Full and final settlement help thread
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You will find that RBS and Barclays wont budge below 80% i have tried both now for 12+ months paying £3 a month due to my circumstances, my debts are over £5K btw HTH! cheersHave had replies from 4 so far...
1. Barclays, 14,942, offered 3750......declined
2. RBS, 788, offered 200......declined
3. Barclays, 4,295, offered 1,075, accepted and settled (25%)
4. M&S, 5,639, offered 1,400 declined but asked to ring, agreed 1,600 and settled (28%)
Not heard from the other 4 yet.......but happy to have almost 10k of debt off......0 -
You will find that RBS and Barclays wont budge below 80% i have tried both now for 12+ months paying £3 a month due to my circumstances, my debts are over £5K btw HTH! cheers
Hi Stuh,
Can i ask, it seems ridiculous that a firm will continue to accept £3 a month but refuse to settle for less than 80%.
Can i ask where the money you are trying to settle with is coming from?
Also, are you attempting to settle because you need to re-work existing, or apply for new credit facilities?0 -
CONC 7.14.8
FCA
A firm must give due consideration to a reasonable offer of repayment made by the customer or the customer's representative.
[Note: annex A5 of DCG]
CONC 7.14.9
FCA
Where a firm rejects a proposal for repayment from a customer in default or in arrears difficulties or from the customer's representative, the firm's response must include a clear explanation of the reason for the rejection.
[Note: paragraph 7.16 (box) of ILG
FCA 7.14.12
In considering the customer's repayment offer, a firm should have regard, where appropriate, to the provisions in the Common Financial Statement or equivalent guidance.
[Note: annex A6 of DCG]
Also.. not sure if this is correct or not, but, if you are in default & a'running' consumer credit agreement (credit card agreement that you 'previously' held has been terminated then ... as you have NEW terms (agreement) with the NEW owner, then YOU ARE ENTITLED to make an early settlement & RECEIVE a rebate FOR EARLY settlement as the original terms & conditions which BOUND the 'running' consumer credit agreement have been discharged/terminated.
NB> At terms of £3 PCM when does the agreement you have with the new owner END??0 -
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
OK, Going all the way back to 2005 when this thread first started:
Simple answer is, its not about demands being lowered, but expectations.
For those of us out here who genuinely can't afford what firms are demanding, or in some cases able to even acknowledge what firms are demanding, as it would deny them any realistic way forward, then what's the point of TRYING to get them to lower their DEMANDS?
Let them DEMAND what they like... BLOOD & STONE spring to mind!!
There is NO COURT in the land that will CRUCIFY someone for an unsecured debt, when it can be proven that they have NO WAY of paying that debt, other than by the means which they have already provided. (we are not machines & we can't predict the future when we take on credit, which by the way is PUSHED on us, from all angles) Think DRUG PUSHER LURKING OUTSIDE THE SCHOOL GATES = INVASIVE INVITING LETTERS THROUGH DOOR FROM CREDIT CARD COMPANIES.
DCA's will just TRY & BULLY through FEAR OF A CONTROLLING PUNISHMENT which does not EXIST.0 -
Thanks for the help on this guys!
Encouraging with M&S and even Barclays although I don't have any Barclays debt - suppose I should be happy about that
Brogden0 -
Hi
what a great forum this is I now will start to hopefully get myself sorted out with all the advise I have read on here from people that have done it already in negotiating F&F's with these company's.
I have now about £17200 of debt after about 10yrs. which has come down from about 24000 by paying though debt management company's, the one I've been with now for about 4yrs I find has really only been making money out of me and only paying a very small amount of my debts, they put me on a plan called debt elimination which is they say they get the creditors to prove the debt by means of producing the original signed agreement from the credit company if they can't produce this then the debt is unenforceable once they find that the creditor can't produce this agreement what ever was the amount of the debt owing too that creditor my debt management company will now charge me 25% of the original debt owed, this has cost me endlessly as there charges are now running up to £5000.
I have put this on here as a warning for everyone don't get stung like me knowing nothing and being lead up the garden path by all these so called people from debt company's whom say they are going to help you to the end of the earth there worse the the debt recovery company's.
you live and learn hey ho!
I am now going write to each of my creditors and offer a settlement figure and see what they say as my only other alternative is to declare myself bankrupt, I can no longer afford to pay the debt management company the £100 each month as there's nothing left at the end of the month now!
if there is anyone whom can help with a bit more advise on what to say to the creditors in the letters I'll send them, I would be very grateful.0 -
Hi
what a great forum this is I now will start to hopefully get myself sorted out with all the advise I have read on here from people that have done it already in negotiating F&F's with these company's.
I have now about £17200 of debt after about 10yrs. which has come down from about 24000 by paying though debt management company's, the one I've been with now for about 4yrs I find has really only been making money out of me and only paying a very small amount of my debts, they put me on a plan called debt elimination which is they say they get the creditors to prove the debt by means of producing the original signed agreement from the credit company if they can't produce this then the debt is unenforceable once they find that the creditor can't produce this agreement what ever was the amount of the debt owing too that creditor my debt management company will now charge me 25% of the original debt owed, this has cost me endlessly as there charges are now running up to £5000.
I have put this on here as a warning for everyone don't get stung like me knowing nothing and being lead up the garden path by all these so called people from debt company's whom say they are going to help you to the end of the earth there worse the the debt recovery company's.
you live and learn hey ho!
I am now going write to each of my creditors and offer a settlement figure and see what they say as my only other alternative is to declare myself bankrupt, I can no longer afford to pay the debt management company the £100 each month as there's nothing left at the end of the month now!
if there is anyone whom can help with a bit more advise on what to say to the creditors in the letters I'll send them, I would be very grateful.
The first thing you need to do is to ditch the stupid dmc. Stop paying them now.
If you want a dmc, use Stepchange or Payplan as they don't charge a fee.
You obviously have some spare income, and a lump sum, so you should be able to resolve this without bankruptcy or a DRO. How much is the lump sum that you are using to clear the 17K debts?0 -
Hi there,
All the other DCA i have spoken with even the ones acting on behalf of the original creditor have settled for between 35-50% but when the debts are still with the original banks (in thie case RBS) they are more stubborn, the agreement i have had has been for 4+ years and yes i agree it is ludicrous but i have sent 7 partial settlement offers and this is the best to date! The funds are being paid by my uncle who has been a proper star!
I am trying my best to be debt free asap all debts have been defaulted so have dropped off my file now so any future searches will not see the PS marker thankfully!!:beer:DogandBone wrote: »Hi Stuh,
Can i ask, it seems ridiculous that a firm will continue to accept £3 a month but refuse to settle for less than 80%.
Can i ask where the money you are trying to settle with is coming from?
Also, are you attempting to settle because you need to re-work existing, or apply for new credit facilities?0 -
Don't know if this is right place.....my wife and I split up in 2007 after she enjoyed amorous nights with a mate at work....then months later my brother....trying to save for divorce.....we lost the house....repossessed.....in 2007 I think....we had outstanding payment of 33000.....she has never paid repayments....I have paid between 40 and 100 per month for last several years.....remaining 25000 ish.....should I try F&F.....also she has had cancer several times and is unable to work so I am gonna be chased for years and years.....do I have to pay my half of the 33000 or all....Thank you in advance:). Paying NRAM.0
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shaunskankdog wrote: »Don't know if this is right place.....my wife and I split up in 2007 after she enjoyed amorous nights with a mate at work....then months later my brother....trying to save for divorce.....we lost the house....repossessed.....in 2007 I think....we had outstanding payment of 33000.....she has never paid repayments....I have paid between 40 and 100 per month for last several years.....remaining 25000 ish.....should I try F&F.....also she has had cancer several times and is unable to work so I am gonna be chased for years and years.....do I have to pay my half of the 33000 or all....Thank you in advance:). Paying NRAM.
The principle of joint and several liability means that each of you owes the whole amount. If you have a lump sum then give it a go. Mortgage shortfall debts are often settled at low percentages because many companies end up with nothing at all after the debtor goes bankrupt.
This factsheet is very useful and contains a sample letter for proposing an F&F settlement.
https://www.nationaldebtline.org/EW/factsheets/Pages/11%20EW%20Mortgage%20shortfalls/Default.aspx0
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