F&F settlement with CCJ

[Pickle]

Hello and thank you to all members who have given me so much information to digest. I've been reading for hours and already feel I'm making progress in getting my debts sorted out.

I have some question which I hope somebody can help with. The most pressing is that I would like to make a F&F settlement offer on a bank CC debt (non-assigned) that has already been enforced by a CCJ (judgment made mid 2008). I was ordered to pay £3 per month (to the bank’s solicitors) on a debt of over £7k. I have diligently paid my monthly £3 but it will be a few hundred years before the debt is cleared.

I'm a little stuck on the wording for making a F&F settlement offer for a debt that is subject to a CCJ. The settlement offer templates don’t seem to be suitable for F&F with CCJ. My main concern is that this will be a partial settlement of a judgment and I don’t want them to be able to pursue the balance. The usual wording on a settlement offer appears to go along the lines of; “If accepted, neither you nor any associate company will take any other action to enforce or pursue the remaining balance in any way whatsoever and that I will be released from any liability.” Would this wording still be good for a CCJ offer?

Am I right in understanding that if I have a F&F (partial) settlement on the CCJ then I can’t get it marked as satisfied?

Final question – what should I be asking the creditor to mark on the credit reference files?

I'd be grateful for any guidance in unpickling a pickle.

[Never-In-Doubt]

Re: F&F settlement with CCJ

Hi

Well you're best just writing to the bank and asking for a F&F Settlement figure. Or write and just say "as you're aware the monthly instalments will take 50+ years to settle the debt however ive been offered £x in which to make a F&F offer with.

£x should be what you can afford. How much were you thinking of offering?

Do you own property? ie a homeowner? If not they can't really do much by way of enforcing.

Regards your credit file; if they took a deal for F&F then it'd be marked partially settled and the CCJ would be satisfied but both entries would remain for the full 6 year default term.

Pointless worrying about the status of the debt in your credit report as the CCJ will still be visible for a full 6 years so that's what will affect any credit applications you make. So forget your credit file. Ask the creditor nothing about the credit file as its pointless. It'll be marked partially settled (the truth).

Easy to sort you a solid template. Just clarify the points above and I'll sort you a specifici template to make said offer

[Pickle]

Re: F&F settlement with CCJ

Hi Niddy

Thank you for your reply. I’m not so much concerned about my credit file as worried that if I partially settled they, or another, will pursue me for the balance at some time in the future. Should I be adding some wording in the offer letter that the remaining balance cannot be pursued?

Forgive my ignorance but I have 2 entries on the credit file relating to this debt. One is the creditor’s default entry the other is the CCJ. My understanding is that the CCJ entry will be updated as satisfied automatically but the creditor will update their entry manually. Is that correct and should I make that a condition of acceptance of a F&F offer?

Thanks for the offer of a template – details are:
I’m a homeowner (sole owner).
CC Agreement 2/2000 Defaulted 8/2007
CCJ mid 2008 for £7,000 - can offer £1,500 (21.4%) . Any thoughts on that amount?

Pickle

[Never-In-Doubt]

Re: F&F settlement with CCJ

Leave it with me. I'll sort you something to send in morning

The amount is fine (pre-CCJ) but as they have secured the debt by way of CCJ its hard to say.

Worth a shot. As I say leave it with me for now. Yea there will be conditions

[Never-In-Doubt]

Re: F&F settlement with CCJ

Was this a HSBC judgment or a dca? ie who took you to court ?

[The Tech Clerk]

Re: F&F settlement with CCJ

HSBC after a year asked if I wished to propose a settlement if I was in a position, the letter came from them with the suggestion,

[Pickle]

Re: F&F settlement with CCJ

So grateful for your assistance, Niddy. My head’s spinning and it’s so good to get help to stop the spin cycle. I’ll read your conditions carefully – I hope they comply with section whatsit of the Thingymebob Act

It was an HSBC credit card – the claimant was HSBC and was handled by DG Solicitors to whom I've been making the £3/month payments.

@The Tech Clerk. I too had a letter indicating they were open to a settlement offer (about 6 months ago). A figure wasn't suggested by them, just a request to telephone them but as I wasn't in a position at the time to make a lump sum payment I ignored it.

Pickle

[Never-In-Doubt]

Re: F&F settlement with CCJ

Excellent thanks, that all helps.

I'll be back with a template nice n early. The main stipulation we'd add would be Penny v Cole [Pinnel 1602] which prohibits them asking for money in years to come. ie its paid up/settled/finished.

[Never-In-Doubt]

Re: F&F settlement with CCJ

Ok, I would look to send this back to DG Solicitors;

Dear Sirs

Account No/Reference No: XXXXXXXX

I write with reference to previous communication regarding an outstanding balance on the above mentioned account, to which I am repaying £3 per month into, and wish to make an offer to resolve the issue that will suitably please both parties.

I can confirm that I am unable to offer to pay the money which I owe in full, however I am able to raise £1,500 and wish to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability with no recourse or future ability to quote or use Penny v Cole [Pinnel 1602] in trying to recoup any written off balance. I also request that, if accepted, you will mark your related entry on the credit reference agency files relating to the above account as "satisfied" in full, or even removed in totality.

Bear in mind I have been paying £3 per month for almost 5 years now, which doesn't seem to making much of a dent to the debt. The £1500 I have been offered as a loan (by a family member) is on the strict condition that my liability to the debt is released in totality meaning I cannot offer it as part payment, nor can I increase the offer as it is a family loan to 'help me out'.

Payment can be made within 28 days of receiving your written agreement of this offer and confirmed preferred method of payment. Please write back and confirm if you're interested in my offer then I'll come back to you with more formal terms.

I look forward to your response

Yours faithfully,



Sign Digitally

--------------------------------------
Send it recorded delivery and keep me updated with their response...

Don't get happy and go rushing in, if they accept we do another template with the cheque which stops them trying to chase you in years to come so make sure you let me know if and when they reply.

[Pickle]

Re: F&F settlement with CCJ

Thanks again, Niddy

I'll certainly report back with their response. Assuming they accept a settlement figure would it be OK to send a draft for the payment. I don't have family or friends that I'd be comfortable with asking for a cheque.

[Never-In-Doubt]

Re: F&F settlement with CCJ

Thanks again, Niddy

I'll certainly report back with their response. Assuming they accept a settlement figure would it be OK to send a draft for the payment. I don't have family or friends that I'd be comfortable with asking for a cheque.

Send that first, when they reply we'll worry about that - however it's fine for you to send a personal cheque, as I say for now - lets get something agreed yea?

[Pickle]

Re: F&F settlement with CCJ

My F&F settlement offer of £1,500 has been accepted and I'm back here for help and assurance that any loose ends are tidy before I send the dosh.

They have said that the CCJ cannot be marked as Satisfied unless the full £7k was paid but they confirmed that when it expires in 11/2014 then, providing the agreed figure has been paid, they will not request an extension to the life of the CCJ. As I don’t care what my credit files say (providing they’re true facts) I assume this is OK unless wise owls tell me otherwise.

Niddy, the last paragraph of my/your letter says that I would be coming back to them with more “formal terms”. Can I ask for your assistance again please with this?

[Never-In-Doubt]

Re: F&F settlement with CCJ

Woohoo. Bonus.

Good deal done there. Well done

I'll sort you a letter first thing in morning (6am) to send with a cheque.

Once paid they'll respond and its closed. Done & dusted.

Don't worry about the CCJ. We'll be writing to the court confirming its paid so the CCJ is updated correctly.

[Pickle]

Re: F&F settlement with CCJ

A BIG thank you from me to you! I'll now be able to move on to the (hopefully) unenforceable ones.

Just as an aside I've only very recently had the strength to get my early 2008 financial pickle dealt with and have never looked at anything on any credit reference agency. A couple of weeks ago I signed up to Noddle (Callcredit) and today received a letter from a DCA purporting to be acting on behalf of a creditor I haven't heard from since early 2010. Am I being paranoid or is it a coincidence?

Pickles

[Never-In-Doubt]

Re: F&F settlement with CCJ

CRA's sell data to DCA's. yep it's sick but true hence we say never get your CRA if everything is quiet on the western front.

I'd send it back "unknown at this address"

Whaaaaat