Full and final settlement help thread
Comments
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Have you got it in writing off barclaycard? Did you negotiate over phone? I was just wondering as hoping to settle next month with them. If you did over phone are they sending you confirmation did they expect money straight away?
Hi with Barclaycard I have been on an 'informal' arrangement with them since Mar 13 paying just £45 per month, they had stopped interest and charges but I really just wanted to settle the account. I tried two months ago with a 50%offer but they rejected it and said I needed to pay the whole balance to settle £12600!! Told them that this wasn't' possible and would have to stay on arrangement, thought I would try again now two months later and sent them an email offering £7k, they initially replied saying this wasn't' t enough to settle so I replied saying once again that I couldn't afford anymore, I received a phone call the next day and the lady I spoke with was really nice and agreed to accept the offer of £7k and said a letter would be out in next day post.
This morning I received the letter accepting full n final settlement of the account for a payment of £7k with all the usual details of closing account and not selling remainder ext... all in order just need to post the cheque!
The lady did say that once a debt is over 6 months old then they are more likely to accept a settlement offer as it is not their policy to settle for less than outstanding balance on debts less than 6 months old.
Good luck with your negotiations!! DFD Jan 2014 :dance::dance:
MFW #122
Mortgage as at 07.03.14 £110431.67
Monthly Payment £822.12 Remaining 14yrs 3 months :eek: MF Date 05/2028
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Anyone trying to get a f/f settlement with Lloydstsb..what address are you writing too?
TIA0 -
averageguy11 wrote: »Anyone trying to get a f/f settlement with Lloydstsb..what address are you writing too?
TIA
Yes I am. I don't have my letters to hand right now but it's the Collections Centre which I think is in Brighton. Some Googling should find it.0 -
Large £90k mortgage shortfall with NRAM, have £10k other debts all repayments currently being met. NRAM are now refusing to carry on with my payment arrangement. I've read on here sometimes it's better to end up with a DCA as they are more likely to accept a smaller f&f. Other debts are small in comparison and can see an end in sight, bank loan £8k and two store cards £2k.
As I'm not in an IVAN or BR, family member has offered to clear the £10k debts then NRAM won't be pushing me into the DMP, they won't accept the £10k, I've paid back £6k to date. I own no house, no car, nothing of value.
Sorry typing quickly as in a work break0 -
Yes I am. I don't have my letters to hand right now but it's the Collections Centre which I think is in Brighton. Some Googling should find it.
Thanks for the reply...googling it isent that easy...would be grateful for the address and whether you have had any luck re your latest offer of 40%
TIA0 -
averageguy11 wrote: »Thanks for the reply...googling it isent that easy...would be grateful for the address and whether you have had any luck re your latest offer of 40%
TIA
They seem to give me a different address every time I speak to them, but yesterday they told me to use:
Lloyds TSB Financial Management Unit
PO Box 487
Brighton
BN1 4GY
They "didn't receive" my latest offer (they have not received A LOT of my letters in the past!) so I have resent it. I will let you know what they say though.
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They seem to give me a different address every time I speak to them, but yesterday they told me to use:
Lloyds TSB Financial Management Unit
PO Box 487
Brighton
BN1 4GY
They "didn't receive" my latest offer (they have not received A LOT of my letters in the past!) so I have resent it. I will let you know what they say though.
Thanks....when i went on a dmp about 4 years ago the address was Andover which seemed to be some sort of black hole..they never admitted receiving post even if send recorded.
I will write to the one you have given and let u know likewise..I have found them the most difficult company to deal with so dont hold out much hope for anything below 80%0 -
Just a quick update on trying to settle my accounts...
MBNA (Link Financial): they said they would accept a settlement of 70% on a debt of almost £4k. I wrote a few letters working my way up from 30/40% but they wouldn't budge so I've paid the 70%.
LTSB: I've written a few letters offering various amounts from 30% to 60% on a £5k debt but they have told me that they won't accept any discount.
Tesco: as above with LTSB but, as the balance wasn't too high (£1700), I've paid it in full.
It seems that my relatively favourable circumstances have counted against me in trying to secure good discounts, which is fair enough I suppose. I've been told that, because I'm quite young (have many employable years ahead) and have a good, permanent job, that they're not too worred that they'll get their money from me EVENTUALLY.0 -
This is true. It's also more likely that you'll feel a lot better about yourself in years to come if you know that you've paid back what you borrowed.
It must be a horrible feeling to know that you've had people over who helped you out when you first needed the loans.
I'm sure the banks must also lose sleep for rate jacking people up to 30% once they have a nice big balance.0 -
It must be a horrible feeling to know that you've had people over who helped you out when you first needed the loans.
It sounds as if you're having a go at me for asking creditors if they would accept a discounted lump-sum as settlement of my account. Many creditors would rather do that than waiting seven years in the hope that I will make every payment, won't lose my job, etc.
It seems that, in my case, the two banks are taking a calculated risk that I will be able to make all of my payments, in the hope that they'll recoup the full amount. They are probably right but, in the future, who knows what may happen?0
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