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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 104
    • Daisypop
    • By Daisypop 29th Dec 17, 8:20 PM
    • 49 Posts
    • 112 Thanks
    Daisypop
    Hi all
    Any advice please? Trying to settle a couple of my lower debts. Cabot have declined my offer of 30% saying it will be paid off anyway within 2 years . They have however offered me a 10% discount as a gesture of goodwill which is rubbish.
    I only owe them 578 just wanted it paid off.
    Would you leave it or go in higher?
    Thanks
    • fatbelly
    • By fatbelly 29th Dec 17, 9:48 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    I am 4 years into a DMP. Halifax are the only creditor who have never defaulted me, just marked the account as arrangement to pay. They have said they will settle for 75% minimum as mark the account as partially settled.

    Does the fact its not been defaulted have any affect here credit record wise? By that I mean I have settled other accounts that had already defaulted. The sum needed to settle now will be the total amount owed on the account by about May next year so would it make much difference to wait until then and settle for the full amount?
    Originally posted by Philip624
    Your credit history is going to be a bit of a mess and records stay until six years after they are defaulted or settled, whichever happens sooner. Arrangements to pay are a pain as they delay this process. But if you can settle now, at a discount, I think you should do that.
    • fatbelly
    • By fatbelly 29th Dec 17, 9:53 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    Hi all
    Any advice please? Trying to settle a couple of my lower debts. Cabot have declined my offer of 30% saying it will be paid off anyway within 2 years . They have however offered me a 10% discount as a gesture of goodwill which is rubbish.
    I only owe them 578 just wanted it paid off.
    Would you leave it or go in higher?
    Thanks
    Originally posted by Daisypop
    It's a small debt and only two years left on your payment plan so you're not going to get a spectacular deal. But it's worth a phone call to see how much they'll move from 90%.

    If they are still stubborn, and this is a consumer credit debt, try a formal cca request, which might loosen them up a bit.
    • fatbelly
    • By fatbelly 29th Dec 17, 10:05 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    Hi Everyone,

    Just looking for some advice on the above please?

    I have not worked since April due to illness and it doesnt look like ill be back at work anytime soon.

    I have quite a few debts as i had a good job and good salary when i was working. I havent paid any of my debts since May so i have now hit 6 months with no payments. I have sold my house as managing the mortgage was also a hindrence due to my current situation, i have some money that i have from the sale of the house, its probably about 70% of what i owe out.

    I just want some advice on how i should approach the above. Some of my debts havent defaulted yet, should i wait til they have, should i offer the companies now, should i wait tlonger, im currently at a loss as i dont think my situation will change soon but i also feel a lot of stress due to the situation as its a situation i have never been in before and want to try and remove it as soon as possible.

    I havent communicated anything to any of my creditors yet which i know is wrong but i just havent known how to face this situation or where to start.

    Thanks in advance for your replies and help

    Debts are currently 40K and are all unsecured credit card debts.
    Originally posted by aneb123
    OK, first thing is that you need to keep your cash pot somewhere completely separate from your debts. Check that it's not got a family relationship to any of them like Halifax-Lloyds or Nat west-RBS.

    I would not make an offer until the debt is defaulted as you then have an end point, and they should be more receptive to a deal. You can pick them off one by one.

    Start low with your offers ( say 30%) and use the National Debtline standard letter

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx
    • aneb123
    • By aneb123 29th Dec 17, 10:30 PM
    • 4 Posts
    • 0 Thanks
    aneb123
    Thanks Fatbelly. I have completely moved my money somewhere else thats not connected to anyone.

    Just went through a few letters and my lloyds ones are now with westcot so maybe they have been defaulted already, im still getting texts from capital one saying it will be defaulted soon and barclaycard are still coming from them so i guess thats not defaulted yet.

    Is it worth CCA'ing any of these?

    Thanks again
    • Philip624
    • By Philip624 30th Dec 17, 7:41 AM
    • 565 Posts
    • 294 Thanks
    Philip624
    am 4 years into a DMP. Halifax are the only creditor who have never defaulted me, just marked the account as arrangement to pay. They have said they will settle for 75% minimum as mark the account as partially settled.

    Does the fact its not been defaulted have any affect here credit record wise? By that I mean I have settled other accounts that had already defaulted. The sum needed to settle now will be the total amount owed on the account by about May next year so would it make much difference to wait until then and settle for the full amount?

    I guess in essence the question is, is it better to settle in full a debt that has not defaulted but has ap markers?
    I can offer no resistance, I can offer no respite
    Wake me when conflict is over,
    I aim for a peaceful life,
    Wake me up when the fury is ended
    I like living a peaceful life
    • fatbelly
    • By fatbelly 30th Dec 17, 6:13 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    Thanks Fatbelly. I have completely moved my money somewhere else thats not connected to anyone.

    Just went through a few letters and my lloyds ones are now with westcot so maybe they have been defaulted already, im still getting texts from capital one saying it will be defaulted soon and barclaycard are still coming from them so i guess thats not defaulted yet.

    Is it worth CCA'ing any of these?

    Thanks again
    Originally posted by aneb123
    They should send you a formal default notice but it's possible to miss that if you are getting an avalanche of mail. You could check a credit reference agency report and that should tell you if you've been defaulted.

    On the cca thing, there is a school of thought that you should always do one before making an offer, but your agreements sound quite recent, are still with the original lenders and are credit cards. It's likely they would be able to comply. That's why I didn't suggest it earlier, but it's your right under the CCA and doesn't cost much.
    • fatbelly
    • By fatbelly 30th Dec 17, 6:15 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    I guess in essence the question is, is it better to settle in full a debt that has not defaulted but has ap markers?
    Originally posted by Philip624
    Yes, it will just show as settled rather than partially settled. But it's not as if you have an otherwise clean file.. I'd still push for a discount.
    • aneb123
    • By aneb123 30th Dec 17, 10:23 PM
    • 4 Posts
    • 0 Thanks
    aneb123
    Iím all honesty I havenít had any new credit in quite a few years all of these Iíve had a very long time Iíd say the newest credit card was 2010 but yes they are all cards.

    Itís a reall quandary now as to whether I offer to make token payments for a while or I go in with offers.

    Itís a place I never thought Iíd be so Iím not sure of the best road right now.

    Thanks again.
    • sourcrates
    • By sourcrates 31st Dec 17, 12:14 AM
    • 13,104 Posts
    • 12,401 Thanks
    sourcrates
    Iím all honesty I havenít had any new credit in quite a few years all of these Iíve had a very long time Iíd say the newest credit card was 2010 but yes they are all cards.

    Itís a reall quandary now as to whether I offer to make token payments for a while or I go in with offers.

    Itís a place I never thought Iíd be so Iím not sure of the best road right now.

    Thanks again.
    Originally posted by aneb123
    Take your time, think it through, debt collection takes time, wescot only manage debts, they donít buy them, you will know they are defaulted when you get letters from Lowell, or Cabot, or the like, who are debt purchasers.

    But that could be a way off yet.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • arc2014
    • By arc2014 5th Jan 18, 12:32 PM
    • 179 Posts
    • 827 Thanks
    arc2014
    Hi all,

    Just finished reading the last few pages of this thread, and I've seen that I should send off CCA requests before making any offers. Sorry if this has been asked before but how do I do this?

    Thanks!
    Logbook Loan 970.42/1000 ∑ DC1 90/1420.32 ∑ DC2 10/321.13 ∑ DC3 11.75/11.75 ∑ DC4 60/635 ∑ Personal Loan 1706.96/5000 ∑ Overdraft 0/1200 ∑ Total 2675.76/9388.20
    SPC #200
    PAYDBX18 #014 - £761.74/10,000
    Lightbulb Moment September 2017 - DFD Christmas 2018!
    • fatbelly
    • By fatbelly 5th Jan 18, 1:04 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    Hi all,

    Just finished reading the last few pages of this thread, and I've seen that I should send off CCA requests before making any offers. Sorry if this has been asked before but how do I do this?

    Thanks!
    Originally posted by arc2014
    There's info and links to a standard letter here

    https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

    You don't have to do this, but it can be useful. The right to information under s77-9 Consumer Credit Act only applies to debts covered by that act, so credit cards, loans, catalogues, HP. Not overdrafts, mobile phones, utility bills.
    • arc2014
    • By arc2014 5th Jan 18, 1:58 PM
    • 179 Posts
    • 827 Thanks
    arc2014
    Thank you!
    Logbook Loan 970.42/1000 ∑ DC1 90/1420.32 ∑ DC2 10/321.13 ∑ DC3 11.75/11.75 ∑ DC4 60/635 ∑ Personal Loan 1706.96/5000 ∑ Overdraft 0/1200 ∑ Total 2675.76/9388.20
    SPC #200
    PAYDBX18 #014 - £761.74/10,000
    Lightbulb Moment September 2017 - DFD Christmas 2018!
    • fjimmy007
    • By fjimmy007 7th Jan 18, 1:03 PM
    • 5 Posts
    • 1 Thanks
    fjimmy007
    Hi Everyone,

    I am new to this forum , and need an expert advice on my debt issues.

    I do have debt of total of 38k with 10 different creditors , including 2 loans, 7 credit cards and one store card. By checking my credit report with noddle , 8 of my debt account which has default I think since 2011 not showing at all, only one credit card account (Mbna currently with Arc) showing ccj and one account barclaycard with links showing default since 2014 .
    My questions is that I am paying all of them £1 token payment since 2010 till now except mbna which i have ccj ,
    What if I OFFER full and final settlement to the creditors , as i can only offer 20 percent maximum of all my unsecured debt. What are my chances , or if accepted as I mentioned 8 others accounts are not on my credit file but I am paying them £1 token payment till today.If accepted will it show to my credit file partiallly settled even they are not on my credit file I mean all these acccounts are defaulted and not on my credit file. Or if I stop paying £1 token payment , can I get ccj on all these accounts again after default passing 6 years, Please advice
    • sourcrates
    • By sourcrates 7th Jan 18, 1:30 PM
    • 13,104 Posts
    • 12,401 Thanks
    sourcrates
    .
    My questions is that I am paying all of them £1 token payment since 2010 till now except mbna which i have ccj ,
    What if I OFFER full and final settlement to the creditors , as i can only offer 20 percent maximum of all my unsecured debt.

    What are my chances , or if accepted as I mentioned 8 others accounts are not on my credit file but I am paying them £1 token payment till today.If accepted will it show to my credit file partially settled even they are not on my credit file I mean all these accounts are defaulted and not on my credit file.

    Or if I stop paying £1 token payment , can I get ccj on all these accounts again after default passing 6 years, Please advice
    Originally posted by fjimmy007
    Hi,

    If they are old debts, you have a 50/50 chance of them been accepted.

    If settled, and already gone from your file, the entry will not come back no.

    As you have acknowledged the debts by paying the token payment, they will not become statute barred, so the creditor could still take legal action absolutely.

    My opinion, before you do anything, send CCA requests to each relevant account (Please Google it if you are unsure of what CCA means) just to check they still have compliant paperwork.

    Debts without legal paperwork are much more likely to settle for a smaller amount than those with paperwork.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fjimmy007
    • By fjimmy007 7th Jan 18, 2:49 PM
    • 5 Posts
    • 1 Thanks
    fjimmy007
    full and final settlement after default
    hi, my debts lists are as follows:

    abbey loan 8000(Currently with Dc) robinsons
    abby c/card 1300 Moorcroft
    mbna -ccj 5800 not paying them (Arc)
    Halifax loan 9000 westcot
    Halifax c/card 1400 appro fredrickson
    AMEX- aic - 590
    Argos card 400 Moorcroft
    Barclaycard 4300 with Links Financial
    Natwest 2800
    Capital one c/card with Mortimer solictors
    Most of my credit card are well before 2007 for 2 loans i think I got it on may 2017 with halifax and abbey but they are defaulted and with debtor collection agency.
    As i dont have any property or assest on my name and all these debts are unsecured credit . I dont have regular payment job ,. What if i offer full and final settlement offer one by one on individual basis .National debt advice online advisors advised me to go for bankruptcy which I dont really want to do. Full and final settlement if it will be accepted after all my defaulted accounts ,My credit file will not come up with partially settled account on all my defaulted accounts which currently not coming up on my credit file. By asking them for CCA as you mentioned all my accounts are with debt collection agency , do you think they have to provide me these request and will not effect me with token payment to them,
    • sourcrates
    • By sourcrates 7th Jan 18, 4:05 PM
    • 13,104 Posts
    • 12,401 Thanks
    sourcrates
    By asking them for CCA as you mentioned all my accounts are with debt collection agency , do you think they have to provide me these request and will not effect me with token payment to them,
    Originally posted by fjimmy007
    Creditors cannot pick an choose which parts of the consumer credit act they comply with, and which they donít, it is there for your protection, and theirs.

    They must comply with every section that applies to their business, sec 77/79 is a request for information about your account, they must provide a legible copy, of your credit agreement, on request, and on payment of the £1 statutory fee.

    The only pre-requisite is that a balance must still remain on the account, this applies to original creditors, debt collectors, or debt purchaser, they all must comply, or the account cannot be enforced through the courts.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fjimmy007
    • By fjimmy007 7th Jan 18, 6:18 PM
    • 5 Posts
    • 1 Thanks
    fjimmy007
    full and final settlement after default
    Hi ,
    Do you know CCA request format from any links if you have please send link to me also can i send cheque for 1 pounds each, does it also apply for ccj account as i did not receive any ccj on my current living address . thanks
    • sourcrates
    • By sourcrates 7th Jan 18, 7:01 PM
    • 13,104 Posts
    • 12,401 Thanks
    sourcrates
    Hi ,
    Do you know CCA request format from any links if you have please send link to me also can i send cheque for 1 pounds each, does it also apply for ccj account as i did not receive any ccj on my current living address . thanks
    Originally posted by fjimmy007
    Template letter here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

    Canít use on any account legal action has been taken on, also does not apply to overdraft, or mobile contract service agreements.

    Yes send a cheque if you have them still.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 7th Jan 18, 7:03 PM
    • 11,806 Posts
    • 8,901 Thanks
    fatbelly
    I posted a link a few posts ago.

    Yes you could send a cheque but we don't recommend it - we recommend a postal order

    No it would not apply to an account with a ccj - the unenforceability element would not apply - but you can still make a settlement offer
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