Full and final settlement help thread

NewcastlePaul wrote: »

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%

All of the above settlements happened.
The final creditor (Idem) never budged once.
They kept saying it wasn't their policy to offer f&f amounts

But they did get the full Monthly DMP amount and just over a year later I am finally debt free. Massive thanks to all especially Fatbelly and Sourcrates

I had some good news today. Following on from my CCA requests, one of my larger creditors (nearly £8k/25% of my total debt), wrote to say they are unable to provide a copy of the CCA due to the age of the account.

I guess the most encouraging thing is the account dates back to 2005 and is my most recent creditor - the remainder of the agreements date back as far as 1991 (many thanks to Fatbelly for providing the links to the credit report sites to enable me to check these out).

Of my remaining creditors, only one has complied with the request (lucky for me, it's the smallest debt circa £1200!), while the rest have "requested copies from original lenders".....

Thought I'd share my results - had great success with full and final settlements. It's been a long road, but I'm finally almost free of debt.

I've been on a dmp with stepchange for 5 or 6 years and owed around 15k at the start to 5 creditors. Having paid some off on my dmp over the years, I recently became in a position to offer f and f settlements owing about 10k in total.

I started off myself - one accepted 40% which was a Barclays overdraft. Some of the others were a bit awkward to deal with and I had various responses. I decided to ask step change to manage the f and f offers for me. They were absolutely brilliant throughout. The only thing is that you have to pay the money you're willing to offer up front to them, but I found there were no issues with this.

Step change were able to negotiate 50% with 3 others and only 1 wouldn't accept a f&f but this is the smallest debt. So I'm now left with just over £500 on my dmp.

barclays overdraft 40%
PRA group 50%
Cahoot/Santander 50%
Moorcroft (arrow global) 50%
Idem did not want any less than 100%

Thanks for all the help on here and good luck to everyone doing f+f

I won't be taking out any credit cards in the future!! :T

thanks pip10 it is helpful to see what sort of % other people have been able to get agreex

From Wilson v First County:

In effect, the creditor–by failing to ensure that he obtained a document signed by the debtor which contained all the prescribed terms–must (in the light of the provisions in ss 65(1) and 127(3) of the 1974 Act) be taken to have made a voluntary disposition, or gift, of the loan moneys to the debtor. The creditor had chosen to part with the moneys in circumstances in which it was never entitled to have them repaid;

Good luck!

Some reading here if the link works

https://paulatwatsonssolicitors.wordpress.com/tag/missing-prescribed-terms/