been paid in full. Many people seem still not to have fully grasped that fact.

[worldtour]

Re: Creditors: F&F vs Payment Plan

I started around that figure and going no where ... I will post all figures for everyone to see once settled but this account is going to have a high settlement figure

[worldtour]

Re: Creditors: F&F vs Payment Plan

BBoo - that's what I thought, so better to get it settled

[garlok]

Re: Creditors: F&F vs Payment Plan

Hmmmm. Has the debt been defaulted yet? Has it been assigned yet? If it has been assigned in Absolute there is a very good chance that it will have been sold for about 10p to 12p in the pound. 20% then gives the purchaser a 100% profit.

Depends what you want and what you need out of this worldtour. If it becomes necessary for an F & F normal practice here is to get the debt sold, make some small payments and then go in with a low offer and negotiate.

It can be done on a "live" account but is not recommended without professional legal support and there is an element of risk. The over riding, over arching case law is Bracken v Billinghurst in the CoA which in turn hinges on the Temple case and Fletcher Moulton LLJ. This is Common Law of Contract and you do not need to get this wrong.

However as in most things debt related accepting a trashed CRF (justly or unjustly) is par for the course I'm afraid.

regards
Garlok

[worldtour]

Re: Creditors: F&F vs Payment Plan

Hi Garlock,


Debt not sold (loan) defaulted over a year ago but gone to solicitors (from their in house debt collectors) who are pushing ahead with court action, I own property.

Not concerned with defaults on file as I already have a few, CCJ's etc will cause problems with my job hence why I will clear this before it goes to court.

They want 70% and I'm at 30% though time is not on my side, got couple of weeks to sort out.

Should I keep on increasing offer by say 5% or go straight in at 50% (mum will fund the asking 70% if needs be)?. I have so far been only increasing the offer by few %'s each time but don't want to lose credibility by constantly doing this every couple of days as time is limited and my priority is to safeguard my career.



"live" account; do you mean accounts that have NOT been defaulted or accounts that have NOT been sold, as I have settled few CC with in house debt collector at around the 25-30% and they have marked the credit filed as satisfied.

[PlanB]

Re: Creditors: F&F vs Payment Plan

Have you checked whether this debt is actually enforceable in a court of law? This could make all the difference to your negotiation strategy When you say solicitors are "pushing ahead" do you mean court papers already issued?

[worldtour]

Re: Creditors: F&F vs Payment Plan

Yep the loan is lawful, should receive the court paper this week... this isn't their in-house solicitors

[PriorityOne]

Re: Creditors: F&F vs Payment Plan

Debt not sold (loan) defaulted over a year ago but gone to solicitors (from their in house debt collectors) who are pushing ahead with court action, I own property. What do you mean "pushing ahead". Threatening you I assume.... I also own property but have not been taken to court for anything, so don't assume it's a done deal.

Not concerned with defaults on file as I already have a few, CCJ's etc will cause problems with my job hence why I will clear this before it goes to court. What kind of problems?

They want 70% and I'm at 30% though time is not on my side, got couple of weeks to sort out. Don't let them bully you and GET OFF THE PHONE 'coz this seems to be how they're doing it.

Should I keep on increasing offer by say 5% or go straight in at 50% (mum will fund the asking 70% if needs be)?. I have so far been only increasing the offer by few %'s each time but don't want to lose credibility by constantly doing this every couple of days as time is limited and my priority is to safeguard my career.

God no!! Start by corresponding in writing ONLY.... and time is not "limited". They're just bullying you into thinking it is to force your hand.

"live" account; do you mean accounts that have NOT been defaulted or accounts that have NOT been sold, as I have settled few CC with in house debt collector at around the 25-30% and they have marked the credit filed as satisfied.

Which company is this and are they the same people currently rejecting your offers?

Have you checked whether this debt is actually enforceable in a court of law?

I was just about to ask this.....

[PlanB]

Re: Creditors: F&F vs Payment Plan

Sorry I didn't put that quite right I didn't mean was it an illegal loan, what I meant was is the paperwork tickety-boo which is worth checking if you took out this loan before 2007?

[worldtour]

Re: Creditors: F&F vs Payment Plan

Thanks for reply PlanB,


This has been passed around for over a year now and I have received many threatening letters, taking you to court letters which I have ignored. That said I believe this to be genuine (I will pm you name) though I will wait until I receive the paperwork before I submit the next offer.

Offers were done in writing but these were not getting registered on the system. I'm still sending everything in writing but also over the phone first, obviously I will get them to put everything in writing before I pay.

With regards to job - I will lose my job if get CCJ (spoke to employer) and will find it extremely difficult to get another in the same role. Hence the reason for settling my accounts.

[worldtour]

Re: Creditors: F&F vs Payment Plan

Sorry I didn't put that quite right I didn't mean was it an illegal loan, what I meant was is the paperwork tickety-boo which is worth checking if you took out this loan before 2007?

lol... I know what you meant; yea it's enforceable

[PriorityOne]

Re: Creditors: F&F vs Payment Plan

lol... I know what you meant; yea it's enforceable

How do you know it's enforceable?

[worldtour]

Re: Creditors: F&F vs Payment Plan

How do you know it's enforceable?

taken out in 2008