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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 73
    • funkyfish586
    • By funkyfish586 8th Oct 16, 10:52 AM
    • 539 Posts
    • 4,045 Thanks
    funkyfish586
    Hi all, hope you can help. We are coming up to our 7th year on a dmp and have £14k left to pay. A family member has offered to loan us half of this so we are looking to write to all our creditors and offer F&F's. I know no one can be certain how things will plan out but as it's been so long on the dmp and some of our defaults are now dropping off our credit report do you think an offer of writing off 70-80% is likely? What is the best way of making payment to them off accepted as I have read mixed things about using debit cards? How long do I say they have to respond on the letter or do I just say we can make the payment immediately if successful?

    Many thanks in advance!
    "Knowledge is knowing that a tomato is a fruit, but Wisdom is knowing not to put it in a fruit salad."
    • fatbelly
    • By fatbelly 8th Oct 16, 11:22 AM
    • 10,089 Posts
    • 7,562 Thanks
    fatbelly
    Hi all, hope you can help. We are coming up to our 7th year on a dmp and have £14k left to pay. A family member has offered to loan us half of this so we are looking to write to all our creditors and offer F&F's. I know no one can be certain how things will plan out but as it's been so long on the dmp and some of our defaults are now dropping off our credit report do you think an offer of writing off 70-80% is likely? What is the best way of making payment to them off accepted as I have read mixed things about using debit cards? How long do I say they have to respond on the letter or do I just say we can make the payment immediately if successful?

    Many thanks in advance!
    Originally posted by funkyfish586
    OK, to start by offering 20-30% is a good strategy. You'll obviously get a mixture of replies but the maxim is 'you can always go up'


    The best way to make payment is a third--party cheque. But provided you have the deal in writing on letterheaded paper I would not worry too much about the form of payment.
    • funkyfish586
    • By funkyfish586 8th Oct 16, 11:32 AM
    • 539 Posts
    • 4,045 Thanks
    funkyfish586
    Thank you Fatbelly, i'm excited that we might be coming to the end of this long journey! I'm not sure third person cheque would be an option so it would probably be bank transfer/ debit card
    "Knowledge is knowing that a tomato is a fruit, but Wisdom is knowing not to put it in a fruit salad."
    • fatbelly
    • By fatbelly 8th Oct 16, 1:50 PM
    • 10,089 Posts
    • 7,562 Thanks
    fatbelly
    Thank you Fatbelly, i'm excited that we might be coming to the end of this long journey! I'm not sure third person cheque would be an option so it would probably be bank transfer/ debit card
    Originally posted by funkyfish586
    It's only if the whole thing got into dispute and became subject to a court claim - the third party payment makes it more legally binding. It should never happen really.
    • ac2111
    • By ac2111 8th Oct 16, 8:05 PM
    • 5 Posts
    • 1 Thanks
    ac2111
    has anyone had any luck with full and finals with PRA group? and if so what % of the debt did you pay? ive got two debts passed to them one for nearly 8k and the othet nearly 3k
    • sourcrates
    • By sourcrates 8th Oct 16, 8:47 PM
    • 8,370 Posts
    • 8,204 Thanks
    sourcrates
    has anyone had any luck with full and finals with PRA group? and if so what % of the debt did you pay? ive got two debts passed to them one for nearly 8k and the othet nearly 3k
    Originally posted by ac2111
    Hi,

    What kind of debts were they, and how old ?

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • ac2111
    • By ac2111 8th Oct 16, 9:13 PM
    • 5 Posts
    • 1 Thanks
    ac2111
    credit card debts from mbna i have been making token payments only for 2 years
    • sourcrates
    • By sourcrates 8th Oct 16, 9:26 PM
    • 8,370 Posts
    • 8,204 Thanks
    sourcrates
    credit card debts from mbna i have been making token payments only for 2 years
    Originally posted by ac2111
    Have you CCA'd them ?

    The older the debt, and the longer it's been passed around debt collectors, the better deal you will get.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • ac2111
    • By ac2111 8th Oct 16, 9:46 PM
    • 5 Posts
    • 1 Thanks
    ac2111
    no i cant remember when the cards were taken out but i think they were after 2010
    • sourcrates
    • By sourcrates 8th Oct 16, 11:38 PM
    • 8,370 Posts
    • 8,204 Thanks
    sourcrates
    no i cant remember when the cards were taken out but i think they were after 2010
    Originally posted by ac2111
    Different DCA's use different methods.

    Some come in straight away with the threat of court action.

    Then, when that fails, it's discount time.

    Others do it the other way around, but basically they all do the same dance, they just have different moves.

    With most DCA's you should get between 50/60% discount if you persist.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • ac2111
    • By ac2111 9th Oct 16, 6:51 AM
    • 5 Posts
    • 1 Thanks
    ac2111
    thank you sour crates
    • NewcastlePaul
    • By NewcastlePaul 10th Oct 16, 11:03 PM
    • 142 Posts
    • 326 Thanks
    NewcastlePaul
    Rang a couple of times and still the same story.
    Eventually i did say that it would be the final offer as other creditors had accepted and the remaining cash was running out.

    They offered to settle for 69% and 70% respectively. so have agreed that. I have also heard back from BOS and Link Financial both said they would accept 80%.

    It was higher than I wanted to go but the money I have left pays them off and means I only have creditor left (Idem - £7.2k)
    They will get my full DMP payment each month and I estimate I will be debt free at the latest in 15 months

    I have managed to get rid of 41k worth of debt for the 25k that I had from my PPI claims. My % settled are..


    Creditor..........Balance......% Settled
    Marlin..............3.7k..........40%
    Marlin..............4.4k..........40%
    Beneficial.........0.4k..........50%
    Barclays...........9.3k..........60%
    Lloyds............13.1k..........65%
    Barclaycard.......1.3k.........69%
    Barclaycard.......2.2k.........70%
    Link Financial....1.3k.........80%
    BlairOliverScott..2.2k.........80%

    Average Settlement...........61%
    Originally posted by NewcastlePaul
    All of the above settlements happened.
    The final creditor (Idem) never budged once.
    They kept saying it wasn't their policy to offer f&f amounts

    But they did get the full Monthly DMP amount and just over a year later I am finally debt free. Massive thanks to all especially Fatbelly and Sourcrates
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
    • DrWatson1
    • By DrWatson1 11th Oct 16, 7:23 AM
    • 53 Posts
    • 31 Thanks
    DrWatson1
    Amazing job, well done!
    • DrWatson1
    • By DrWatson1 11th Oct 16, 12:29 PM
    • 53 Posts
    • 31 Thanks
    DrWatson1
    I had some good news today. Following on from my CCA requests, one of my larger creditors (nearly £8k/25% of my total debt), wrote to say they are unable to provide a copy of the CCA due to the age of the account.

    I guess the most encouraging thing is the account dates back to 2005 and is my most recent creditor - the remainder of the agreements date back as far as 1991 (many thanks to Fatbelly for providing the links to the credit report sites to enable me to check these out).

    Of my remaining creditors, only one has complied with the request (lucky for me, it's the smallest debt circa £1200!), while the rest have "requested copies from original lenders".....
    Last edited by DrWatson1; 11-10-2016 at 1:02 PM.
    • NewcastlePaul
    • By NewcastlePaul 11th Oct 16, 1:38 PM
    • 142 Posts
    • 326 Thanks
    NewcastlePaul
    I had some good news today. Following on from my CCA requests, one of my larger creditors (nearly £8k/25% of my total debt), wrote to say they are unable to provide a copy of the CCA due to the age of the account.

    I guess the most encouraging thing is the account dates back to 2005 and is my most recent creditor - the remainder of the agreements date back as far as 1991 (many thanks to Fatbelly for providing the links to the credit report sites to enable me to check these out).

    Of my remaining creditors, only one has complied with the request (lucky for me, it's the smallest debt circa £1200!), while the rest have "requested copies from original lenders".....
    Originally posted by DrWatson1



    Now that's a result
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
    • pip10
    • By pip10 15th Oct 16, 11:32 AM
    • 122 Posts
    • 455 Thanks
    pip10
    Success
    Thought I'd share my results - had great success with full and final settlements. It's been a long road, but I'm finally almost free of debt.

    I've been on a dmp with stepchange for 5 or 6 years and owed around 15k at the start to 5 creditors. Having paid some off on my dmp over the years, I recently became in a position to offer f and f settlements owing about 10k in total.

    I started off myself - one accepted 40% which was a Barclays overdraft. Some of the others were a bit awkward to deal with and I had various responses. I decided to ask step change to manage the f and f offers for me. They were absolutely brilliant throughout. The only thing is that you have to pay the money you're willing to offer up front to them, but I found there were no issues with this.

    Step change were able to negotiate 50% with 3 others and only 1 wouldn't accept a f&f but this is the smallest debt. So I'm now left with just over £500 on my dmp.

    barclays overdraft 40%
    PRA group 50%
    Cahoot/Santander 50%
    Moorcroft (arrow global) 50%
    Idem did not want any less than 100%

    Thanks for all the help on here and good luck to everyone doing f+f

    I won't be taking out any credit cards in the future!!
    • pip10
    • By pip10 15th Oct 16, 11:34 AM
    • 122 Posts
    • 455 Thanks
    pip10
    has anyone had any luck with full and finals with PRA group? and if so what % of the debt did you pay? ive got two debts passed to them one for nearly 8k and the othet nearly 3k
    Originally posted by ac2111
    See my post above
    • ac2111
    • By ac2111 15th Oct 16, 7:52 PM
    • 5 Posts
    • 1 Thanks
    ac2111
    thanks pip10 it is helpful to see what sort of % other people have been able to get agreex
    • DrWatson1
    • By DrWatson1 17th Oct 16, 8:20 AM
    • 53 Posts
    • 31 Thanks
    DrWatson1
    Quick question about "prescribed terms".

    Following on from my CCA requests, a creditor (Idem) has written to me with a signed application form for one of my debts (M&S), together with a statement of account. The single page document they have sent looks like an in-store application for that takes 5 mins to fill out.

    However, the application form does not contain what I understand to be the "prescribed terms" - there is no mention of credit limit or interest rate.

    Is this debt enforceable?
    • fatbelly
    • By fatbelly 17th Oct 16, 8:43 AM
    • 10,089 Posts
    • 7,562 Thanks
    fatbelly
    From Wilson v First County:

    In effect, the creditor–by failing to ensure that he obtained a document signed by the debtor which contained all the prescribed terms–must (in the light of the provisions in ss 65(1) and 127(3) of the 1974 Act) be taken to have made a voluntary disposition, or gift, of the loan moneys to the debtor. The creditor had chosen to part with the moneys in circumstances in which it was never entitled to have them repaid;
    Good luck!

    Some reading here if the link works

    https://paulatwatsonssolicitors.wordpress.com/tag/missing-prescribed-terms/
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