Full and final settlement help thread

sourcrates · 28 July 2015 at 8:38PM

Yes, that appears to be sufficient, but I would request a receipt, once payment has been made, so you have a written record of the date the account was settled, just to be safe.
It's not unheard of for the outstanding balance to be sold on because of an incorrectly worded letter.

billybob8111 · 28 July 2015 at 9:46PM

Thanks that's helpful. Fingers crossed this will see a lot of debt cleared off.

moneyangel22 · 29 July 2015 at 10:48AM

Is it ok that when they accept f&f's they say they will accept £x in full and final settlement and your account will be closed but they have to report to the credit agencies that the account is partially settled? Does that mean it will say 'satisfied'? or should i request this specifically?

Thanks

fatbelly · 29 July 2015 at 6:20PM

moneyangel22 wrote: »

Is it ok that when they accept f&f's they say they will accept £x in full and final settlement and your account will be closed but they have to report to the credit agencies that the account is partially settled? Does that mean it will say 'satisfied'? or should i request this specifically?

Thanks

Partially settled is the correct mark according to the ICO

Mick12345 · 30 July 2015 at 10:18PM

Hi wondering if anyone could help me my partner had a bit of debt that we settled with a few different companies. One of those was lloyds the balance was £941. We agreed on a final partial settlement of £612 this was back in February this year everything was good debt free credit score rising and so on. Until today when my partner received a letter from Lowell portfolio stating that the remainder of the debt had been passed on to them and she owes £329. Can they do this I really don't know what to do. Thank you in advance for any advice you can give.

NewcastlePaul · 1 August 2015 at 11:26AM

NewcastlePaul wrote: »

40%...................................Marlin (3.7k acc)
50%...................................Marlin (4.4k acc)
60%...................................Link Financial (2.7k)
60%...................................Barclays (9.3k)
65%.................................. Lloyds (13.1k)

Got rid of 33k worth of debt for 19.6k
That with a few months of Stepchange payments mean debt is down to £15k and I still have 5.3k left

That leaves me with...

Idem (7.3k) they wrote asking for details when i offered 50%
BoS (2.2k) not heard anything yet
Bcard 1 (2.2k) now won't entertain F&F. Comp says no
Bcard 2 (1.3k) as above
Asset Link (1.3k) not heard anything
Beneficial (0.4k) Will let it run down

Barclaycard are the strange ones. When I offered 40% they said they would take 70% on one and 75% on the other. Yet now every department I talk to says no

Beneficial been in touch and will accept 50%
BoS will accept 80%
Idem have said they refuse and its their policy to not offer %

Once Beneficial and BOS are paid then debt will be left at £12,900 with £3,700 left over so max of 27 months left

redux · 1 August 2015 at 12:12PM

NewcastlePaul, I'm surprised you've had those reverses with Barclaycard.

Does that include making a fuss and being transferred to their customer relations team? I was hoping to hear you'd got down to 60% or maybe better.

rabialiones · 1 August 2015 at 12:13PM

hi, please advise as to what my position is at present

agency sent court papers and after that a settlement was agreed , but then dispute occured as to amount that was agreed over the phone.
initial acceptance letter was sent by the agency , then discrepancy was discussed over the phone and was told that a letter would be sent again showing the correct amount.
no letter was recieved and now they are denying it altogether, saying the intial amount was correct
court date has now passed
they are not responding to emails or letter requested over phone
advise appreciated
thanks

NewcastlePaul · 9 August 2015 at 9:45PM

redux wrote: »

NewcastlePaul, I'm surprised you've had those reverses with Barclaycard.

Does that include making a fuss and being transferred to their customer relations team? I was hoping to hear you'd got down to 60% or maybe better.

Rang a couple of times and still the same story.
Eventually i did say that it would be the final offer as other creditors had accepted and the remaining cash was running out.

They offered to settle for 69% and 70% respectively. so have agreed that. I have also heard back from BOS and Link Financial both said they would accept 80%.

It was higher than I wanted to go but the money I have left pays them off and means I only have creditor left (Idem - £7.2k)
They will get my full DMP payment each month and I estimate I will be debt free at the latest in 15 months

I have managed to get rid of 41k worth of debt for the 25k that I had from my PPI claims. My % settled are..

Creditor..........Balance......% Settled
Marlin..............3.7k..........40%
Marlin..............4.4k..........40%
Beneficial.........0.4k..........50%
Barclays...........9.3k..........60%
Lloyds............13.1k..........65%
Barclaycard.......1.3k.........69%
Barclaycard.......2.2k.........70%
Link Financial....1.3k.........80%
BlairOliverScott..2.2k.........80%

Average Settlement...........61%

Parkie93 · 15 August 2015 at 10:46PM

When making a F&FS offer, should I let each creditor know how much I owe to each of the others, so that they know I'm making a fair offer - pro rata to the debt I owe each company? Or should I just offer an amount and not let them know?

Full and final settlement help thread

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