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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 96
    • acee
    • By acee 28th Sep 17, 7:07 PM
    • 26 Posts
    • 10 Thanks
    acee
    Looking for some advice. I have been given £1500 back today from a payday loan refund. I have a DMP but several of the companies I owe to I am currently trying to claim refunds from irresponsible lending. Should I ignore these companies when deciding who to offer a F&F to?
    I owe Satsuma £1k and Lending Stream via CRS £600 what should I realistically offer these 2 for a F&F?
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 28th Sep 17, 9:24 PM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    Hi,
    I'm really pleased, I have a dmp with stepchange and owed a lot...(started at over 50k) got it down to 34k, last week had the Lowell letter, 50% reduction wanted 2.5k on a 5k debt......I had a small inheritance this year, wrote with offers all refused......so took a chance rang them and offered 2k which they have accepted...
    So, feeling brave I rang PRA (19k owed) offered them 6.6k.........which they have accepted......
    I now only owe 8.5k........am waiting to hear back from Link Financial......offered 2.4k on a 7k debt.......
    Anyone had any joy with Link?
    Originally posted by djewkes
    All our creditors accepted a 50% full and final offer except Link Financial. We're still negotiating with them at the moment. I hope you have better luck. Great news on the others though.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
    • carbootcrazy
    • By carbootcrazy 29th Sep 17, 8:36 AM
    • 4,157 Posts
    • 23,313 Thanks
    carbootcrazy
    All our creditors accepted a 50% full and final offer except Link Financial. We're still negotiating with them at the moment. I hope you have better luck. Great news on the others though.
    Originally posted by HairyHandofDartmoor
    What were Link willing to accept, please? One of my biggest debts are with them and I'm still seeking advice on whether it's unenforceable as it was a debt from the 1990s. I haven't started the F&F process with them yet for that reason but if it proves enforceable I wondered what sort of level to start at.


    Well done on your other successful offers
    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.
    • carbootcrazy
    • By carbootcrazy 29th Sep 17, 8:40 AM
    • 4,157 Posts
    • 23,313 Thanks
    carbootcrazy
    Hi,
    I'm really pleased, I have a dmp with stepchange and owed a lot...(started at over 50k) got it down to 34k, last week had the Lowell letter, 50% reduction wanted 2.5k on a 5k debt......I had a small inheritance this year, wrote with offers all refused......so took a chance rang them and offered 2k which they have accepted...
    So, feeling brave I rang PRA (19k owed) offered them 6.6k.........which they have accepted......
    I now only owe 8.5k........am waiting to hear back from Link Financial......offered 2.4k on a 7k debt.......
    Anyone had any joy with Link?
    Originally posted by djewkes
    Congratulations. It must feel wonderful to be so much closer to debt freedom

    Good Luck with Link, we'll all be very interested to hear how you get on with them.
    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.
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 29th Sep 17, 9:06 AM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    What were Link willing to accept, please? One of my biggest debts are with them and I'm still seeking advice on whether it's unenforceable as it was a debt from the 1990s. I haven't started the F&F process with them yet for that reason but if it proves enforceable I wondered what sort of level to start at.


    Well done on your other successful offers
    Originally posted by carbootcrazy
    Link offered 25% off the smaller debt and about 17% off the larger debt. We said no as only have 50%. They said if we get a doctors letter about my DH's health conditions they may be able to make him a lower offer, so we're getting that sorted. I'll post on how that goes when I know more.

    Good luck with yours.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
    • carbootcrazy
    • By carbootcrazy 29th Sep 17, 9:11 AM
    • 4,157 Posts
    • 23,313 Thanks
    carbootcrazy
    Link offered 25% off the smaller debt and about 17% off the larger debt. We said no as only have 50%. They said if we get a doctors letter about my DH's health conditions they may be able to make him a lower offer, so we're getting that sorted. I'll post on how that goes when I know more.

    Good luck with yours.
    Originally posted by HairyHandofDartmoor
    Thank you

    Sorry to hear of your DH's health conditions. Being in debt is a stressful place to be and having health issues too must make things very hard for you and DH. Wishing you both all the best.
    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.
    • pbsmiles
    • By pbsmiles 29th Sep 17, 11:50 AM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    Hi All - been watching this for a while and am now in a position to begin negotiating. I have 38k debt which has been in a DMP since 2009. Currenting paying £110 a month and the date for finish is 2046 which will make me 79 years old.

    I am going in with 10k which is about 26% of the total amount.

    The split is
    PRA 5513, PRA 4856, Arrow 3255, Next 2181, IDEM 1824, Barclay Loans 18,319 and Robinson Way 1229.

    Has anyone had any experiences with these companies and can offer me feedback/advice.

    I know 10k is low but when I did a chat with national debt line they said that due to the DMP being 8 years old and the term being another 26 years, it may be better for them to take a sum now rather than wait forever.

    Thank you
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 29th Sep 17, 11:50 AM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    Thank you

    Sorry to hear of your DH's health conditions. Being in debt is a stressful place to be and having health issues too must make things very hard for you and DH. Wishing you both all the best.
    Originally posted by carbootcrazy
    Thanks. If we can be debt free soon that will certainly help .

    Hope you get the result you want too soon.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 29th Sep 17, 11:53 AM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    Hi All - been watching this for a while and am now in a position to begin negotiating. I have 38k debt which has been in a DMP since 2009. Currenting paying £110 a month and the date for finish is 2046 which will make me 79 years old.

    I am going in with 10k which is about 26% of the total amount.

    The split is
    PRA 5513, PRA 4856, Arrow 3255, Next 2181, IDEM 1824, Barclay Loans 18,319 and Robinson Way 1229.

    Has anyone had any experiences with these companies and can offer me feedback/advice.

    I know 10k is low but when I did a chat with national debt line they said that due to the DMP being 8 years old and the term being another 26 years, it may be better for them to take a sum now rather than wait forever.

    Thank you
    Originally posted by pbsmiles
    Robinson way accepted 50% from me and so did my Barclays overdraft, but it does depend upon your individual situation.

    Good luck.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
    • djewkes
    • By djewkes 29th Sep 17, 12:07 PM
    • 15 Posts
    • 21 Thanks
    djewkes
    When I rang pra about my 2 debts with them (19k in total) they said that I could settle for a total of 17.5k, I said I could offer 6.6k (35%) she said she would put it through but couldn't promise.........I've been with stepchange about 11 years ish, and debt was due to be cleared in 2042 (I'll be 88)......anyway she did get back to me later and they accepted my offer.......I wrote offering them 25% a few months back which they point blank refused........so good luck...
    • pbsmiles
    • By pbsmiles 29th Sep 17, 12:14 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    When I rang pra about my 2 debts with them (19k in total) they said that I could settle for a total of 17.5k, I said I could offer 6.6k (35%) she said she would put it through but couldn't promise.........I've been with stepchange about 11 years ish, and debt was due to be cleared in 2042 (I'll be 88)......anyway she did get back to me later and they accepted my offer.......I wrote offering them 25% a few months back which they point blank refused........so good luck...
    Originally posted by djewkes
    Wow thats amazing, well done to you. Thanks for the encouragement xx
    • farmeress
    • By farmeress 30th Sep 17, 4:39 PM
    • 20 Posts
    • 30 Thanks
    farmeress
    Hello again,
    This thread has been invaluable to me and the advice (especially from sourcrates and fatbelly) given has always pointed me in the right direction, so I thought I'd post an update.
    I have been trying to negotiate F&F's with Barclaycard, Barclays O/D and NatWest.
    Yesterday I received a letter from NatWest confirming they will accept a settlement of 35% - £1600 for a debt of £4500! Chuffed is an understatement.
    I'm still playing the negotiating game with Barclaycard and Barclays, but this lightens the load a little
    I will keep posting
    • sunnyskies2
    • By sunnyskies2 30th Sep 17, 7:49 PM
    • 159 Posts
    • 856 Thanks
    sunnyskies2
    Hi barbootcrazy, I believe it went straight to Lowell. Funnily enough yesterday we received a letter from Westcot who have our 3 Lloyd’s loans, asking for an update as we reduced the amount we pay, this was in a March! I will forward to SC to deal with.

    Good luck with yours.
    LBM - 1 May 2014
    • djewkes
    • By djewkes 3rd Oct 17, 10:50 AM
    • 15 Posts
    • 21 Thanks
    djewkes
    I’m still waiting to hear back.....so much for the promised 48 hours (Thursday afternoon), called again yesterday and was told they’d get back to me later (they didn’t)........will update when I hear.....
    • pbsmiles
    • By pbsmiles 3rd Oct 17, 11:16 AM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    OMG - Result
    Hi everyone

    8 creditors negotiating 38k debt with 10k, the only debt that hasn't been sold on is a barclay select loan of 18,319.67 I rang them this morning and split the 10k accordingly offering them 4781.76 and they accepted it. Thats 26% of the amount.

    OMG happy or what, this was 47% of my total debt. Wow!!!!!

    • StokieBecks
    • By StokieBecks 3rd Oct 17, 12:08 PM
    • 4,398 Posts
    • 26,500 Thanks
    StokieBecks
    Make sure you get it in writing before you pay them that this will settle the debt and they will not chase or sell on the remainder. This paperwork then needs keeping for six years
    • pbsmiles
    • By pbsmiles 3rd Oct 17, 12:15 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    Make sure you get it in writing before you pay them that this will settle the debt and they will not chase or sell on the remainder. This paperwork then needs keeping for six years
    Originally posted by StokieBecks
    Thank you, yes they are putting it in the post in writing and I will keep it all.
    • StokieBecks
    • By StokieBecks 3rd Oct 17, 12:20 PM
    • 4,398 Posts
    • 26,500 Thanks
    StokieBecks
    Excellent well done. Hope your others agree too but don't loose heart if they don't just put their share somewhere safe and try again in a few months
    • arc2014
    • By arc2014 3rd Oct 17, 12:39 PM
    • 147 Posts
    • 614 Thanks
    arc2014
    Sending off 2 F&F's today, both at 30% total owed. I don't quite have the funds to offer the 3rd, but hopefully soon will do!
    These 2 offers are going to Lowell and Moorcroft, anyone any experience with either of them? Did they counter offer? How long before they got back in touch? Thanks!
    Logbook Loan 970.42/1000 · DC1 75/1420.32 · DC2 40/321.13 · DC3 11.75/11.75 · DC4 60/635 · Personal Loan 640.71/4800 · Overdraft 0/1200 · Total 1797.89/9388.20

    SPC #200

    Lightbulb Moment September 2017 - DFD Christmas 2018!
    • scotnorma
    • By scotnorma 3rd Oct 17, 12:40 PM
    • 12 Posts
    • 23 Thanks
    scotnorma
    CCA/Unenforceable query
    Hello,
    Apologies if this is posted in the wrong place, please feel free to move if so. I've read much of this thread looking for a definitive answer but haven't found anyone in the same circumstances.

    I did some CCA requests at the end of last year, and RBS responded saying they couldn't fulfill the request and that the debt was unenforceable but that I should continue to pay them under the terms of the (reduced) payment arrangement I had with them.

    This account was defaulted in 2010 and is no longer on my credit report so I decided that I would stop paying them as they shouldn't be able to take any further action. However, 11 months down the line I have received a letter stating that I still need to pay and not to underestimate the seriousness of my situation, plus if an agreement is not reached they reserve the right to take futher action. Can they actually do anything beyond continuing to send me letters?

    Thanks in advance for any advice you can give me,

    scotnorma
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