Full and final settlement help thread

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  • glentoran99
    glentoran99 Posts: 5,821
    First Anniversary Combo Breaker First Post Debt-free and Proud!
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    Karen777 wrote: »
    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!


    thats what i did, one of mine was 2k+ on a credit card, as part of my DMP they were only getting £13 cheekily offered £500 and they took it
  • Hi,

    I have read with interest all the previous posts in this thread and am hoping someone will be able to help me out.

    I have just over 40k of debts in a debt management plan with Payplan. I have been in this plan since 2005 and paying roughly £165 pm in total (due to be debt free in 2034!). All were defaulted in 2005 when I lost my job and cleared from credit file.

    I am wanting to make inroads into the debt and my mother has said she can get together £10k to pay off the debts but I will need to pay her back monthly.

    I have asked Payplan and they have said that at 25%, they will not be able to approach creditors regarding Full and Finals.

    My question is can I settle some of the debts directly with full and finals, then maintain my current payments to the others, then use the surplus each month to start paying back my mum? If so, are there any potential pitfalls?

    I was thinking that I may be able to clear about half the debt with the 10k, leaving me just over £80 a month to pay back to my mum.

    The debts are to
    Aktiv Kapital ( was Lloyds) £10k
    HBOS £4k
    Lloyds x 2 total £14k
    Abbey £5k
    Paragon (was Lloyds) £3.5k
    Natwest £3.5k

    Thanks in advance.

    James
  • Hi,

    I and currently on TPP paying £1 per month for the last year or so. I have 6 creditors and 63k of debt.
    I have just settled with MBNA directly for 30% (17.3k for 5.2k) and Barclaycard have just agreed a 35% settlement directly with them (14.2k for 5k.) So reasonable settlements, it appears can be achieved after a relatively short time on TPP's.
    The other four are still requesting between 75% and 50% of the outstanding debt.
    I got all my credit cards via the internet can anyone advise how this work in respect of requesting CCA's from them as I never actually physically signed any paperwork.

    Thank you for your help.
  • Casperbear wrote: »
    Hi,

    I and currently on TPP paying £1 per month for the last year or so. I have 6 creditors and 63k of debt.
    I have just settled with MBNA directly for 30% (17.3k for 5.2k) and Barclaycard have just agreed a 35% settlement directly with them (14.2k for 5k.) So reasonable settlements, it appears can be achieved after a relatively short time on TPP's.
    The other four are still requesting between 75% and 50% of the outstanding debt.
    I got all my credit cards via the internet can anyone advise how this work in respect of requesting CCA's from them as I never actually physically signed any paperwork.

    Thank you for your help.

    When were your cards taken out?
    :beer:
  • Has anyone negotiated a F&F with NatWest Credit Cards?

    I'd be interested to know how you got on, as they're my only outstanding creditor.
  • Brogden
    Brogden Posts: 1,173 Forumite
    Hello,

    I wonder if anybody could help with this question.......?

    Earlier in this thread a gentleman advised he made a full and final offer by sending a cheque to his creditor out of the blue. Written on the cheque and in an attaching letter were words to the effect that the cheque was sent as an offer of a final settlement and that by banking the cheque the creditor indicated their acceptance of the offer. Presumably if they did not accept the offer they should send the cheque back to him.

    Apparently the creditor did bank the cheque but we heard nothing more from the gentleman to advise whether he succeeded in the creditor closing the file and not pursuing him further.

    If the gentleman is still around, it would be great to hear the outcome of this. I would be very interested to hear what anybody else thinks of this approach and if anybody has any legal knowledge they could impart......basically its the same situation as when you accept a car parks T's & C's by parking your car there and if you then stay too long 'woe betide!!

    Hope to hear something :)

    Brogden.
  • Brogden
    Brogden Posts: 1,173 Forumite
    Does anybody have any thoughts / ideas on this?

    Regards,

    Brogden.
  • I have no idea, but seems crazy to me.

    I would never consider doing this myself.
    :beer:
  • When going for full and final settlement should you negotiate in writing (for proof). How long after the payment has been made before your credit records are updated?

    Never process a payment until you have it in writing from the creditor/owner that the payment will be accepted as full & final settlement of your debt/liabilty, unless you wish to remain lawfully liable for the outstanding debt that is.
  • Brogden wrote: »
    Hello,

    I wonder if anybody could help with this question.......?

    Earlier in this thread a gentleman advised he made a full and final offer by sending a cheque to his creditor out of the blue. Written on the cheque and in an attaching letter were words to the effect that the cheque was sent as an offer of a final settlement and that by banking the cheque the creditor indicated their acceptance of the offer. Presumably if they did not accept the offer they should send the cheque back to him.

    Apparently the creditor did bank the cheque but we heard nothing more from the gentleman to advise whether he succeeded in the creditor closing the file and not pursuing him further.

    If the gentleman is still around, it would be great to hear the outcome of this. I would be very interested to hear what anybody else thinks of this approach and if anybody has any legal knowledge they could impart......basically its the same situation as when you accept a car parks T's & C's by parking your car there and if you then stay too long 'woe betide!!

    Hope to hear something :)

    Brogden.

    Most creditors have a term written into the agreement that payments are processed automatically & therefore any cheque marked payment in full is void as they have covered there !!! in the agreement... Santander is one example.
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