Full and final settlement help thread

Thanks very much for your reply, Butterfly:T. That's told me all I need to know.

At the moment I'm not in a position to offer any F&Fs but I'm keeping my fingers crossed that a sum of money may become available before too long.

My two biggest debts are with Link so I was very interested to see that they want around 80%:eek:. Thanks but no thanks, there's no way I could ever raise that amount. They'll have to keep on getting what they get now;). I don't want to go down to TPs.

I'm sorry to hear that you lost your job, it must have turned your world upside down. My income situation isn't likely to change so I'll either carry on to the end of the DMP with payments as they are now (a real struggle but just about doable:() or try to hasten the end of the whole sorry saga with some F&Fs when the money I'm praying for comes through.

Good luck with the rest of your DMP:beer:

Hi MissLeah

MissLeah wrote: »

Hi,I apologise if this has been asked before but I am just starting to think about F&F offers. We have around 11 months left on our 6 year DMP and i was wondering if a) we are likely to get a F&F settlement with us being so close to finishing and b) rather than posting it it acceptable to email creditors with our offer? Also, once an amount has been agreed how long do you get to raise the funds, do the offers last 14 days, 30 days or does it need paying straight away?

a) You're entitled to propose lump sum offers at any stage of a DMP, and there is every chance that creditors will consider them if they look more attractive than holding out for the last 11 instalments (which are after all not guaranteed should you lose work/income etc.). As ever, responses may vary from one creditor to the next.


b) You can make the offer by whatever means you wish, but I'd want to hold out for written confirmation from a creditor that it accepted your terms before going ahead with any payment.


As for time limits, it is up to you to stipulate how long any offer made by you/a third party is on the table for; equally, if a creditor offered you a lump sum discount they would usually state a deadline for acceptance. These things are rarely set in stone, however, and there are no hard and fast rules as these are essentially informal negotiations.


Dennis
@natdebtline

Or anyone else who could offer advice. Penelope, your mailbox was full when I tried to send.

Hi,

Firstly I hope you do not mind me contacting you like this. I see you have some vast experience and knowledge, something that I am unable to get at the moment.

I will try to keep things brief as it’s a long story.

Employed Vincent bond to take care of my financial matters.

I entered a DMP after defaulting on 8 accounts back in June 2011

I received 8 letters stating intention to either default me or CCJ. In the end of 2011 I ended up with 5 defaults recorded and 1 CCJ, 2 not recorded.

Payments of £300.00 per month have been servicing the debt of over 50k from the offset.

In Sept 2014 Vincent Bond began to take £145.00 as fees for a period until July 2015 instead of £45.00 when I noticed, meaning less money from the remaining £155.00 to my creditors. In this time I didn’t hear anything and thought payments were being made as normal. As a result of this underpayment to my creditors Barclaycard hit my credit file with a default in September 2015. At this time I got refused credit, was unable to get on a mortgage (which I had been waiting 4 years for) and was employed in a financial institution but unable to move to other due to now bad recent credit (self employed and banks credit check)

I had a lengthy email/verbal battle with Vincent Bond and Barclaycard, as I had kept up my agreement of paying the £300.00 a month for 4 1/2 years, Vincent Bond said it wasn't their fault, Barclaycard said it wasn't theirs. After several months of fishing for info and various calls I did indeed find that Barclaycard issued a default due to the reduced payments from Vincent Bond due to increase in fees (which may I add were a mistake and were refunded back to me in sept 2015)

I have opened a case again Vincent Bond with the financial ombudsman but this is my first question. Is there a case against them for malpractice legally?

My next question is another issue with a creditor (CAPQUEST) who has been recording missed payments on my Experian account 3 times in the last 12 months even though no payments have been missed. I have approached Vincent Bond about this and have not really got any information from CAPQUEST other than waiting for a reply, since December. Since December CAPQUEST have recorded 1 more missed payment in May.

Final question, I will come into a little money, roughly 2/3's of the outstanding 33k, what are the realistic F&F settlement figures % as the debts are nearly 5 years old and all with DCA's? Would this be better done through Vincent Bond) who take 10% of any savings?

Sorry it is fairly long but would appreciate your help.

Kind Regards

John

Hi Carbootcrazy, Yes I did stay with them, effectively chose the first one when life was a blur and stuck with them. For number of years I thought they were doing a good job.

My circumstances have changed for the better, slightly and that is why i have stuck with them thinking I would go through the rigmarole when swapping, hope that makes sense. Even now I would rather the situation was managed as i would like to concentrate on work.

This brings me to the point of posting here, In a month I will have about 20k from the sale of the house and have about 33k in debts still and was hoping whether it is realistic whether all will be cleared as either F+F or partial and if they do get cleared how will that stand me in light of a joint mortgage application in my 6th and final year of the DMP. Will all the debt drop off my credit file next year regardless of whether they are F+F or partially paid?

Lots of questions i know but I would like the best outcome. I have never shied away and accepted responsibility for them but need to move on with life and do the normal things again, like a mortgage with my new partner etc. It's been a haul, a weight in fairness but feel I am finally getting there.

Appreciate your help with this and the questions in my previous post.

John