Full and final settlement help thread
Comments
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Good. They don't negotiate but will consider different offers until you both reach a mutually agreeable position.
Have they said yet what percentage they are looking for? If not I wouldn't go higher than 45%.0 -
no decision on any of my link 45% offers as yet, so ring back Monday. I asked if they had a percentage in mind, and he did the third party thing again and said ' I don't work in the settlements team, so i don't know what percentages they work on! Are you saying If they reject my 45% offers, to not make another offer, and wait it out?
On a separate note had a reply from wescot who hold 2 accounts which i made 30% offers on, so far they have made me a partial settlement offer of 80%, on one account ,the other account requiring signed authorization from the account holder, presumably because the account is in my wife's name.0 -
Hi Fat Belly
Update; Link haven't accepted my 45% offers but have made counter offers on 2 at 75% and the biggest one (over 6K) at 92% !!
I have asked them to put their offers in writing as you advised and they said they would, what action should i take in regards to this, when their offers arrive?0 -
Hello,
I need some advice please i have debt around 17k 6 credit card i am paying small amount to the debt company's i have some money to pay the big ones off I wote a Final settlement offer i have offered them 20-30% of the debt
my question is should i write about my family and son illness all which is true and should i send supporting documents to show my son illness.
I am writing about the money which you are claiming on the above account.
I can confirm that I am unable to pay the money which I owe in full.
My circumstance has changed my son has been diagnosed with Nephrotic Syndrome which his kidneys are not working as it should. We have to visit the children hospital quite often for check ups and to have blood tests. Due to his illness he needs a lot of care. I will need to cut back my hours at work to look after him also my wife is pregnant and our baby is due soon.
This Debt and my son illness is causing us a lot if stress and is stopping us to give him 100% of our attention . My relative is prepared to offer me £1500. I want to offer this sum as an ex-gratia payment, in full and final settlement of the account. The offer from my relative will not be available forever and my relative will not make the payment unless the offer is accepted.
This offer is made on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.
If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.
I can pay the amount I have offered of receiving your written agreement of this offer.
Please give me details of how I can pay.
I look forward to hearing from you.
Yours faithfully0 -
no decision on any of my link 45% offers as yet, so ring back Monday. I asked if they had a percentage in mind, and he did the third party thing again and said ' I don't work in the settlements team, so i don't know what percentages they work on! Are you saying If they reject my 45% offers, to not make another offer, and wait it out?Hi Fat Belly
Update; Link haven't accepted my 45% offers but have made counter offers on 2 at 75% and the biggest one (over 6K) at 92% !!
I have asked them to put their offers in writing as you advised and they said they would, what action should i take in regards to this, when their offers arrive?
You could ask to speak direct to the settlement team, though I'm not convinced any such thing exists. You would have to make it clear that your final offer was X% and if that was not accepted the lump sum goes elsewhere. Ideally X = 60, if you can afford that.0 -
I am writing about the money which you are claiming on the above account.
I can confirm that I am unable to pay the money which I owe in full.
However, a third party is prepared to offer £1500 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.
If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.
Payment can be made within 14 days of receiving your written agreement of this offer and method of payment
I look forward to hearing from you.
Yours faithfully
The above will do for now - it's useful to make it clear that the money is coming from a third party.0 -
Hi,
Thank you for the advice i will take out all the information i wrote about my wife and son and post it today0 -
Hi everyone, it's been a while since I've posted. I've been quietly paying my DMP each month but am anxious to start reducing the number of years I've got left on DMP. According to SC, I'll be debt free in Jan 2023 but I hate the thought of having to wait that long. I've got £17,388 left to pay.
So I'm after some advise please regarding F&F payments and if this is a sensible choice? I've got a couple of smaller debts that I thought I could chip away at first e.g.:
NCO Arrow - £485
Santander Credit - £575
Link - £1450
etc...
Then the largest two:
PRA Group - £3560
Westcot - £2989
I was first considering paying the NCO Arrow one and offering £300. Would this be a sensible approach? I have around £500 could use to pay towards some debts but would a F&F work best or just use the £500 to pay off the larger debt?
What other things should I be aware of? I understand that if I offer F&F then the credit file is makes as partially settled and remains on file for 6 years which isn't great but I really want to clear these debts.
Any advise would be most welcome!
Thank you all!
0 -
Hi everyone, it's been a while since I've posted. I've been quietly paying my DMP each month but am anxious to start reducing the number of years I've got left on DMP. According to SC, I'll be debt free in Jan 2023 but I hate the thought of having to wait that long. I've got £17,388 left to pay.
So I'm after some advise please regarding F&F payments and if this is a sensible choice? I've got a couple of smaller debts that I thought I could chip away at first e.g.:
NCO Arrow - £485
Santander Credit - £575
Link - £1450
etc...
Then the largest two:
PRA Group - £3560
Westcot - £2989
I was first considering paying the NCO Arrow one and offering £300. Would this be a sensible approach? I have around £500 could use to pay towards some debts but would a F&F work best or just use the £500 to pay off the larger debt?
What other things should I be aware of? I understand that if I offer F&F then the credit file is makes as partially settled and remains on file for 6 years which isn't great but I really want to clear these debts.
Any advise would be most welcome!
Thank you all!
Just re-posting again hoping it gets spotted. Also, I had a thought is it worth offering F&F when my debts should be cleared in 6 years if I continue to pay them on the DMP? With F&F the default stays on your record. If I pay the agreed amounts via DMP will this look better on the credit file?
Thanks again everyone!0 -
Hi all.
Some help would be appreciated please
I am currently in a DMP with Stepchange. All has been going well but now both of my debts have been passed to third parties, one being HSBC Repayment Services and the other, Cabot Financial. I am interested in full and final settlement. I owe £12,800 to HSBC and £3900 to Cabot. A family member has offered me £7000 to pay them off. Cabot have only recently taken over the debt, HSBC took the other debt over about 3 months ago and have defaulted me but Cabot state that if I don't pay the arrears of £1800 then I will be defaulted in 6 months. I am looking to offer £5500 to HSBC and £1500 to Cabot as full and final settlement. From all of this information, how likely is it that this will be accepted, bearing in mind my DMP is set to run until the end of 2021?
Thank You.0
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