Newbie F&F Advice Pls

Floating_2 · 26 January 2009 at 9:39PM

Hi Everyone,

I have been looking on here for some time now at the hundreds of threads and have found some excellent advice.

Currently I am trying to negotiate F&F's with 4 creditors, HSBC, MBNA (2 seperate accounts) and MINT. Total outstanding is approx £26000, so far HSBC has refused my offers, MBNA are negotiating with me and MINT have refused to settle for anything less than the outstanding balance. I have started the offer letters low 20%, this being because I don't have the funds myself, but have a releative who has limited funds which they are willing to lend me to make the settlements. Can advice me on their experiences with any of these companies regarding F&F's?

I was on a DMP from Nov 06 until last Oct, but the company was charging me. I have now had advice from my local CAB, but am sending the letters myself.

Any advice or info any of you can share with me would be greatly appreciated.

Thanks Floating x

Floating_2 · 26 January 2009 at 10:14PM

Sorry I should have also mentioned that I am currently paying token payments to all creditors each month.

OberonSH · 26 January 2009 at 10:25PM

If they won't deal, I'm not sure what else you can do. They're not obliged to take the offer. Maybe just forget about the ones that won't, pay off the one that will, then put the payments left from the 'paid off debt' into a savings account until the time comes when the others will play ball.

Floating_2 · 27 January 2009 at 7:22PM

Thanks OberonSH.

I realise that none of my creditors have to accept any offers, however am just wondering what expericences any of you have had with the creditors I am dealing with.

With the help of my local CAB I wrote to all af my creditors a couple of months ago, fully explaining my circumstances. Without giving all the details (I'd be typing for hours!) I suffer severely from depression and have been off work 3 times in the last 18 months or so for varying lenghts of time, and am on very high doses of medication. I am paying my creditors everything I can, however the constant bullying from them is causing my health to get worse, which in turn is costing me more and they are getting less monthly, this is because I live in the Channel Islands and all health care is private. And my income although not great, decreased somewhat during the times that I have been off sick. Not to mention the general cost of living.

I have also found out in the last few weeks that I am one of many that may be made redundant in the coming weeks, which would leave me no option but to leave my home and return to mainland UK to file bankruptcy. I have also had to point out to my creditors that being made redundant would not 'give' me any funds to make full settlements, due to the fact that there is no redundancy leglislation in the Channel Islands, which would mean that I wouldn't receive any sort of redundancy package.

I do not own any property or have any assets of any description.

Thanks again Floating x

Floating_2 · 28 January 2009 at 2:56PM

Hello,

MBNA (credit card) have called me this morning to say that they will settle for 25%, but that I do need to get a payment of £36 to them by Friday, to secure the settlement with them. As it will take until next week for them to get a letter out to me stating that the 25% is the settlement, less the £36 to be paid by Friday they are going to email the details to me. Is this acceptable or should I be waiting for the hard copy in the post before the payment of £36 is made?

Sorry but I'm confused, I know not to make payments if there is nothing in writing, but is an email enough to begin with? :eek:

Floating_2 · 28 January 2009 at 8:59PM

Can anyone advise me about MBNA and the email?

Deep_In_Debt · 28 January 2009 at 9:22PM

Gosh! MBNA 25%!!! I've been trying to negotiate a f&f with them for months. They are my largest creditor (8k approx) and I've offered them 35% and they don't want to play and yet they are offering everyone else mega deals! Have been toi'ing and fro'ing with them for the last few months.

What does the email say?

Floating_2 · 28 January 2009 at 9:33PM

Hi Deep In Debt,

I haven't received the email yet, as I had to first agree to the disclosure - allowing them to email me about my account, due to data protection. As I was at workI couldn't reply to their email giving my consent to this until this evening. But on the phone they said that they would need the £36 by Friday, when I said I was not willing to pay that until I have something in writing, that is when email was mentioned. So I said that I would reply to the disclosure as soon as I got home, to which I was told that was fine and that I could expect an email ref settlement tomorrow and the hard copy letter accepting 25% as final settlement should be with me by the middle of next week. I will post again with details of the email when I receive it.

This meaning they will settle for £1180 on a credit card acc of £4715, this is my second highest debt.

Floating_2 · 29 January 2009 at 6:17PM

Dear xxxxxx

In relation to our conversation on 22/01/2009 I am pleased to inform you that we have accepted your offer of £1180.00. MBNA are prepared to accept this significant reduced payment in short settlement of your outstanding balance. In return MBNA will not take any further action and the account will not be pursued further.

Remember this will report on your credit file as being partially settled which would be more favourable for future applications for credit.

I will be awaiting the minimum payment of £36.00 as agreed by debit card before close of business 30/01/2009 the balance then payable by 28/02/2009

Regards

xxxxx

As the email states in relation to our conversation....... I did actually make the offer in writing and then phoned them as I had not heard anything from them.

RAS · 29 January 2009 at 6:24PM

Hi

Someone else had a short settlement letter the other day.

None of us had heard of the term before. Try a search on here?

Floating_2 · 1 February 2009 at 11:20AM

Hi everyone,

I had a call from MBNA on Friday evening to let me know that the loan account has been agreed for settlement at the 25% I offered them, as soon as I received the email copy of the settlement letter I made the minimum payment and told them that as soon as I receive the letter in the post my relative will pay the rest of the 25%. The letter is a short settlement but it states that my credit file will be maked satisfied £0.00 balance the account will be closed, and that they will not persue further payment nor will they pass it on to a DCA.

I think thats a good result after months of writing back and forth!! :j

Newbie F&F Advice Pls

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