Full and final settlement help thread

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  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
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    djewkes wrote: »
    Hi,
    I'm really pleased, I have a dmp with stepchange and owed a lot...(started at over 50k) got it down to 34k, last week had the Lowell letter, 50% reduction wanted 2.5k on a 5k debt......I had a small inheritance this year, wrote with offers all refused......so took a chance rang them and offered 2k which they have accepted...
    So, feeling brave I rang PRA (19k owed) offered them 6.6k.........which they have accepted......
    I now only owe 8.5k........am waiting to hear back from Link Financial......offered 2.4k on a 7k debt.......
    Anyone had any joy with Link?

    All our creditors accepted a 50% full and final offer except Link Financial. We're still negotiating with them at the moment. I hope you have better luck. Great news on the others though.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    HairyHandofDartmoor wrote: »
    All our creditors accepted a 50% full and final offer except Link Financial. We're still negotiating with them at the moment. I hope you have better luck. Great news on the others though.

    What were Link willing to accept, please? One of my biggest debts are with them and I'm still seeking advice on whether it's unenforceable as it was a debt from the 1990s;). I haven't started the F&F process with them yet for that reason but if it proves enforceable:( I wondered what sort of level to start at.


    Well done on your other successful offers:beer:
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    djewkes wrote: »
    Hi,
    I'm really pleased, I have a dmp with stepchange and owed a lot...(started at over 50k) got it down to 34k, last week had the Lowell letter, 50% reduction wanted 2.5k on a 5k debt......I had a small inheritance this year, wrote with offers all refused......so took a chance rang them and offered 2k which they have accepted...
    So, feeling brave I rang PRA (19k owed) offered them 6.6k.........which they have accepted......
    I now only owe 8.5k........am waiting to hear back from Link Financial......offered 2.4k on a 7k debt.......
    Anyone had any joy with Link?

    Congratulations:beer:. It must feel wonderful to be so much closer to debt freedom:j

    Good Luck with Link, we'll all be very interested to hear how you get on with them.
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
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    carbootcrazy wrote: »
    What were Link willing to accept, please? One of my biggest debts are with them and I'm still seeking advice on whether it's unenforceable as it was a debt from the 1990s;). I haven't started the F&F process with them yet for that reason but if it proves enforceable:( I wondered what sort of level to start at.


    Well done on your other successful offers:beer:

    Link offered 25% off the smaller debt and about 17% off the larger debt. We said no as only have 50%. They said if we get a doctors letter about my DH's health conditions they may be able to make him a lower offer, so we're getting that sorted. I'll post on how that goes when I know more.

    Good luck with yours.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    HairyHandofDartmoor wrote: »
    Link offered 25% off the smaller debt and about 17% off the larger debt. We said no as only have 50%. They said if we get a doctors letter about my DH's health conditions they may be able to make him a lower offer, so we're getting that sorted. I'll post on how that goes when I know more.

    Good luck with yours.

    Thank you:T

    Sorry to hear of your DH's health conditions. Being in debt is a stressful place to be and having health issues too must make things very hard for you and DH. Wishing you both all the best:beer:.
  • pbsmiles
    pbsmiles Posts: 102 Forumite
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    Hi All - been watching this for a while and am now in a position to begin negotiating. I have 38k debt which has been in a DMP since 2009. Currenting paying £110 a month and the date for finish is 2046 which will make me 79 years old.

    I am going in with 10k which is about 26% of the total amount.

    The split is
    PRA 5513, PRA 4856, Arrow 3255, Next 2181, IDEM 1824, Barclay Loans 18,319 and Robinson Way 1229.

    Has anyone had any experiences with these companies and can offer me feedback/advice.

    I know 10k is low but when I did a chat with national debt line they said that due to the DMP being 8 years old and the term being another 26 years, it may be better for them to take a sum now rather than wait forever.

    Thank you
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
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    carbootcrazy wrote: »
    Thank you:T

    Sorry to hear of your DH's health conditions. Being in debt is a stressful place to be and having health issues too must make things very hard for you and DH. Wishing you both all the best:beer:.

    Thanks. If we can be debt free soon that will certainly help :).

    Hope you get the result you want too soon.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    pbsmiles wrote: »
    Hi All - been watching this for a while and am now in a position to begin negotiating. I have 38k debt which has been in a DMP since 2009. Currenting paying £110 a month and the date for finish is 2046 which will make me 79 years old.

    I am going in with 10k which is about 26% of the total amount.

    The split is
    PRA 5513, PRA 4856, Arrow 3255, Next 2181, IDEM 1824, Barclay Loans 18,319 and Robinson Way 1229.

    Has anyone had any experiences with these companies and can offer me feedback/advice.

    I know 10k is low but when I did a chat with national debt line they said that due to the DMP being 8 years old and the term being another 26 years, it may be better for them to take a sum now rather than wait forever.

    Thank you

    Robinson way accepted 50% from me and so did my Barclays overdraft, but it does depend upon your individual situation.

    Good luck.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • djewkes
    djewkes Posts: 15 Forumite
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    When I rang pra about my 2 debts with them (19k in total) they said that I could settle for a total of 17.5k, I said I could offer 6.6k (35%) she said she would put it through but couldn't promise.........I've been with stepchange about 11 years ish, and debt was due to be cleared in 2042 (I'll be 88)......anyway she did get back to me later and they accepted my offer.......I wrote offering them 25% a few months back which they point blank refused........so good luck...
  • pbsmiles
    pbsmiles Posts: 102 Forumite
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    djewkes wrote: »
    When I rang pra about my 2 debts with them (19k in total) they said that I could settle for a total of 17.5k, I said I could offer 6.6k (35%) she said she would put it through but couldn't promise.........I've been with stepchange about 11 years ish, and debt was due to be cleared in 2042 (I'll be 88)......anyway she did get back to me later and they accepted my offer.......I wrote offering them 25% a few months back which they point blank refused........so good luck...

    Wow thats amazing, well done to you. Thanks for the encouragement xx
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