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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 86
    • Twins
    • By Twins 11th Apr 17, 6:04 PM
    • 250 Posts
    • 1,037 Thanks
    Twins
    If you log on to your credit reference files with Noddle or Clearscore (both free) and look on the MBNA account it should show the opening date

    Edit: It's always worth asking for CCAs - even newer ones may slip up somewhere (unlikely but we can hope ). Older accounts are more likely to have issues with the CCA documentation and T&Cs. I'm not an expert but I would say if an account is pre 2008 it's worth asking on here when the documentation is provided.
    Originally posted by January2015

    Ooh thank you again January. I just signed up to Noodle and got to the end where they said my report would be sent via email and ....nothing I checked my junk folder and still nothing. It says the link is only valid for 24hours then I have to sign in and do it all again. Wonder why it hasn't come through. Would it matter if I signed up to Clearscore as well? x
    • Twins
    • By Twins 11th Apr 17, 6:22 PM
    • 250 Posts
    • 1,037 Thanks
    Twins
    Sorry January, got my link through now and I'm really confused! I have red defaults every month since the following against the following:

    Hoist since Oct 2016
    Capital One since July 2011
    Link March 2012
    Sainsburys loan Nov 2011
    Santander Nov 2011

    Are all the defaults normal every month? I thought they only recorded them once you first started to miss the full payment? Eg when going on DMP?
    I'm very concerned if this is right or not?

    Thank you for helping!
    • January2015
    • By January2015 11th Apr 17, 7:39 PM
    • 1,694 Posts
    • 4,597 Thanks
    January2015
    Sorry January, got my link through now and I'm really confused! I have red defaults every month since the following against the following:

    Hoist since Oct 2016
    Capital One since July 2011
    Link March 2012
    Sainsburys loan Nov 2011
    Santander Nov 2011

    Are all the defaults normal every month? I thought they only recorded them once you first started to miss the full payment? Eg when going on DMP?
    I'm very concerned if this is right or not?

    Thank you for helping!
    Originally posted by Twins
    Hi

    Don't panic about the D markers for default on your report. There will be a default date - the date on which the default was recorded against your account. After that date, the record will be updated each month with a big red D to show it is defaulted.

    All of your accounts are post 2008, so CCAs are likely to be compliant. As I said it's always worth asking for them.
    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
    • sourcrates
    • By sourcrates 11th Apr 17, 9:44 PM
    • 10,921 Posts
    • 10,576 Thanks
    sourcrates
    Sorry January, got my link through now and I'm really confused! I have red defaults every month since the following against the following:

    Hoist since Oct 2016
    Capital One since July 2011
    Link March 2012
    Sainsburys loan Nov 2011
    Santander Nov 2011

    Are all the defaults normal every month? I thought they only recorded them once you first started to miss the full payment? Eg when going on DMP?
    I'm very concerned if this is right or not?

    Thank you for helping!
    Originally posted by Twins
    They are just recording the accounts defaulted status every month.

    It's perfectly normal.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • Twins
    • By Twins 11th Apr 17, 9:50 PM
    • 250 Posts
    • 1,037 Thanks
    Twins
    Thank you January and Sourcrates, panic over about seeing those red D's all over the report, that makes sense now.

    Sorry for all the questions but I'm wondering why Hoist has decided to default me in 2016. That original debt was with Tesco but no record of that, only with Hoist who have the latest default date of the lot which is rather annoying as all the others are 2011 or 2012. Is there anything I can do about that?

    Thank you!!
    • sourcrates
    • By sourcrates 11th Apr 17, 11:00 PM
    • 10,921 Posts
    • 10,576 Thanks
    sourcrates
    Thank you January and Sourcrates, panic over about seeing those red D's all over the report, that makes sense now.

    Sorry for all the questions but I'm wondering why Hoist has decided to default me in 2016. That original debt was with Tesco but no record of that, only with Hoist who have the latest default date of the lot which is rather annoying as all the others are 2011 or 2012. Is there anything I can do about that?

    Thank you!!
    Originally posted by Twins
    Yes write and complain that the account should of been defaulted earlier.

    You may have to go back to Tesco for this, the guidelines state a default should be recorded after 3/6 missed payments, check your dates and adjust them to your situation.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • MummyNeedsCoffee
    • By MummyNeedsCoffee 12th Apr 17, 11:26 AM
    • 1 Posts
    • 1 Thanks
    MummyNeedsCoffee
    I was in receipt of a one off payment equal to 40% of my entire debt. I spoke to each individually. So far Lowell accepted my 40% offer.
    Wescott have offered 60%. (Original lender 'beat' their offer of 75%)
    Robinson Way 70%.
    Fredrickson 70%.
    Capquest 90% (stingy b****)

    Waiting to hear from original lenders through Robinson Way and Capquest, fingers crossed

    All have been very approachable and nice to speak to and they have all been understanding of my difficult situation leading to these debts.
    • fatbelly
    • By fatbelly 12th Apr 17, 12:54 PM
    • 10,826 Posts
    • 8,091 Thanks
    fatbelly
    I was in receipt of a one off payment equal to 40% of my entire debt. I spoke to each individually. So far Lowell accepted my 40% offer.
    Wescott have offered 60%. (Original lender 'beat' their offer of 75%)
    Robinson Way 70%.
    Fredrickson 70%.
    Capquest 90% (stingy b****)

    Waiting to hear from original lenders through Robinson Way and Capquest, fingers crossed

    All have been very approachable and nice to speak to and they have all been understanding of my difficult situation leading to these debts.
    Originally posted by MummyNeedsCoffee
    Good. You do need to bit a bit careful about who now owns the debt.

    Wescot and Frederickson generally just act as a collector.

    Capquest and Robinson Way (through Hoist, part of their group) could have bought the debts.
    • carbootcrazy
    • By carbootcrazy 12th Apr 17, 1:33 PM
    • 3,690 Posts
    • 20,522 Thanks
    carbootcrazy
    I was in receipt of a one off payment equal to 40% of my entire debt. I spoke to each individually. So far Lowell accepted my 40% offer.
    Wescott have offered 60%. (Original lender 'beat' their offer of 75%)
    Robinson Way 70%.
    Fredrickson 70%.
    Capquest 90% (stingy b****)

    Waiting to hear from original lenders through Robinson Way and Capquest, fingers crossed

    All have been very approachable and nice to speak to and they have all been understanding of my difficult situation leading to these debts.
    Originally posted by MummyNeedsCoffee
    Am I correct in assuming that you aren't on a DMP with someone like Stepchange but are negotiating F&Fs completely by yourself?

    I understood that in the event that a lump sum could be offered to settle debts early the debt management charities offer it to the creditors on a pro-rata basis. I assume you are offering 40% per creditor regardless of the amount owed. please forgive me if I've got the wrong end of the stick here

    I'm now self-managing my DMP after 4 years with Stepchange and am trying to find out all the likely scenarios before offering any F&Fs. Not that I'm in the lovely position of having 40% of my total outstanding debt yet. Congratulations on being in that position yourself

    Good Luck
    Make £10 A Day Challenge 2017. Jan-May: £1620.98. June: £173.25
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    • Learning2Budget
    • By Learning2Budget 12th Apr 17, 2:15 PM
    • 1,092 Posts
    • 4,936 Thanks
    Learning2Budget
    Offered a f&f on my dmp. Cahoot are very slow and my smallest westcott has been declined. However everyone else has settled for approx 70%. Few more weeks and it may be over.
    L2B.x
    LBM 2008 £45,091.23 eek: now £7889 Debt free date 18/07/2018
    • heatherks
    • By heatherks 17th Apr 17, 10:05 PM
    • 831 Posts
    • 696 Thanks
    heatherks
    Barclaycard do they accept settlement offers
    hi i have only one creditor left on my dmp Barclaycard who were also only ones who continued to add interest on my account

    My reduced payment plan came to an end recently and as i didnt send them a full copy of my income and expenditure (although i did send them a letter telling them them my circumstances and income had not changed) they wouldnt accept my offer to continue paying £20 a month and asks me to cobtact their specialist support team when i call the number on letter its says number not recognised

    Barclaycard are the only ones (well apart from littlewoods ) to give me hassle through the years phoning my mobile several times during last month asking for my income and expenditure i usually only deal with them in writing

    A family member has offered to pay it off for me and i was wondering if anyone had recenly had sucess with Barclaycard and a F&F
    • fatbelly
    • By fatbelly 18th Apr 17, 7:03 AM
    • 10,826 Posts
    • 8,091 Thanks
    fatbelly
    A family member has offered to pay it off for me and i was wondering if anyone had recenly had sucess with Barclaycard and a F&F
    Originally posted by heatherks
    They are not the easiest but I've seen settlements at 70%
    • Mark80
    • By Mark80 18th Apr 17, 4:10 PM
    • 7 Posts
    • 1 Thanks
    Mark80
    Hi,

    I have so many defaulted debts and I decided to make some full and final settlement offers for the lowest ones. Can I do this through email? Or use a pdf for offer and attached to the mail that I will send to them?

    Or the best solution is to print my offer and send them by post?

    Thanks
    Mark
    Last edited by Mark80; 18-04-2017 at 4:13 PM.
    • carbootcrazy
    • By carbootcrazy 18th Apr 17, 4:21 PM
    • 3,690 Posts
    • 20,522 Thanks
    carbootcrazy
    Hi,

    I have so many defaulted debts and I decided to make some full and final settlement offers for the lowest ones. Can I do this through email? Or use a pdf for offer and attached to the mail that I will send to them?

    Or the best solution is to print my offer and send them by post?

    Thanks
    Mark
    Originally posted by Mark80
    Hi Mark

    Sorry, I'm in a rush but wanted to say that there are template letters somewhere with the wording that you should include when making a F&F offer. Someone might be along soon and point you in the right direction. If not, I'll try to be back later this evening.
    Make £10 A Day Challenge 2017. Jan-May: £1620.98. June: £173.25
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    • Learning2Budget
    • By Learning2Budget 18th Apr 17, 10:03 PM
    • 1,092 Posts
    • 4,936 Thanks
    Learning2Budget
    I had 2 settlements but they wanted 90%.
    LBM 2008 £45,091.23 eek: now £7889 Debt free date 18/07/2018
    • redux
    • By redux 21st Apr 17, 8:00 AM
    • 16,721 Posts
    • 20,803 Thanks
    redux
    Barclaycard are the only ones (well apart from littlewoods ) to give me hassle through the years phoning my mobile several times during last month asking for my income and expenditure i usually only deal with them in writing

    A family member has offered to pay it off for me and i was wondering if anyone had recenly had sucess with Barclaycard and a F&F
    Originally posted by heatherks
    It is worth talking to them on the phone, first to make a new arrangement, and to see if they can do something about interest, but also ask about the prospect of a settlement offer, with your family helping.

    The ordinary customer services might suggest settlement at 75%, and they can't do anything about interest.

    Say this isn't good enough, and ask to talk to their complaints or customer relations team.

    They might have discretion to suggest 60%. Also they might not be able to zero the future interest, but they might make sure it is as low as possible, and maybe do a goodwill refund of the last few months.

    Another thing to discuss with them is that, going by quite a few comments here, Barclaycard seem to usually describe the account to credit reference agencies as in an arrangement, rather than defaulted, and this doesn't necessarily disappear from the files as quickly as a default would (6 years). After some discussion, in which you point out that it might be unfair for you to be described on credit files for longer than someone who fully defaulted, they should agree to remove it at a certain stage. Make a note to yourself, and be ready to remind them later.

    If they can still suggest 60% settlement, which they did a couple of years ago for someone I know, leave it a while, to talk to your family again, then call back and offer 45 or 50%.

    Although most of it can be done on the phone, get them to confirm the settlement in writing.

    Edit: BC customer relations team 08000 150451
    Last edited by redux; 21-04-2017 at 8:31 AM.
    • DopeyTom
    • By DopeyTom 25th Apr 17, 11:35 PM
    • 22 Posts
    • 0 Thanks
    DopeyTom
    Who to make F&F settlement to?
    Shoosmith's, collecting a debt on behalf of Arrow Global, recently issued me with a Letter Before Action, so as to avoid a CCJ, ive arranged a repayment plan of £10 / month.
    When setting up the repayment plan with Shoosmiths, I asked about the possibility of a F&F settlement, the guy told me that I should contact them (Shoosmith's) by phone in order to make a F&F settlement offer, which they would then pass on to Arrow Global, before getting back to me with the outcome.
    I intend to send a F&F settlement offer in writing, should this letter indeed be addressed to Shoosmiths or to Arrow Global (Arrow are the creditor)?
    • sourcrates
    • By sourcrates 25th Apr 17, 11:38 PM
    • 10,921 Posts
    • 10,576 Thanks
    sourcrates
    Shoosmith's, collecting a debt on behalf of Arrow Global, recently issued me with a Letter Before Action, so as to avoid a CCJ, ive arranged a repayment plan of £10 / month.
    When setting up the repayment plan with Shoosmiths, I asked about the possibility of a F&F settlement, the guy told me that I should contact them (Shoosmith's) by phone in order to make a F&F settlement offer, which they would then pass on to Arrow Global, before getting back to me with the outcome.
    I intend to send a F&F settlement offer in writing, should this letter indeed be addressed to Shoosmiths or to Arrow Global (Arrow are the creditor)?
    Originally posted by DopeyTom
    Arrow global will be the owner of the account, shoesmiths are there tame solicitors.

    Bypass the monkey and go straight to the organ grinder.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • NittyGritty
    • By NittyGritty 26th Apr 17, 12:46 PM
    • 879 Posts
    • 270 Thanks
    NittyGritty
    anyone else have their debt passed onto wescot?


    ive just offered them a F+F offer they just asked for income+expenditure before they will listen to offers,


    should I be sending them the offer (as they have taken over from NatWest) or the original owner NatWest?
    • January2015
    • By January2015 26th Apr 17, 3:15 PM
    • 1,694 Posts
    • 4,597 Thanks
    January2015
    anyone else have their debt passed onto wescot?


    ive just offered them a F+F offer they just asked for income+expenditure before they will listen to offers,


    should I be sending them the offer (as they have taken over from NatWest) or the original owner NatWest?
    Originally posted by NittyGritty
    Westcott only manage the debt for NW. Any offer you make will have to be referred to NW anyway so write straight to them. From experience they will want an I&E statement as well - unless you advise a third party, e.g. Relatives, are supporting you to settle the account It doesn't matter what your I&E is if that is the case.
    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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