Full and final settlement help thread
Comments
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Finally had a reply from Link financial, they will not accept the offer of £2,400 on the £7,011 debt and want £4,900 (70%) .... so will leave it for a while before I try again......0
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Can you meet them half way (ish) at 50%?0
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Good morning all. Sorry for jumping in here but I could really do with some guidance on this please. I have Been on a DMP with Stepchange since December 2012. I currently owe 15500 across 4 companies. I have Been paying 300 a month to satisfy these debts. 1 has been in default for 5 years. Full SP is below....
Halifax pers loan (managed by westcott) owe 12184. Currently receiving 171.96/mth
Barclaycard (managed by link) owe 2637. Currently receiving 87.80/mth
Lloyds CC owe 513. Recieving 26.34/mth
Halifax CC owe 186. Receiving 13.90/mth
I am hoping to raise 9k today provided I complete my home move today and was hoping to use this to clear most/all of this debt. I spoke to link yesterday and explained I had approx 60% of my full debt raised and wanted to offer a full and final. I offered 1582 to settle the 2637 debt.they took the offer and thought about it. Today I got an email rejecting that but counter offer of 2534 with the promise that my credit file will be marked "partially settled"!!!! This is laughable!! I explained that I could go to 60% and they ask for 99.9%! What's the point!?!?
The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
Thanks0 -
Jackelliot wrote: »Good morning all. Sorry for jumping in here but I could really do with some guidance on this please. I have Been on a DMP with Stepchange since December 2012. I currently owe 15500 across 4 companies. I have Been paying 300 a month to satisfy these debts. 1 has been in default for 5 years. Full SP is below....
Halifax pers loan (managed by westcott) owe 12184. Currently receiving 171.96/mth
Barclaycard (managed by link) owe 2637. Currently receiving 87.80/mth
Lloyds CC owe 513. Recieving 26.34/mth
Halifax CC owe 186. Receiving 13.90/mth
I am hoping to raise 9k today provided I complete my home move today and was hoping to use this to clear most/all of this debt. I spoke to link yesterday and explained I had approx 60% of my full debt raised and wanted to offer a full and final. I offered 1582 to settle the 2637 debt.they took the offer and thought about it. Today I got an email rejecting that but counter offer of 2534 with the promise that my credit file will be marked "partially settled"!!!! This is laughable!! I explained that I could go to 60% and they ask for 99.9%! What's the point!?!?
The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
Thanks
Partially settled is the correct mark. You're just negotiating on the settlement figure. The Link offer is actually 96.1% which isn't very generous. Keep nagging at them and maybe stop your monthly payments.
Your dmp is very odd as proportionately you are paying more to the smaller debts. However, that should persuade the bigger ones to accept a deal.
One last thing - you're aiming to finish at around 60%. Don't start there. As you have found, they never accept your first offer. Start at 35%0 -
Thanks for the response. Once again seems like honesty isn't necessarily the best policy! I spoke to them on the phone and the answer was one of "as your up to date with all your payments etc. Etc. Etc. " not a lot else we can do.
Oh well. Will keep trying.
Thanks again.0 -
Jackelliot wrote: »The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
Thanks
You're almost certainly not doing yourself any favours by paying as much as you can. I'm about 5 years into a DMP as well, and a couple of years ago I realised that by making regular stable payments that will clear the debt in the short to mid term, creditors are not going to do you any favours if you want to settle early.
So, I cut my payments to £5pm per creditor and started saving the difference between the old and new payment. This week I persuaded one of my creditors to settle for 20% of the balance, after starting at 10%.
Anyway, if I were you I'd put the £9k away for a rainy day, cut your creditors payments to the minimum and try again in 12-18 months. The defaults will run out shortly anyway, your credit score will begin to recover, so there is no real benefit to you to settle early at this point.1 -
Hi. I have been reading people’s experiences and successes in getting on top of their debts. I didn’t even know what f&f meant or a CCA request until reading about them on here. Only if I’d known then what I’d know now.... oh well. Any way I have been on a DMP for 9 years with 2.5 years to go. Started with a debt of 58k now down to 8k (with a lot of sacrifices along the way ) give or take. I am looking to make F&F offers. I have sent off CCA requests to all the creditors. Had one reposponse from Idem (MBNA credit card). They are contacting the oc to locate agreement. They state they will continue to Persue the debt. Not a problem I’m not planning on ducking out of my debts. I was wondering if they can register a default or areas with the CRA as they say. This account has already defaulted and dropped off my credit file years ago.
I also wonder if the agreements come back as enforceable Can I still put in a F&F offer. Thanks in advance
any advice please would be appreciated0 -
Hi. I have been reading people’s experiences and successes in getting on top of their debts. I didn’t even know what f&f meant or a CCA request until reading about them on here. Only if I’d known then what I’d know now.... oh well. Any way I have been on a DMP for 9 years with 2.5 years to go. Started with a debt of 58k now down to 8k (with a lot of sacrifices along the way ) give or take. I am looking to make F&F offers. I have sent off CCA requests to all the creditors. Had one reposponse from Idem (MBNA credit card). They are contacting the oc to locate agreement. They state they will continue to Persue the debt. Not a problem I’m not planning on ducking out of my debts. I was wondering if they can register a default or areas with the CRA as they say. This account has already defaulted and dropped off my credit file years ago.
I also wonder if the agreements come back as enforceable Can I still put in a F&F offer. Thanks in advance
You can offer a sum in settlement on most debts - enforceable or not. It's just a matter of what to offer depending on how strong your case is. If you've been on a dmp for 9 years the creditors should have issued defaults at the start of the process and they will have now dropped off your file. They can't issue a second one.0 -
You can offer a sum in settlement on most debts - enforceable or not. It's just a matter of what to offer depending on how strong your case is. If you've been on a dmp for 9 years the creditors should have issued defaults at the start of the process and they will have now dropped off your file. They can't issue a second one.
Thank you fat belly that’s a great help .... I take it they can’t register the arrears either baring in mind they’ve fallen off my credit file after 6 years.0
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