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  • FIRST POST
    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    Weggy
    Full and final settlement help thread
    • #1
    • 19th Nov 05, 10:20 AM
    Full and final settlement help thread 19th Nov 05 at 10:20 AM
    Hi all

    Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands?

    Thanks

    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 100
    • selinek
    • By selinek 9th Nov 17, 6:32 AM
    • 23 Posts
    • 5 Thanks
    selinek
    May I ask who checked your agreements for you? I've tried to get in touch with a couple of solicitors via their "contact us" form on their website, but for some reason had no replies.

    In addition, can I ask how much they charged?
    Originally posted by DrWatson1


    CAB Can look over Agreement for free. Just make an appt with debt advisor. Hope that helps
    • HEROWHENZERO
    • By HEROWHENZERO 10th Nov 17, 1:32 PM
    • 87 Posts
    • 175 Thanks
    HEROWHENZERO
    I'd like to thank everyone on this thread, as the inspiration I have received, mainly passively reading, has this week enabled me to approach my 5 creditors and I have been very pleased with the outcome.

    MBNA have accepted £4000 of £16000 so far, and I have similar 25% offers in progress with the other 4. I have written confirmation and feeling very excited about the future.
    Just for today I will not try to solve all my life problems at once. | DFD: April 2033 Aug 2023
    Original Debt: £96K Mar 2016 | Current Debt: £53052.73
    Nov 2017
    • sourcrates
    • By sourcrates 10th Nov 17, 2:43 PM
    • 12,461 Posts
    • 11,855 Thanks
    sourcrates
    I'd like to thank everyone on this thread, as the inspiration I have received, mainly passively reading, has this week enabled me to approach my 5 creditors and I have been very pleased with the outcome.

    MBNA have accepted £4000 of £16000 so far, and I have similar 25% offers in progress with the other 4. I have written confirmation and feeling very excited about the future.
    Originally posted by HEROWHENZERO
    Congratulations, very well done, we like success stories on here !!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Casa_Mia1
    • By Casa_Mia1 10th Nov 17, 8:07 PM
    • 11 Posts
    • 10 Thanks
    Casa_Mia1
    Hello guys I have debts with around 10 different credit cards amounting nearly £100k. I have been paying them £1 each for the last 4 years. I was diagnosed last year with terminal cancer was given around 5-8 years to live. I’m selling my house at present and after downsizing I might be left with around £35k to settle my debts. Most of them were sold to debt collecting agencies apart from Marks & Spencer credit card and a business account with Barclays. What are my chances of having it settled for 35% of their value? Would it help if I send a letter to them proving my illness? Thanks.
    • fatbelly
    • By fatbelly 10th Nov 17, 9:04 PM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    Hello guys I have debts with around 10 different credit cards amounting nearly £100k. I have been paying them £1 each for the last 4 years. I was diagnosed last year with terminal cancer was given around 5-8 years to live. Iím selling my house at present and after downsizing I might be left with around £35k to settle my debts. Most of them were sold to debt collecting agencies apart from Marks & Spencer credit card and a business account with Barclays. What are my chances of having it settled for 35% of their value? Would it help if I send a letter to them proving my illness? Thanks.
    Originally posted by Casa_Mia1
    You could try asking for writeoffs. Explain you will not be able to repay the debt

    There's a sample letter here - you will need to add detail of your condition in the blank paragraph and send evidence if they request it.

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Write-off-the-debt-%28sole-name%29.aspx
    • Casa_Mia1
    • By Casa_Mia1 10th Nov 17, 9:17 PM
    • 11 Posts
    • 10 Thanks
    Casa_Mia1
    Thanks for your reply. How does writing off my debt reflect on my credit history? I know with my condition I shouldnít worry about this but who knows how long I will live for. I could live for longer than the expected and I would be happy to have a good credit score.
    • Max and sasha
    • By Max and sasha 10th Nov 17, 9:28 PM
    • 69 Posts
    • 47 Thanks
    Max and sasha
    Hi casa,

    As fatbelly says ask for write offs, and keep the 35K so you can spend it on making the rest of your life great!!!! And then there is no need to worry about your credit score, that's the least of your problems

    Goodluck with whatever you decide

    Max
    • fatbelly
    • By fatbelly 10th Nov 17, 9:29 PM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    You've been paying £1 for the past 4 years. Your credit file entries should be showing a default at the start of that process, and the entire entries should drop off in 2 years' time, regardless of what you do.

    Edit: I agree with Max - if you can use the money to make life more comfortable, that's a better use than contributing to the profits of a debt collector.
    Last edited by fatbelly; 10-11-2017 at 9:32 PM.
    • Casa_Mia1
    • By Casa_Mia1 10th Nov 17, 9:38 PM
    • 11 Posts
    • 10 Thanks
    Casa_Mia1
    Yeah it does make sense. If I don’t try how would I know if I would get! So off writing the letters I’m starting from tomorrow. Who knows what they will answer! I might be lucky. Thanks for the advices.
    • barmcakebird
    • By barmcakebird 11th Nov 17, 7:22 AM
    • 33 Posts
    • 4 Thanks
    barmcakebird
    Keep us updated. I'm rooting for you. All the best
    • DarrenJInglis
    • By DarrenJInglis 11th Nov 17, 10:35 PM
    • 22 Posts
    • 1 Thanks
    DarrenJInglis
    I have 4 accounts with Lowell that i've been paying at £5/month for the last two years roughly. I called them up last week to ask about a settlement offer and the guy i spoke to asked me why i wanted to pay it off (is that a trick question or what?) so i said i wanted a reduced settlement offer so that i could clear the balance, to which he said that 'because i've been paying on time regularly for the past two years, they wouldn't offer a reduced settlement', and that 'wanting to pay off the balance isn't a good enough reason to authorise a reduced settlement'.

    What other reason would they be looking for?

    One of the accounts will be dropping off the 6 year mark in February '18 so at least there's that 🤞
    • fatbelly
    • By fatbelly 12th Nov 17, 3:45 AM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    I have 4 accounts with Lowell that i've been paying at £5/month for the last two years roughly. I called them up last week to ask about a settlement offer and the guy i spoke to asked me why i wanted to pay it off (is that a trick question or what?) so i said i wanted a reduced settlement offer so that i could clear the balance, to which he said that 'because i've been paying on time regularly for the past two years, they wouldn't offer a reduced settlement', and that 'wanting to pay off the balance isn't a good enough reason to authorise a reduced settlement'.

    What other reason would they be looking for?

    One of the accounts will be dropping off the 6 year mark in February '18 so at least there's that 🤞
    Originally posted by DarrenJInglis
    Put your request in writing, using the National Debtline letter, and don't talk to the idiots on the phone. At least not at this stage.

    State the sum you are offering
    • selinek
    • By selinek 12th Nov 17, 7:57 AM
    • 23 Posts
    • 5 Thanks
    selinek
    Full and final settlement
    Hi would appreciate some guidance. I have sent off CCA Request back in September to 9 creditors had 3 responses. 2 have sent credit agreements Iíve had both checked. One is enforceable the other isnít The third creditor has said Agreement is unenforceable but still requires payment . The other 5 have not responded at all apart from sending SA. Iím going to make an full and final offer the ones I know are unenforceable. Shall I wait to hear from the ones who havenít responded before I make an offer. Can offers be made by email or is better phone/post ?

    Thanks in advance
    Originally posted by selinek

    Any ideas?
    • fatbelly
    • By fatbelly 12th Nov 17, 8:06 AM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    Hi would appreciate some guidance. I have sent off CCA Request back in September to 9 creditors had 3 responses. 2 have sent credit agreements Iíve had both checked. One is enforceable the other isnít ��. The third creditor has said Agreement is unenforceable but still requires payment . The other 5 have not responded at all apart from sending SA. Iím going to make an full and final offer the ones I know are unenforceable. Shall I wait to hear from the ones who havenít responded before I make an offer. Can offers be made by email or is better phone/post ?

    Thanks in advance
    Originally posted by selinek
    Make your offers by post to those who are enforceable.

    Only one so far then.

    There is an argument about making a really low F&F to unenforceable debts just to shut them up, but why pay against something worthless?

    Under CCA, those who have not responded are unenforceable until they do.
    • selinek
    • By selinek 12th Nov 17, 8:39 AM
    • 23 Posts
    • 5 Thanks
    selinek
    Make your offers by post to those who are enforceable.

    Only one so far then.

    There is an argument about making a really low F&F to unenforceable debts just to shut them up, but why pay against something worthless?

    Under CCA, those who have not responded are unenforceable until they do.
    Originally posted by fatbelly
    Thank you fatbelly for advice helpful as usual

    I have been paying via DMP SC. They are not willing to stop payments but willing to negotiate a F&F on my behalf. Iím thinking of going self managed to give me more control. Is there a thread of DMPers whoíve gone self managed
    • fatbelly
    • By fatbelly 12th Nov 17, 12:17 PM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    Thank you fatbelly for advice helpful as usual

    I have been paying via DMP SC. They are not willing to stop payments but willing to negotiate a F&F on my behalf. I’m thinking of going self managed to give me more control. Is there a thread of DMPers who’ve gone self managed
    Originally posted by selinek
    You want this one

    Currently on its 12th version

    http://forums.moneysavingexpert.com/showthread.php?t=5623951

    Edit: I see you've already done that, and Keezing and Sourcrates are singing from the same hymn sheet as me!
    Last edited by fatbelly; 12-11-2017 at 12:19 PM.
    • selinek
    • By selinek 12th Nov 17, 1:00 PM
    • 23 Posts
    • 5 Thanks
    selinek
    You want this one

    Currently on its 12th version

    http://forums.moneysavingexpert.com/showthread.php?t=5623951

    Edit: I see you've already done that, and Keezing and Sourcrates are singing from the same hymn sheet as me!
    Originally posted by fatbelly
    Thanks again. I was in my proactive mode
    • Leanneglos1
    • By Leanneglos1 12th Nov 17, 6:12 PM
    • 71 Posts
    • 21 Thanks
    Leanneglos1
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasn’t been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so it’s 100+ years until it’s repaid....crazy I know!
    • sourcrates
    • By sourcrates 12th Nov 17, 7:37 PM
    • 12,461 Posts
    • 11,855 Thanks
    sourcrates
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasnít been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so itís 100+ years until itís repaid....crazy I know!
    Originally posted by Leanneglos1
    Hi leanneglos,

    In your situation Iíd be looking at some kind of insolvency or even bankrupcy.

    That loan will never be repaid unless you either come into some money, or you declare bankruptcy.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 12th Nov 17, 7:37 PM
    • 11,528 Posts
    • 8,661 Thanks
    fatbelly
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasnít been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so itís 100+ years until itís repaid....crazy I know!
    Originally posted by Leanneglos1
    Unfortunately, no experience with them but I will have a hunt around. They should be open to some sort of offer

    Just looked at their website - homeowner loans at 56.5% apr

    Too late for you but as a warning to others - best avoided.
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