Full and final settlement help thread

Hi, new to the forum so my apologies in advance if I'm not following the correct process or etiquette. I have debts currently totalling nearly £30k over 3 cards (2 x MBNA of £8500 and £8900 and 1 Lloyds TSB of £12200). I arranged token payments of £1 to each starting November 2012 for 6 months and since then have arranged a self managed DMP paying just under £50 per month split between the 3. The 2 MBNA debts were sold on to Link and the Lloyds tsb one was with Apex and has recently been sold on to Cabot. When cabot called last week we discussed a F&F settlement and I negotiated them down to 50%. (I'll been able to get about £7000 from savings and a gift from a family member, so this amount is do-able ). They said they'd send the offer in writing (which I'm still waiting for) but since reading all these posts I'm now wondering if I agreed too quickly.

I've never done a CCA request on any of the accounts and have now realised that the Lloyds TSB one may be unenforceable as the cc was originally taken out maybe 28 years ago (and interestingly the debt doesn't show on either my clear score or noddle credit reports). My question is, should I now back out of the F&f and Cca them first in the hope of getting an even better settlement if it is unenforceable or should I just go ahead with it? I was originally really happy to have got 50% discount but I'm thinking now that if it's unenforceable i could either 1) put it on the backburner and use the funds I have to make an offer on the 2mbna ones instead (1 of which was taken out in 2009 so is most likely enforceable) or 2) see if I can negotiate an even better settlement offer, which would leave more money in the pot as a head start on gathering enough to make offers on the other 2 debts and get me debt free quicker. Or should I just be grateful for the discount I got offered and grab it with both hands (once it's confirmed in writing of course!)

Sorry for the length of the post, but I'd really appreciate everyone's opinions.

Thanks in advance

Thanks for that. I still haven't received their offer in writing yet and it's been about 10 days, so if I don't hear back from them in the next few days I'll Cca them. I need to cca the 2 Link (MBNA) ones too but as one of them was taken out in 2009 it's probably enforceable. The other one was started in 2002 but I'm worried that they may use details from the 2009 one to manufacture something for the 2002 one. Hope I'm just being paranoid - or do you think I should do the request for the 2002 one first and wait for their response before doing the Cca for the 2009 one?

heavenlyharry01 wrote: »

Hello there!

I wondered if I could ask some advice.
I am
On a self managed DMP, and recently I've offered a couple of creditors full and final offers. Most have been rejected, but I did offer very low.
One creditor has come back with a counter offer at 50%, is it worth trying to negotiate with them some more or is 50% a great deal?

50% is OK.

But what about suggesting to them that you meet half way?

heavenlyharry01 wrote: »

Thank you FatBelly

Would you advise writing or by telephone?
I understand that I should get everything in writing but should negotiating be done over the telephone?
Many thanks

Negotiating by phone is fine.

As long as you get the final deal confirmed in writing before money changes hands.