Full and final settlement help thread

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Comments

  • blue_pixie
    blue_pixie Posts: 88 Forumite
    Thanks so much fatbelly
    I realised I was a debt free wannabe in January 2014..:o
    Staying positive..:oPlugging away every month..:o
    Will be debt free by February 2015! :o
  • djewkes
    djewkes Posts: 15 Forumite
    First Anniversary Combo Breaker
    Hi, have been paying into a DMP with step change for the past 2 years after I lost my job, I currently owe 46k and am paying at £100 a month so debt free in 2040 ish, but I am 60 so it's a very long way away.
    Have managed to raise some cash (small inheritance) and have just sent offers in to my creditors offering 25% in settlement. I could at a push go up to almost 40% but followed advice on here to start a bit lower....
    Any idea what my chances are likely to be? I owe to Barclaycard, Barclays x 2, M & S, Blair Oliver, Creation, Newday and Link financial.
    Anyone had any luck with these?
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
    djewkes wrote: »
    Hi, have been paying into a DMP with step change for the past 2 years after I lost my job, I currently owe 46k and am paying at £100 a month so debt free in 2040 ish, but I am 60 so it's a very long way away.
    Have managed to raise some cash (small inheritance) and have just sent offers in to my creditors offering 25% in settlement. I could at a push go up to almost 40% but followed advice on here to start a bit lower....
    Any idea what my chances are likely to be? I owe to Barclaycard, Barclays x 2, M & S, Blair Oliver, Creation, Newday and Link financial.
    Anyone had any luck with these?

    Better chance with the ones that have been sold on. Blair and link.
    :beer:
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
    First Anniversary Combo Breaker First Post Debt-free and Proud!
    happy_bunny wrote: »
    Better chance with the ones that have been sold on. Blair and link.

    Not always true though my biggest discount was from one still with the original with someone acting for them
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
    First Anniversary Combo Breaker First Post Debt-free and Proud!
    djewkes wrote: »
    Hi, have been paying into a DMP with step change for the past 2 years after I lost my job, I currently owe 46k and am paying at £100 a month so debt free in 2040 ish, but I am 60 so it's a very long way away.
    Have managed to raise some cash (small inheritance) and have just sent offers in to my creditors offering 25% in settlement. I could at a push go up to almost 40% but followed advice on here to start a bit lower....
    Any idea what my chances are likely to be? I owe to Barclaycard, Barclays x 2, M & S, Blair Oliver, Creation, Newday and Link financial.
    Anyone had any luck with these?

    Blair oliver and scott (halifax) wouldnt budge below 70%
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
    djewkes wrote: »
    Hi, have been paying into a DMP with step change for the past 2 years after I lost my job, I currently owe 46k and am paying at £100 a month so debt free in 2040 ish, but I am 60 so it's a very long way away.
    Have managed to raise some cash (small inheritance) and have just sent offers in to my creditors offering 25% in settlement. I could at a push go up to almost 40% but followed advice on here to start a bit lower....
    Any idea what my chances are likely to be? I owe to Barclaycard, Barclays x 2, M & S, Blair Oliver, Creation, Newday and Link financial.
    Anyone had any luck with these?

    It also depends on the accounts. If any taken out before April 2007, send a CCA request as if they don't have a correct signed original they can't get a CCJ if defended and they are much more likely to settle for less. Especially if you are not paying or paying a really low amount.
    :beer:
  • djewkes
    djewkes Posts: 15 Forumite
    First Anniversary Combo Breaker
    Will just wait and see for now, they can only say no.
  • djewkes
    djewkes Posts: 15 Forumite
    First Anniversary Combo Breaker
    Have had replies from 4 so far...
    1. Barclays, 14,942, offered 3750......declined
    2. RBS, 788, offered 200......declined
    3. Barclays, 4,295, offered 1,075, accepted and settled (25%)
    4. M&S, 5,639, offered 1,400 declined but asked to ring, agreed 1,600 and settled (28%)
    Not heard from the other 4 yet.......but happy to have almost 10k of debt off......
  • fatbelly
    fatbelly Posts: 20,457 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    djewkes wrote: »
    Have had replies from 4 so far...
    1. Barclays, 14,942, offered 3750......declined
    2. RBS, 788, offered 200......declined
    3. Barclays, 4,295, offered 1,075, accepted and settled (25%)
    4. M&S, 5,639, offered 1,400 declined but asked to ring, agreed 1,600 and settled (28%)
    Not heard from the other 4 yet.......but happy to have almost 10k of debt off......

    You're doing well!
  • Karen777
    Karen777 Posts: 416 Forumite
    wow well done! must feel good! I hadn't even thought about full and finals - wasn't even sure what they were til reading this (sometimes I feel quite quite dense!)

    I don't have any money to offer at the moment but do you have to offer them to all your creditors or say if I have a small ish debt is it worth offering a percentage of that one just to try and get rid of it? Then I could try building up some to offer the next smallest etc.... all advice appreciated!
    Debt at highest - June 2013 - 26k/ March 2018 - 2500
    Proud to be dealing with my debts
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