Creditors: F&F vs Payment Plan

[PriorityOne]

Re: Creditors: F&F vs Payment Plan

taken out in 2008

Ok....

More difficult to challenge but certainly not impossible..... depends what they've got. Have you requested paperwork?

[PlanB]

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.


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.

Nooooo. Don't wait for the court papers. Take control now - although I admit I don't know Scottish law but loads of peeps on here do. One thing you said does strike me which is if you are at risk of losing your job with a CCJ then how will you be able to pay the creditor I'm saying this is a good way because however driven this solicitor is to take you to court common sense will kick in when faced with the facts. Do they want your money on offer now or money never because they screwed your job so no income and ergo nothing left to pay with? Simples. I'll back off while the experts take over. Good luck

[worldtour]

Re: Creditors: F&F vs Payment Plan

Ok....

More difficult to challenge but certainly not impossible..... depends what they've got. Have you requested paperwork?

Thanks for reply...

This isn't a route I was wanting to take for the fear of receiving CCJ etc and also I have agreed settlements on about 70% of my total unsecured debts (this one would take it close to 95% of total debt cleared) so would rather get it settled...

Am I being foolish (given I can't risk CCJ)?

[worldtour]

Re: Creditors: F&F vs Payment Plan

Nooooo. Don't wait for the court papers. Take control now - although I admit I don't know Scottish law but loads of peeps on here do. One thing you said does strike me which is if you are at risk of losing your job with a CCJ then how will you be able to pay the creditor I'm saying this is a good way because however driven this solicitor is to take you to court common sense will kick in when faced with the facts. Do they want your money on offer now or money never because they screwed your job so no income and ergo nothing left to pay with? Simples. I'll back off while the experts take over. Good luck

Yea, Logic isn't one of their strongest points as going to court they will prob only receive £1 p/m or take charge of property that's in negative equity... I have made them aware of this and even offered to allow them a charge without going to court (save my job) which they declined

[PlanB]

Re: Creditors: F&F vs Payment Plan

Thanks for reply...

This isn't a route I was wanting to take for the fear of receiving CCJ etc and also I have agreed settlements on about 70% of my total unsecured debts (this one would take it close to 95% of total debt cleared) so would rather get it settled...

Am I being foolish (given I can't risk CCJ)?

PS Are any other of your "total unsecured debts" unenforceable. Just wondering

[MrsD]

Re: Creditors: F&F vs Payment Plan

is this Scottish law?
If possible you really want to avoid court unless there is something very wrong with the agreement.
If you are upping your offer every couple of days, they'll just wait for the next rise!
Who is the solicitor is it Nolans (Niddy's favourite people) or Optima?
Who was the loan with and what was it for,was it hire purchase or a straight forward loan? Need more info here

[worldtour]

Re: Creditors: F&F vs Payment Plan

(As confirmed by Niddy along time ago) one is, another one was (agreed settlement) and the rest aren't/weren't.

I will be giving a full breakdown for everyone to see, as it may help others once I have settled these two.

[PriorityOne]

Re: Creditors: F&F vs Payment Plan

Thanks for reply...

This isn't a route I was wanting to take for the fear of receiving CCJ etc and also I have agreed settlements on about 70% of my total unsecured debts (this one would take it close to 95% of total debt cleared) so would rather get it settled...

Am I being foolish (given I can't risk CCJ)?

It's entirely your choice..... just don't get yourself into a mess by settling over and above what you can afford or worse, borrow (from relatives or otherwise) to settle it either.

Bottom line is.... you either have it or you don't. Challenging enforceability doesn't = a CCJ. If that was the case, we'd all be weighted down with them on here!

My gut feeling is that you might have given them too much info. and that's why they're being such...

[PlanB]

Re: Creditors: F&F vs Payment Plan

[QUOTE=evenlessdopey;129674]is this Scottish law?/QUOTE]

I had a PM which suggested this so I've backed off. Hope that's ok

[worldtour]

Re: Creditors: F&F vs Payment Plan

is this Scottish law?
If possible you really want to avoid court unless there is something very wrong with the agreement.
If you are upping your offer every couple of days, they'll just wait for the next rise!
Who is the solicitor is it Nolans (Niddy's favourite people) or Optima?
Who was the loan with and what was it for,was it hire purchase or a straight forward loan? Need more info here

Thanks...

I have been upping the offer every 2/3 weeks but if they start proceeding then I will have a time limit, so asking whether I should go straight to say 50% or do, say 5% increments few every few days at the risk of losing credibility.

Loan was just a personal loan..

other info I will p/m you

cheers

[garlok]

Re: Creditors: F&F vs Payment Plan

Hi worldtour,

Firstly there are some really good comments posted here for you. Lets deal with some of the easy stuff first. "Live Accounts" These are normal undefaulted, non sold, properly serviced accounts on which generally there are no disputes. In our own case which we achieved a 10% F & F on a business overdraft and business loan expecting to pay 70 to 80%, I wanted to close this account down because the bank could not be trusted to do things properly. They had unlawfully stripped this account using a right to set-off for credit cards which WERE in dispute formally. I wanted to get this cleared, and watertight. I could not trust Braclays bank to behave properly and any discount off the outstanding sums would be a bonus. We had sols on board at the time and asked them to negotiate the F & F for us. I had studied the whole thing as many know and it is fraught with difficulty and expensive if it goes wrong. It involves the use of third party cheque payments and you have to be prepared for anything. Not for the faint hearted or for anyone who does not understand the mechanisms.

Soooooo the best route is to look through the F & F information on this site carefully and follow to the letter in getting the case law as specified in the template letters correct and get their agreement in writing to the terms specified as well before sending any money at all. DO NOT speak on the telphone with them about this AT ALL it is dangerous ground unless you can afford a Common Law litigation suit if it all goes wrong. Do not accept any wording which has "partial settlement" in it at all, or anyhting like it stick to the terms as laid out in the templates.

Liike I say it has to be what you want out of it that counts.

regards
Garlok

[worldtour]

Re: Creditors: F&F vs Payment Plan

[QUOTE=PlanB;129678]

is this Scottish law?/QUOTE]

I had a PM which suggested this so I've backed off. Hope that's ok

Is English law more favorable to debitor? I thought it was the other way round. But going to court isn't an option, can't risk a judgment...

[garlok]

Re: Creditors: F&F vs Payment Plan

Don't know much about Scottish law I'm afraid but in favour of the debtor in Scotland is the 5 year SB rule against the 6year rule for SB in England.

You have nothing to lose in challenging the UE elements of this. Have these solicitors actually issued you in writing with a letter before action etc? Or is all this stemming from telephone threats and conversations?

regards
Garlok

[worldtour]

Re: Creditors: F&F vs Payment Plan

Usually threatening letters have been sent... I will wait a week or so and see if the court letters arrive (as last offer was given back end of last week)

[MrsD]

Re: Creditors: F&F vs Payment Plan

are you based in Scotland Worldtour?

Scots law is a bit more difficult for the layperson to manage, no computers for a start so everything has to be done with paper