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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 97
  • National Debtline
    Hi scotnorma


    RBS have acknowledged that their debt is unenforceable i.e. that they can't take it through the courts.


    Any reference they make to "further action" thus means as much as you want it to. More letters/phone calls/emails etc., presumably.


    They may still be entitled to ask for repayment. This isn't the same as being in a position to force you to oblige.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • scotnorma
    • By scotnorma 3rd Oct 17, 4:10 PM
    • 12 Posts
    • 23 Thanks
    scotnorma
    Hi @natdebtline,

    Thanks for your reply, it's what I thought the position was, just wanted to double check before I set myself up for a fall!

    MSE Forums are an invaluable resource, I'd be lost without them!

    Thanks again
    • pbsmiles
    • By pbsmiles 3rd Oct 17, 6:57 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    Productive Day
    8 creditors 38k all phone calls
    with what has been agreed
    29k of this is paid off with 9k
    leaving me just over 9k of debt.

    I really feel like i am living the dream right now.
    • fatbelly
    • By fatbelly 3rd Oct 17, 6:59 PM
    • 11,645 Posts
    • 8,779 Thanks
    fatbelly
    8 creditors 38k all phone calls
    with what has been agreed
    29k of this is paid off with 9k
    leaving me just over 9k of debt.

    I really feel like i am living the dream right now.
    Originally posted by pbsmiles
    well done!

    I hope you got everything confirmed in writing
    • pbsmiles
    • By pbsmiles 3rd Oct 17, 7:22 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    well done!

    I hope you got everything confirmed in writing
    Originally posted by fatbelly
    yes they are putting it in the post, i am shocked but in a happy place. thank you for this forum to give me the confidence to go at
    • carbootcrazy
    • By carbootcrazy 3rd Oct 17, 7:44 PM
    • 4,158 Posts
    • 23,317 Thanks
    carbootcrazy
    8 creditors 38k all phone calls
    with what has been agreed
    29k of this is paid off with 9k
    leaving me just over 9k of debt.

    I really feel like i am living the dream right now.
    Originally posted by pbsmiles
    Well done. You've every right to feel ecstatic

    Please can I ask if these are old debts? Have you been making reasonable payments, token payments or no payments at all in recent months? I've dropped to token payments before making any offers so I can get a fighting fund together. I assume that the longer they have to receive very low payments they might be more willing to negotiate a killer deal
    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 4th Oct 17, 12:20 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    Well done. You've every right to feel ecstatic

    Please can I ask if these are old debts? Have you been making reasonable payments, token payments or no payments at all in recent months? I've dropped to token payments before making any offers so I can get a fighting fund together. I assume that the longer they have to receive very low payments they might be more willing to negotiate a killer deal
    Originally posted by carbootcrazy
    Hello
    I have been in a DMP with them since 2009 so old debt but I pay £110 a month over 8 creditors, the highest getting £24 and the lowest getting £5. Hope this helps
    • djewkes
    • By djewkes 4th Oct 17, 12:39 PM
    • 15 Posts
    • 21 Thanks
    djewkes
    8 creditors 38k all phone calls
    with what has been agreed
    29k of this is paid off with 9k
    leaving me just over 9k of debt.

    I really feel like i am living the dream right now.
    Originally posted by pbsmiles
    Iím exactly the same, reduced a £35k debt to £8.5 with £8.6k.......feels such a load off my mind, and am still on cloud 9, still waiting to hear from Link financial........(£7k owed)....
    • pbsmiles
    • By pbsmiles 4th Oct 17, 12:44 PM
    • 98 Posts
    • 58 Thanks
    pbsmiles
    Iím exactly the same, reduced a £35k debt to £8.5 with £8.6k.......feels such a load off my mind, and am still on cloud 9, still waiting to hear from Link financial........(£7k owed)....
    Originally posted by djewkes
    well done, its a great feeling!!
    • DrWatson1
    • By DrWatson1 4th Oct 17, 1:17 PM
    • 114 Posts
    • 67 Thanks
    DrWatson1
    Congratulations to those making some great settlements! I had my own piece of good news today, with my smallest creditor, American Express, settling for 20% of £1154.

    The only caveat is the letter they have sent. It doesn't say anything about not pursuing me for the remainder in future, or selling it to someone else, etc - does anyone have the correct wording for this, so I can get this in writing before making payment?
    • selinek
    • By selinek 4th Oct 17, 3:39 PM
    • 30 Posts
    • 10 Thanks
    selinek
    F&F after CCA Request
    Hi. I have been reading peopleís experiences and successes in getting on top of their debts. I didnít even know what f&f meant or a CCA request until reading about them on here. Only if Iíd known then what Iíd know now.... oh well. Any way I have been on a DMP for 9 years with 2.5 years to go. Started with a debt of 58k now down to 8k (with a lot of sacrifices along the way ) give or take. I am looking to make F&F offers. I have sent off CCA requests to all the creditors. Had one reposponse from Idem (MBNA credit card). They are contacting the oc to locate agreement. They state they will continue to Persue the debt. Not a problem Iím not planning on ducking out of my debts. I was wondering if they can register a default or areas with the CRA as they say. This account has already defaulted and dropped off my credit file years ago.

    I also wonder if the agreements come back as enforceable Can I still put in a F&F offer. Thanks in advance
    • djewkes
    • By djewkes 4th Oct 17, 4:00 PM
    • 15 Posts
    • 21 Thanks
    djewkes
    Finally had a reply from Link financial, they will not accept the offer of £2,400 on the £7,011 debt and want £4,900 (70%) .... so will leave it for a while before I try again......
    • fatbelly
    • By fatbelly 4th Oct 17, 7:10 PM
    • 11,645 Posts
    • 8,779 Thanks
    fatbelly
    Can you meet them half way (ish) at 50%?
    • djewkes
    • By djewkes 5th Oct 17, 12:47 AM
    • 15 Posts
    • 21 Thanks
    djewkes
    Can you meet them half way (ish) at 50%?
    Originally posted by fatbelly
    Iíve sent them an offer of £3000 but could increase to £3500 if theyíd accept so have emailed them....
    • Jackelliot
    • By Jackelliot 6th Oct 17, 9:57 AM
    • 4 Posts
    • 2 Thanks
    Jackelliot
    Full and final guidence required please!!
    Good morning all. Sorry for jumping in here but I could really do with some guidance on this please. I have Been on a DMP with Stepchange since December 2012. I currently owe 15500 across 4 companies. I have Been paying 300 a month to satisfy these debts. 1 has been in default for 5 years. Full SP is below....

    Halifax pers loan (managed by westcott) owe 12184. Currently receiving 171.96/mth

    Barclaycard (managed by link) owe 2637. Currently receiving 87.80/mth

    Lloyds CC owe 513. Recieving 26.34/mth

    Halifax CC owe 186. Receiving 13.90/mth

    I am hoping to raise 9k today provided I complete my home move today and was hoping to use this to clear most/all of this debt. I spoke to link yesterday and explained I had approx 60% of my full debt raised and wanted to offer a full and final. I offered 1582 to settle the 2637 debt.they took the offer and thought about it. Today I got an email rejecting that but counter offer of 2534 with the promise that my credit file will be marked "partially settled"!!!! This is laughable!! I explained that I could go to 60% and they ask for 99.9%! What's the point!?!?

    The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
    Thanks
    • fatbelly
    • By fatbelly 6th Oct 17, 10:38 AM
    • 11,645 Posts
    • 8,779 Thanks
    fatbelly
    Good morning all. Sorry for jumping in here but I could really do with some guidance on this please. I have Been on a DMP with Stepchange since December 2012. I currently owe 15500 across 4 companies. I have Been paying 300 a month to satisfy these debts. 1 has been in default for 5 years. Full SP is below....

    Halifax pers loan (managed by westcott) owe 12184. Currently receiving 171.96/mth

    Barclaycard (managed by link) owe 2637. Currently receiving 87.80/mth

    Lloyds CC owe 513. Recieving 26.34/mth

    Halifax CC owe 186. Receiving 13.90/mth

    I am hoping to raise 9k today provided I complete my home move today and was hoping to use this to clear most/all of this debt. I spoke to link yesterday and explained I had approx 60% of my full debt raised and wanted to offer a full and final. I offered 1582 to settle the 2637 debt.they took the offer and thought about it. Today I got an email rejecting that but counter offer of 2534 with the promise that my credit file will be marked "partially settled"!!!! This is laughable!! I explained that I could go to 60% and they ask for 99.9%! What's the point!?!?

    The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
    Thanks
    Originally posted by Jackelliot
    Partially settled is the correct mark. You're just negotiating on the settlement figure. The Link offer is actually 96.1% which isn't very generous. Keep nagging at them and maybe stop your monthly payments.

    Your dmp is very odd as proportionately you are paying more to the smaller debts. However, that should persuade the bigger ones to accept a deal.

    One last thing - you're aiming to finish at around 60%. Don't start there. As you have found, they never accept your first offer. Start at 35%
    • Jackelliot
    • By Jackelliot 6th Oct 17, 11:01 AM
    • 4 Posts
    • 2 Thanks
    Jackelliot
    Thanks for the response. Once again seems like honesty isn't necessarily the best policy! I spoke to them on the phone and the answer was one of "as your up to date with all your payments etc. Etc. Etc. " not a lot else we can do.
    Oh well. Will keep trying.
    Thanks again.
    • DrWatson1
    • By DrWatson1 6th Oct 17, 5:12 PM
    • 114 Posts
    • 67 Thanks
    DrWatson1
    The question is this........am I in the wrong by paying the most I physically can??? I've struggled to pay the 300 a month but thought I was doing the right thing. Can anybody advise on what I can do next, please??
    Thanks
    Originally posted by Jackelliot
    You're almost certainly not doing yourself any favours by paying as much as you can. I'm about 5 years into a DMP as well, and a couple of years ago I realised that by making regular stable payments that will clear the debt in the short to mid term, creditors are not going to do you any favours if you want to settle early.

    So, I cut my payments to £5pm per creditor and started saving the difference between the old and new payment. This week I persuaded one of my creditors to settle for 20% of the balance, after starting at 10%.

    Anyway, if I were you I'd put the £9k away for a rainy day, cut your creditors payments to the minimum and try again in 12-18 months. The defaults will run out shortly anyway, your credit score will begin to recover, so there is no real benefit to you to settle early at this point.
    • selinek
    • By selinek 6th Oct 17, 6:09 PM
    • 30 Posts
    • 10 Thanks
    selinek
    Hi. I have been reading peopleís experiences and successes in getting on top of their debts. I didnít even know what f&f meant or a CCA request until reading about them on here. Only if Iíd known then what Iíd know now.... oh well. Any way I have been on a DMP for 9 years with 2.5 years to go. Started with a debt of 58k now down to 8k (with a lot of sacrifices along the way ) give or take. I am looking to make F&F offers. I have sent off CCA requests to all the creditors. Had one reposponse from Idem (MBNA credit card). They are contacting the oc to locate agreement. They state they will continue to Persue the debt. Not a problem Iím not planning on ducking out of my debts. I was wondering if they can register a default or areas with the CRA as they say. This account has already defaulted and dropped off my credit file years ago.

    I also wonder if the agreements come back as enforceable Can I still put in a F&F offer. Thanks in advance
    Originally posted by selinek

    any advice please would be appreciated
    • fatbelly
    • By fatbelly 6th Oct 17, 7:21 PM
    • 11,645 Posts
    • 8,779 Thanks
    fatbelly
    Hi. I have been reading peopleís experiences and successes in getting on top of their debts. I didnít even know what f&f meant or a CCA request until reading about them on here. Only if Iíd known then what Iíd know now.... oh well. Any way I have been on a DMP for 9 years with 2.5 years to go. Started with a debt of 58k now down to 8k (with a lot of sacrifices along the way ) give or take. I am looking to make F&F offers. I have sent off CCA requests to all the creditors. Had one reposponse from Idem (MBNA credit card). They are contacting the oc to locate agreement. They state they will continue to Persue the debt. Not a problem Iím not planning on ducking out of my debts. I was wondering if they can register a default or areas with the CRA as they say. This account has already defaulted and dropped off my credit file years ago.

    I also wonder if the agreements come back as enforceable Can I still put in a F&F offer. Thanks in advance
    Originally posted by selinek
    You can offer a sum in settlement on most debts - enforceable or not. It's just a matter of what to offer depending on how strong your case is. If you've been on a dmp for 9 years the creditors should have issued defaults at the start of the process and they will have now dropped off your file. They can't issue a second one.
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