Full and final settlement help thread
Comments
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Hi guys
I am finding this thread amazing, was depressed for about a week due to debts of around 22k (I don't know what are the charges and interest on top tho) with 5 creditors (all unsecured), haven't paid them for about 6 months due to loss of job, never missed a payment before that, was planning to go bankrupt but i think its too much hassle, parents are willing to help but i never told them the full extent of my debts and I said it will be between 10k 15k roughly is it achievable?
1 - Is it OK to get in contact/make offers by mail ? I am couch surfing at the moment between friends and don't wanna use their addresses
2 - I do have an overdraft + a loan + cc with HSBC, Can I just put them all together and make an offer or do they need to be separate ?
3- How do i know if if my debt are still with the creditors or with DCA?
Many Thanks Guys
"I'm planing to close every account if settled and live a life of freedom without plastic.0 -
Hi guys
I am finding this thread amazing, was depressed for about a week due to debts of around 22k (I don't know what are the charges and interest on top tho) with 5 creditors (all unsecured), haven't paid them for about 6 months due to loss of job, never missed a payment before that, was planning to go bankrupt but i think its too much hassle, parents are willing to help but i never told them the full extent of my debts and I said it will be between 10k 15k roughly is it achievable?
1 - Is it OK to get in contact/make offers by mail ? I am couch surfing at the moment between friends and don't wanna use their addresses
2 - I do have an overdraft + a loan + cc with HSBC, Can I just put them all together and make an offer or do they need to be separate ?
3- How do i know if if my debt are still with the creditors or with DCA?
Many Thanks Guys
"I'm planing to close every account if settled and live a life of freedom without plastic.
I there, firstly have you tried contacting the CCCS (CCCS.co.uk) or Payplan - both charities who can give you some good advice on F&F Settlements or whether it might be best to go for a Debt Management Plan? The reason I say this is F&F settlements can be a bit hit and miss, so you may have them all refuse, in which case you need a Plan B! They would discuss with you what is affordable for you and achievable... and its a free service.
If you do go along the F&F settlement route, let us know how you get on!
Good luck with it :-)0 -
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hi guys.. hoping for some decent advice..
i am in debts of around 8K i have had the debts for up to 3years, last year i was accepted into a debt relief order as i am unemployed due to injuries i suffered in a car accident. My debt relief order was revoked as i received a lump sum to settle my injury claim. Now i need to pay back my creditors.. I am still unemployed and receiving state benefits, i have no long term prospects due to my physical condition and if i do find any worki i am limited to 18hours a week.
none of my debts have been passed to seperate collectors and are all still with the origional creditors. i havent made any payments in a year because of my dro. I have 5K available to pay towards my debts but after that i am realisticly not able to pay more than £1 token payments.
Due to my situatuion would it be an idea to offer full and finals??
thanks in advance0 -
chomposaurus wrote: »hi guys.. hoping for some decent advice..
i am in debts of around 8K i have had the debts for up to 3years, last year i was accepted into a debt relief order as i am unemployed due to injuries i suffered in a car accident. My debt relief order was revoked as i received a lump sum to settle my injury claim. Now i need to pay back my creditors.. I am still unemployed and receiving state benefits, i have no long term prospects due to my physical condition and if i do find any worki i am limited to 18hours a week.
none of my debts have been passed to seperate collectors and are all still with the origional creditors. i havent made any payments in a year because of my dro. I have 5K available to pay towards my debts but after that i am realisticly not able to pay more than £1 token payments.
Due to my situatuion would it be an idea to offer full and finals??
thanks in advance
Unless you have been contacted by the creditors since the DRO was revoked, you can't be sure where the debts are. Some companies specialise in buying debts that go into DRO/IVA/Bankruptcy. If that has happened then they should be receptive to F&F deals because they probably bought them for 1p in the £.
So, it's definitely a good way forward for you but I'd wait for them to contact you first.0 -
Hi, I wonder if someone could advise me,
I've about 40k unsecured debts in a debt management plan and 8k secured on the house.
95k equity in our house.
Would it be wrong to ask for f&f figures before selling the house and pay the reduced amounts off with the equity when sold.
This would leave us with more money for a deposit so give a better chance of getting a mortgage in months to come, can't get one at the moment,
or would not paying the full amount of the debts showing on the credit report be more detrimental,
hope this makes sense, Jim.0 -
So , soory to ask, as i haven't defaulted on my cc payments they wont accept any offer ?Compers challenge 27/70
£1805/20180 -
mummy2threeboys wrote: »So , soory to ask, as i haven't defaulted on my cc payments they wont accept any offer ?
very very unlikely to accept a f+f settlement if your paying the payments on timeSealed pot challenger # 10
1v100 £15/3000 -
Hi guys
I have something like 22k of debts that i haven't been paying for the last 6 months, I moved address and had a nervous breakdown after loosing my job, a relative offered to help and is offering up to 12k as a lump sum to settle my debts and I don't know from where to start So I have few questions:
1 - How do I know who owns the debts and who should I negotiate with?
2 - Is 12k enough to go for a f&f ?
3 - I do have a loan/cc/Overdraft with my bank, do they need to be negotiated separately?
4 - Is it woth it goig with a private firm ?
Many thanks0 -
Hi guys
I have something like 22k of debts that i haven't been paying for the last 6 months, I moved address and had a nervous breakdown after loosing my job, a relative offered to help and is offering up to 12k as a lump sum to settle my debts and I don't know from where to start So I have few questions:
Many thanks
In your previous post (#362) you said that you 'was planning to go bankrupt but i think its too much hassle'
Amy gave a good response in #363 advising you to take independent advice from CCCS or Payplan (National Debtline or CAB would be as good).
The problem is that, if you are insolvent, attempting full & final settlement with 5 creditors is not a good idea. Unless all agree, you are still not debt-free and you will have treated some preferentially, which will cause a problem if you have to go for an insolvency solution after all.
You are also wrong if you think this process is 'less hassle' than bankruptcy, which is a £525 fee, two forms and a trip to a court.
Before you spend 12k of your parents money, take some proper advice and see if £525 from them would do the trick!0
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