Full and final settlement help thread
Comments
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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: [STRIKE]April 2033[/STRIKE] Aug 2023
Original Debt: £96K Mar 2016 | Current Debt: £47350 Aug 20180 -
HEROWHENZERO wrote: »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.
Congratulations, very well done, we like success stories on here !!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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.0
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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.
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.aspx0 -
Thanks for your reply. How does writing off my debt reflect on my credit history? I know with my condition I shouldn’t 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.0
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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
Max0 -
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.0 -
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.0
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Keep us updated. I'm rooting for you. All the best
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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 🤞0
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