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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 105
    • David848435
    • By David848435 8th Jan 18, 2:05 AM
    • 12 Posts
    • 1 Thanks
    David848435
    Hello,

    What would a settlement offer with CCJ entail?
    I have two which I would like to get rid of.
    • fatbelly
    • By fatbelly 8th Jan 18, 8:08 AM
    • 11,773 Posts
    • 8,867 Thanks
    fatbelly
    Hello,

    What would a settlement offer with CCJ entail?
    I have two which I would like to get rid of.
    Originally posted by David848435
    The same as a normal debt. Just don't expect a big discount. And make sure the creditor agrees to mark the ccj settled
    • fjimmy007
    • By fjimmy007 8th Jan 18, 9:31 AM
    • 5 Posts
    • 1 Thanks
    fjimmy007
    full and final settlement after default
    Hi ,

    Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.
    • carbootcrazy
    • By carbootcrazy 8th Jan 18, 1:14 PM
    • 4,220 Posts
    • 23,676 Thanks
    carbootcrazy
    Hi ,

    Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.
    Originally posted by fjimmy007
    Sorry, in a rush, but will just respond to your question about Postal Orders. You get them from any Post Office and have to pay a fee on top of the £1 cost. Not sure how much it is though.

    They usually ask when you buy it if you want it crossed or not. Crossed is safer as it's like a cheque then trhat the recipient has to pay into their bank. Less chance of it just going astray IMO. The Post Office will ask who you want it made payable to so make sure you know exactly who it is that you're sending it to. Once it has been made out to someone no one else can cash it so it will be money down the drain for you if it gets returned by the creditor because you've completed the details incorrectly.

    I tend to get a crossed Postal Order and then fill in the Payee bit myself when I've double-checked who it has to be sent to. You can find the detail of the correct recipient by phoning the creditor, from any paperwork they may have sent you which mentions it specifically (Paying in information) or online but please make sure you do it. I once sent off a filled-in Postal Order and had it returned as I'd done it wrong. It was then useless and I had to rip it up and buy another
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £12411
    . Getting there.
    • sourcrates
    • By sourcrates 8th Jan 18, 2:10 PM
    • 13,034 Posts
    • 12,341 Thanks
    sourcrates
    Hi ,

    Thanks for your comment , HOW can i get postal order , do i need to go to bank and also is there any charges for £1 postal order. What is the reason behind cca . what if they dont have my cca or if they have , i have got my credit cards well before 2007. why would they leave the balance on this cca issue.
    Originally posted by fjimmy007
    To much info to reply to all your questions really, look at these links and do some research on the subject, National Debtline cover`s the basics here :

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

    Template letter here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
    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/
    • braveheart6612
    • By braveheart6612 9th Jan 18, 12:52 PM
    • 27 Posts
    • 23 Thanks
    braveheart6612
    Hi I've been away for a while from the forum , I have been making reduced payments for about 6 months , 2 accounts with Lowell previously Creation Finance now settled this morning ..... Balance £171 settled £50 and other account balance £471 settled £150 avg 70 % discount.......and can pay it over 2 months......all in writing just to make sure .......Once again thanks for all your help on the forum .
    • RW01
    • By RW01 11th Jan 18, 10:25 AM
    • 9 Posts
    • 15 Thanks
    RW01
    Hi,

    I requested 2 cca's from Link at then end of Oct 17, they're still unable to provide them for me (first debt is only about £185 I think for an old Debenhams card, 2nd is for £3800 for an old MBNA loan - this is the one that concerns me most as it's still showing as a default on my credit rating and is the only negative I have). I'm going to be in a situation to make a F&F settlement offer at the end of this month, as the debts are currently now deemed 'unenforceable' why is a realistic figure to start with? has anyone else had a similar situation they can share with me? I'm currently paying c£80'per month to them as part of my DMP and have been going for about 8 years (although they only bought the debt about 18 months ago which is when I got the default notice on my credit rating). Any advice would be appreciated. Thanks
    • RW01
    • By RW01 11th Jan 18, 10:46 AM
    • 9 Posts
    • 15 Thanks
    RW01
    Sorry just checked and realised the larger debt is with Barclaycard not MBNA - not sure if that makes any difference!
    • fatbelly
    • By fatbelly 11th Jan 18, 12:46 PM
    • 11,773 Posts
    • 8,867 Thanks
    fatbelly
    Hi,

    I requested 2 cca's from Link at then end of Oct 17, they're still unable to provide them for me (first debt is only about £185 I think for an old Debenhams card, 2nd is for £3800 for an old MBNA loan - this is the one that concerns me most as it's still showing as a default on my credit rating and is the only negative I have). I'm going to be in a situation to make a F&F settlement offer at the end of this month, as the debts are currently now deemed 'unenforceable' why is a realistic figure to start with? has anyone else had a similar situation they can share with me? I'm currently paying c£80'per month to them as part of my DMP and have been going for about 8 years (although they only bought the debt about 18 months ago which is when I got the default notice on my credit rating). Any advice would be appreciated. Thanks
    Originally posted by RW01
    I wouldn't be in a rush to make any sort of offer.

    They are probably still taking the line 'we are looking for your agreement and will be back in touch when we find it'.

    At some point they are likely to say 'we can't find it.'

    You can then walk away or make a really low offer. In the meantime I wouldn't be paying them anything. See what the others think.
    • StokieBecks
    • By StokieBecks 11th Jan 18, 3:23 PM
    • 4,443 Posts
    • 27,007 Thanks
    StokieBecks
    Had the account defaulted before they took over the running of it? They can't change the default date or give you a second one.
    • carbootcrazy
    • By carbootcrazy 11th Jan 18, 7:28 PM
    • 4,220 Posts
    • 23,676 Thanks
    carbootcrazy
    Had an interesting letter from Wescot today. They are collecting my Lloyds CC debt and I've been paying all creditors £1 token payments for the past 6 months after going self-managed on my DMP so I could build up a F&F fund.

    This Lloyds debt is now around £7400 after starting at £15000 in 2013 and being paid down during 4 years with StepChange,

    I CCA'd all my debts eventually (didn't even know such a thing as UE debts existed until I'd already repaid about half of my overall debt burden). 2 debts came back as definitely UE and the other 3 creditors produced paperwork which they say is compliant. I am in the process of getting the paperwork for these 3 supposedly enforceable debts checked out though.


    Lloyds/Wescot is my biggest debt and although Wescot have been very reasonable to deal with, Lloyds themselves have been very unhelpful over the years. They were very late to default and kept the debt 'in house' through their own collections departments for years before they let Wescot act as the middle man. Lloyds still own the debt though.


    The letter from Wescot asks me to contact them to discuss my plans for payment as they had told me when I went on token payments that they would be reviewing my payment situation after 6 months. They also said that Lloyds have given them permission to negotiate a settlement figure. They don't mention what discount they might offer and want to talk to me on the phone. They have always honoured their promise just to contact me by letter so I'm wondering what I should do. I don't suppose it would do any harm to see what they have to say, I don't have to commit to anything, and I could always ask for letter contact only afterwards. I would not pay anything at all at the moment as I'm still ascertaining if the debt is UE or not. Supposing it turns out that the debt is kosher this is one I really want gone. I also have a small PPI claim I need to send to Lloyds but am holding fire until the debt is no more. I don't want them using any PPI refund towards the debt repayment.


    Any advice please on what I should do next? This is the very first time any creditor has even mentioned the possibility of early settlement.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £12411
    . Getting there.
    • RW01
    • By RW01 11th Jan 18, 8:11 PM
    • 9 Posts
    • 15 Thanks
    RW01
    Hi, it was (to my knowledge although hadn't been checking my credit rating knowing it would be awful) the first time the default was registered.

    I'd normally take the approach of waiting but would really like to get this last debt of my credit score, i maybe just need to bide my time (not a talent of mine unfortunately 😆!)
    Thanks
    • sourcrates
    • By sourcrates 11th Jan 18, 8:13 PM
    • 13,034 Posts
    • 12,341 Thanks
    sourcrates
    Had an interesting letter from Wescot today. They are collecting my Lloyds CC debt and I've been paying all creditors £1 token payments for the past 6 months after going self-managed on my DMP so I could build up a F&F fund.

    This Lloyds debt is now around £7400 after starting at £15000 in 2013 and being paid down during 4 years with StepChange,

    I CCA'd all my debts eventually (didn't even know such a thing as UE debts existed until I'd already repaid about half of my overall debt burden). 2 debts came back as definitely UE and the other 3 creditors produced paperwork which they say is compliant. I am in the process of getting the paperwork for these 3 supposedly enforceable debts checked out though.


    Lloyds/Wescot is my biggest debt and although Wescot have been very reasonable to deal with, Lloyds themselves have been very unhelpful over the years. They were very late to default and kept the debt 'in house' through their own collections departments for years before they let Wescot act as the middle man. Lloyds still own the debt though.


    The letter from Wescot asks me to contact them to discuss my plans for payment as they had told me when I went on token payments that they would be reviewing my payment situation after 6 months. They also said that Lloyds have given them permission to negotiate a settlement figure. They don't mention what discount they might offer and want to talk to me on the phone. They have always honoured their promise just to contact me by letter so I'm wondering what I should do. I don't suppose it would do any harm to see what they have to say, I don't have to commit to anything, and I could always ask for letter contact only afterwards. I would not pay anything at all at the moment as I'm still ascertaining if the debt is UE or not. Supposing it turns out that the debt is kosher this is one I really want gone. I also have a small PPI claim I need to send to Lloyds but am holding fire until the debt is no more. I don't want them using any PPI refund towards the debt repayment.


    Any advice please on what I should do next? This is the very first time any creditor has even mentioned the possibility of early settlement.
    Originally posted by carbootcrazy
    Yes by all means you can ring them and negotiate a settlement, they will only be authorised to go to a certain amount, but if you donít want to accept what they offer, just say, Iíll get back to you, and politely hang up.

    On the other hand, if you like what you hear, ask them to confirm in writing, and do the deed.

    Remember, the client will of given them discretion to a particular amount, you may as well go straight in and ask what the lowest amount is that Lloydís will accept, no point beating around the bush with them, go for the jugular !!
    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/
    • Jukesy1982
    • By Jukesy1982 11th Jan 18, 10:26 PM
    • 1 Posts
    • 0 Thanks
    Jukesy1982
    After some advice if possible in what to do next. I went through payplan to set up an IVA a few years ago.

    My husband has received some inheritance and we decided as we would like to buy a house at some point we would pay off the payplan early which would make us debt free.

    I contacted payplan and we offered them the current total (not inc interest). We gave them all the info they requested within 24 hours. But they've advised it could be 3-6 months with their variations team to arrange the meeting with the creditors? And that in the meantime the monthly payments we make have to continue and won't be taken off the offer?

    This seems to wrong to me.

    I don't know whether I'm maybe best to just contact each creditor with a F&F offer myself as I'm guessing it would be quicker. Though would they just say "oh your with payplan, you have to go through them now?"

    Can't believe when we finally can pay it off it's made so difficult!
    • fatbelly
    • By fatbelly 11th Jan 18, 11:20 PM
    • 11,773 Posts
    • 8,867 Thanks
    fatbelly
    After some advice if possible in what to do next. I went through payplan to set up an IVA a few years ago.

    My husband has received some inheritance and we decided as we would like to buy a house at some point we would pay off the payplan early which would make us debt free.

    I contacted payplan and we offered them the current total (not inc interest). We gave them all the info they requested within 24 hours. But they've advised it could be 3-6 months with their variations team to arrange the meeting with the creditors? And that in the meantime the monthly payments we make have to continue and won't be taken off the offer?

    This seems to wrong to me.

    I don't know whether I'm maybe best to just contact each creditor with a F&F offer myself as I'm guessing it would be quicker. Though would they just say "oh your with payplan, you have to go through them now?"

    Can't believe when we finally can pay it off it's made so difficult!
    Originally posted by Jukesy1982
    You're in a formal insolvency solution so your position is totally different from posters on this thread. You need to post on the IVA sub-board.

    For what it's worth, Payplan's advice seems correct to me.

    Debt Camel has written about it here and you seem to be case 2

    https://debtcamel.co.uk/iva-settlement/
    • carbootcrazy
    • By carbootcrazy 12th Jan 18, 3:02 PM
    • 4,220 Posts
    • 23,676 Thanks
    carbootcrazy
    Yes by all means you can ring them and negotiate a settlement, they will only be authorised to go to a certain amount, but if you donít want to accept what they offer, just say, Iíll get back to you, and politely hang up.

    On the other hand, if you like what you hear, ask them to confirm in writing, and do the deed.

    Remember, the client will of given them discretion to a particular amount, you may as well go straight in and ask what the lowest amount is that Lloydís will accept, no point beating around the bush with them, go for the jugular !!
    Originally posted by sourcrates
    Thanks, sourcrates. You always give such useful advice

    I phoned Wescot as you advised and the man I spoke to was very helpful and patient. Not as much an ordeal as I'd anticipated


    Unfortunately he said that as it was a Lloyds account they (Wescot) are not able to advise of any likely settlement figure and Lloyds need my proposed amount put to them so they can assess whether to accept it or not. He couldn't even give me any clue as to what ballpark figure I should pitch my offer at


    The outstanding balance on this debt is now just over £7400 (from a starting point of £15000 in early 2013) and I'm now self-managing my DMP. I've been on token £1 payments for 6 months and hope to continue at this rate or slightly over for a good while yet. Any advice what my starting offer should be please? I don't want to go in too high and have my hand snatched off as my F&F fund is needed to get all my other debts paid off asap as well.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £12411
    . Getting there.
    • Anniee88
    • By Anniee88 12th Jan 18, 3:57 PM
    • 44 Posts
    • 115 Thanks
    Anniee88
    Thanks, sourcrates. You always give such useful advice

    I phoned Wescot as you advised and the man I spoke to was very helpful and patient. Not as much an ordeal as I'd anticipated


    Unfortunately he said that as it was a Lloyds account they (Wescot) are not able to advise of any likely settlement figure and Lloyds need my proposed amount put to them so they can assess whether to accept it or not. He couldn't even give me any clue as to what ballpark figure I should pitch my offer at


    The outstanding balance on this debt is now just over £7400 (from a starting point of £15000 in early 2013) and I'm now self-managing my DMP. I've been on token £1 payments for 6 months and hope to continue at this rate or slightly over for a good while yet. Any advice what my starting offer should be please? I don't want to go in too high and have my hand snatched off as my F&F fund is needed to get all my other debts paid off asap as well.
    Originally posted by carbootcrazy
    The people in the know will be along to help you with this but from what Iíve read you could go in at 35-40% and can always raise it if you want to if they decline. I canít wait to be at this stage! Just started to pay my £1 token payments this is my first month
    • ac2111
    • By ac2111 12th Jan 18, 6:24 PM
    • 7 Posts
    • 6 Thanks
    ac2111
    Full and final accepted RobinsonWay
    Hi all im more of a lurker on this board, have had succeas today with my smallest debt Robinsonway accepted 350 on a debt of 1157, I offered 250 which was rejected and the gave a counter offer of 868.80 I went back with 350 which was then accepted. I had been paying token payment of £1 for over 2 years. hope this info may help someone else
    • ploppy57
    • By ploppy57 12th Jan 18, 7:20 PM
    • 407 Posts
    • 2,939 Thanks
    ploppy57
    Hi all im more of a lurker on this board, have had succeas today with my smallest debt Robinsonway accepted 350 on a debt of 1157, I offered 250 which was rejected and the gave a counter offer of 868.80 I went back with 350 which was then accepted. I had been paying token payment of £1 for over 2 years. hope this info may help someone else
    Originally posted by ac2111

    That's really great...and very interesting as we have just been offered a f&f from Robinson's. Our debt is £2800 & they are saying they will accept £1400. We are still paying through SC so I think we need to go self managed and then drop to minimum payments and see what happens.

    Can I just ask, have they been OK about you paying £1 payments for such a long time?
    DMP started March '15 - £57,549 Now approx..£44,934. DFD 2031! Based on current figures, but hope improve on that.
    Emergency fund #231... £15/£1000.
    £2 Challenge #43.... £8 20p Challenge #104... £1
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • January2015
    • By January2015 12th Jan 18, 7:53 PM
    • 1,802 Posts
    • 4,834 Thanks
    January2015
    Any advice what my starting offer should be please? I don't want to go in too high and have my hand snatched off as my F&F fund is needed to get all my other debts paid off asap as well.
    Originally posted by carbootcrazy
    Hi CBC

    I would go in at 30% - 35%. They will most likely refuse and you can bat backwards and forwards until you reach a figure you are happy with - or not, in which case you just keep plodding with the token payments.

    The problem is the debt is still with the original creditor - albeit that it is being managed by a DCA (Wescot). It is so frustrating that creditors seem to prefer to sell to DCAs for peanuts rather than settle directly with customers for similar peanuts
    I understand why they don't want to accept low offers, but if they are going to sell the debt for that anyway then why not make the first offer directly to the creditor and if that is refused only then they should be able to sell to a DCA
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
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