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  • FIRST POST
    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    Weggy
    Full and final settlement help thread
    • #1
    • 19th Nov 05, 10:20 AM
    Full and final settlement help thread 19th Nov 05 at 10:20 AM
    Hi all

    Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands?

    Thanks

    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 1
  • maka
    • #2
    • 19th Nov 05, 7:50 PM
    • #2
    • 19th Nov 05, 7:50 PM
    I have done this with a few of mine and my partners debts.
    i write to them asking for a stupid discount say 80% off knowing full well i won't get it, but i reackon about half of them came back offering 40% to 50% off.
    Not bad when most offer around the 20% mark. I think it also dpends how old the debt is and how long this company have been trying to claim it back and also the amount due to be payed back.
    Good luck though.
    You dont get if you dont ask.
    • Weggy
    • By Weggy 20th Nov 05, 10:31 AM
    • 463 Posts
    • 98 Thanks
    Weggy
    • #3
    • 20th Nov 05, 10:31 AM
    • #3
    • 20th Nov 05, 10:31 AM
    Thanks maka

    How long did it take you to negotiate the final offer mate?

    Some of the DCA's, especially Wescot, are being very difficult!!
  • kazzaj
    • #4
    • 21st Nov 05, 9:29 AM
    • #4
    • 21st Nov 05, 9:29 AM
    I negotiated F&F's with several card companies who had referred my accounts to Debt Collection Agencies as follows:

    RBS Advanta - Balance £7300 F&F £5200
    Capital One - Balance £5800 F&F £3750
    Halifax -Balance £5200 F&F £4000

    Its certainly worth asking. Dont make stupid offers, but perhaps start at 50%. In the case of Capital One, I phoned them and said I wanted to know whether they would be willing to accept an offer and they immediately went to £4000. I said I could not quite manage that would they go for £3750 and they agreed.

    Good luck!!
  • skippy64
    • #5
    • 21st Nov 05, 9:59 AM
    • #5
    • 21st Nov 05, 9:59 AM
    Daft question I know but if you are up to date with your cards and you contact them will the card company negotiate a sensible settlement figure on your balance and then close your account how that will then appear on your credit report. I know if I search around I may find the answer but just asking the question now in this thread. So thanks in advance for any info if anyone has had success in that style of card settlement
  • kazzaj
    • #6
    • 21st Nov 05, 11:16 AM
    • #6
    • 21st Nov 05, 11:16 AM
    I am n o expert, but I dont think that they will negotiate a settlement offer if you are up to date and your account has not been referred to an agency for collection. BUT, I could be wrong.........
  • johannamse
    • #7
    • 21st Nov 05, 12:26 PM
    • #7
    • 21st Nov 05, 12:26 PM
    Daft question I know but if you are up to date with your cards and you contact them will the card company negotiate a sensible settlement figure on your balance and then close your account
    by skippy64
    They will not do this if you are up to date with payments. You have to have missed enough payments for the debt to be referred to debt collection agency normally.
    • Weggy
    • By Weggy 21st Nov 05, 2:09 PM
    • 463 Posts
    • 98 Thanks
    Weggy
    • #8
    • 21st Nov 05, 2:09 PM
    • #8
    • 21st Nov 05, 2:09 PM
    Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........
    • Karma67
    • By Karma67 21st Nov 05, 3:27 PM
    • 535 Posts
    • 251 Thanks
    Karma67
    • #9
    • 21st Nov 05, 3:27 PM
    • #9
    • 21st Nov 05, 3:27 PM
    Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........
    by Weggy
    Well done
  • maka
    Thanks maka

    How long did it take you to negotiate the final offer mate?

    Some of the DCA's, especially Wescot, are being very difficult!!
    by Weggy
    it took about 2 weeks to hear back from them
    also with a couple of them that did not get back to me i wrote to them again asking for a response within 10 days or i would have to lower my monthly payments ( to around £10 a month) which i know they would not like as it was far to low but in doing this pushed them into agreeing my settlement quicker.
    Good luck mate "westcot are rude and useless" i have delt with them before.
    Last edited by maka; 21-11-2005 at 6:36 PM. Reason: update
    • bham-dave
    • By bham-dave 21st Nov 05, 8:54 PM
    • 1,345 Posts
    • 5,560 Thanks
    bham-dave
    I haven't arranged any Full & Final Settlements, but it seems that you get the best settlement if you're in the most hopeless situation.

    I'm making token payments of £1 per month and not in any position to increase that at the moment.

    MBNA recently offered to settle for 30% of my debt. (Yep folks, 70% off immediately with no quibbles )

    But then the catch is that no matter how tempting the offer, not everyone has the means to get the settlement amount together.

    It's very frustrating! Good luck to anyone who can though.
    • Weggy
    • By Weggy 21st Nov 05, 11:24 PM
    • 463 Posts
    • 98 Thanks
    Weggy
    Good luck mate "westcot are rude and useless" i have delt with them before.
    by maka
    Wescot arent exactly being helpful! Any tips for how to deal with them? Did you manage to get them to accept a full and final?

    Thanks for the help
  • johannamse
    congrats Weggy...getting there. Stick with it.

    Just for all our information, have you actually defaulted yet or have debts been passed on to debt collection agencies? (Don't want to misinform others).

    thanks.
    • Weggy
    • By Weggy 22nd Nov 05, 11:02 AM
    • 463 Posts
    • 98 Thanks
    Weggy
    Thanks! Getting there.....

    Errrrm some defaulted, some didnt, but they all date back to 5/6 years ago and I've been paying them back since then.... (at like £20 - £5 per month fixed)
  • sportbeth
    IT's definitely worth doing F&F's. I got one down to £316 from
    £645, but some wouldn't budge and I had to be really, really persistent. Apparently the rule of thumb is that the more it has been sold on, the less the DC has paid for it and if it's nearing the 6 year limit, they're more likely to take a lot less as the chances of them getting anything for their 1p in the pound they paid are lower.

    Some of them have been really pleasant with me though. Some of them are just tough cookies but don't forget that if they can't get you to pay they will sell it on and you might have more luck with the next collector.
    • Weggy
    • By Weggy 22nd Nov 05, 4:22 PM
    • 463 Posts
    • 98 Thanks
    Weggy
    I thought the 6 year rule was only if there had been no contact between them and me?
  • drenton
    F+F - CCCS info
    I have recently been discussing my dire financial situation with the CCCS and they have recommended token payments for the next 6 months and a review after that. The lady did say that if I could get some funds together, most companies might take as low as a 35% offer. I know from a colleague who was in a similar fix to me that the most he paid for F+F was 50%.

    As for the 6 year limit - I believe that is only for those accounts where the creditor has been unable to contact you and writes off the debt - this is from the Limitations Act 1980.

    For those of you who have done token payments - was your debt sold on to DCAs straight away? Have you had the heavies round?

    Thanks,

    David
  • lorraine_9
    Wescot
    I've just negociated a full and final with Wescot, had a £9600 balance and got them down to £5000, with further persuasion on my part eventually got them down to £4800 so I was happy with 50% off to be honest.

    I dealt with a lady called Jayne in Collections, really nice andnot pushy at all if you speak calmly and don't use and aggressive tactic (which I have done before)

    If anyone wants her number at Wescot just email me.

    Good luck to everyone, (M&S don't want to know about F&Fs they were VERY rude to me just in case anyone is using them)

    Lorraine
    • digp
    • By digp 22nd Nov 05, 10:41 PM
    • 1,956 Posts
    • 299 Thanks
    digp
    try www.debthelpuk.co.uk/forum for more insight on these matters
  • happyhatter
    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?
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