Full and final settlement help thread

elaine2303

Thanks Weggy. Jusy been to the Consumer Action site and after a bit of faffing about found enought to make me cancel my appointment until Monday. Need the weekend to sort this.

Read with interest a bit about the credit card charges that are being claimed back. Jogged a memory about something I read on the net last year and thought I might follow up. All based on the fact that banks operate in "Comerce" ie the comercial world and we flesh and blood people operate in the real world. In order to breach the two, all lenders create a "Strawman", by definition a "person of no consequence" and use them as the go-between for us in our real world and them in their comercial world. They actually deal with your strawman and not you! This is why, if you look at your name on your credit card, bank card etc. it is in capital letters. Do you sign your name in capital letters? No neither do I and neither does any one else I know. I started to put this to my creditors and got some very funny replies! Basically they twisted their replies but never actually gave me an answer. I'm still waiting. I've been meaning to follow this up and now seems like a good time to got to stage three and claim back all my payments to them. That ought to provoke a reply don't you think?

In the mean time thanks again and I see a busy weekend coming up..........

sportbeth

neverpayinterest wrote:

Everybody picks up the tab in one way or another. Higher interest rates for those that choose to pay it, higher bank charges for those that choose to pay them etc etc.

I would like to think that my postings are representative of what decent, honest and reliable people (many of whom are ignorant of what some people are getting away with to their cost) might think.

Decent, honest and reliable? That's got naff all to do with it you monkey. There are burglars and fraudsters out there who think they are decent and honest. What do you do for a living? Bank manager? Debt Collector? Tax inspector? Politician?

It's all open to interpretation and your opinions are neither needed or wanted on whether people in debt are decent or not you shallow minded wally. Crawl back under whichever rock you came from if you only chose to come here and criticise people.

FYI - I had a debt that escalated with Capital one when the company I worked for collapsed and left me with two months wages owing to me. The Balance was £200. The credit card company escalated it to a grand sum of £650. I paid a "Full and final settlement" of £335 so they got their blood money and then some. Not all settlements leave the creditor out of pocket. or "decent, honest and reliable" nitwits like you who have nothing better to do with your time than come on here and be holier than thou, contributing absolutely nothing but negativity to a site that is here to help people.

jayne1966_2

happyhatter:We did a F&F with HFS when we got into arrears and they accepted a F&F of about 60% but what they did not tell us that it would still sit on our credit file with the discounted amount as still O/S so therefore the default has stayed there and defaults stay on your credit report for 6 years along with CCJ even if you have satisfied them..... unfair? yes especially when you are applying for a mortgage you have to accept a higher interest rate for people with adverse credit. So my advice to you when you ask them for F&F do it in writing and also ask them if they are going to record it as balance paid?or you might get caught out like we did.

Weggy

jayne1966 wrote:

happyhatter:We did a F&F with HFS when we got into arrears and they accepted a F&F of about 60% but what they did not tell us that it would still sit on our credit file with the discounted amount as still O/S so therefore the default has stayed there and defaults stay on your credit report for 6 years along with CCJ even if you have satisfied them..... unfair? yes especially when you are applying for a mortgage you have to accept a higher interest rate for people with adverse credit. So my advice to you when you ask them for F&F do it in writing and also ask them if they are going to record it as balance paid?or you might get caught out like we did.

Jayne

They can't do that (ie leave a part balance showing). A lot of them try it but if you contact Experian and Equifax, they'll have the remaining balance removed if you can prove it was a full and final settlement. The account will often show as 'Satisfied' rather than 'Settled', This same thing happened to me with account for Centrica Personal Finance and Barclaycard. Both are now sorted and show no remaining balance......

mel_clooney

how do i email you for jayne at westcotes tel no.

thanx for advice

mel

Firefly

Weggy wrote:

Jayne

They can't do that (ie leave a part balance showing). A lot of them try it but if you contact Experian and Equifax, they'll have the remaining balance removed if you can prove it was a full and final settlement. The account will often show as 'Satisfied' rather than 'Settled', This same thing happened to me with account for Centrica Personal Finance and Barclaycard. Both are now sorted and show no remaining balance......

Weggy is is OK to have an account that shows 'satisfied' as long as there is a zero balance? It is confusing that 'F&F' can't be full when it's only been partly paid.

I've used the letter from the national debt line website to write to my creditors with a F&F offer insisting that my account shows a zero balance. They tell me it will be marked partially satisfiedl.

Weggy

Firefly wrote:

Weggy is is OK to have an account that shows 'satisfied' as long as there is a zero balance? It is confusing that 'F&F' can't be full when it's only been partly paid.

I've used the letter from the national debt line website to write to my creditors with a F&F offer insisting that my account shows a zero balance. They tell me it will be marked partially satisfiedl.

I think the 'Satified' bit can still have an adverse affect on your credit rating but I'm not 100% sure about that. A F&F is effectively a partial settlement so I dont think you have any chance of getting creditors to show otherwise.....

spuzzcake

Hello everyone,

This is my first post here after being directed here from the consumeractiongroup forum!

I am now in a situation to negotiate F&F settlement with my creditors after receiving a substantial compensation claim. I will be negotiating with:

Moorcroft Group (On Behalf Of EGG)
Royal Bank of Scotland
Lloyds TSB
Capital One

I spoke to all but Capital One on the phone and Moorcroft happily came down to a 15% reduction just by politely asking, with some stubborn negotiation I got down to 25%. I was told it was as low as they were allowed to go but submit my best offer in writing and they will consider it, I am submitting 35% reduction. Royal Bank of Scotland gave me a stone wall "No" but I am submitting a 50% offer in writing. Lloyds TSB was a call centre in India so was difficult to negotiate and I will be submitting a 50% offer to them. I will update this post with any results I get in a hope that it will help other people realise a realistic negotiation to aim for. I used the letter somebody posted earlier in this thread (Thank You to you!) but added in that should they not accept then I will have to continue to pay the debt off at the arranged monthly fee of £X.XX for the next XX Years interest free. All of my debts are roughly 40 years and are interest free after being defaulted!

I am a little concerned about cashing my compensation cheque in case any of my creditors are in a position to find out about it and hold out for the full amount I owe them. I told a porky and said I have been offered the money by my parents in an attempt to get me debt free and start a fresh! Does anyone know if banks have the power to find out any savings or substantial cash amounts in other bank accounts?

Mark.

father_ted_3

Weggy wrote:

Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........

So the idea is, use credit cards, keep your bank accounts overdrawn, stash your cash elsewhere, and then grovel to the CC companies to reduce your debt?

Does this work? Are you serious? They lower the repayment amount? That is, in the long run, free money.

Are you serious? Did I misread this entire post?

._o

mindboggling.

Firefly

Father Ted please remember that any F&F settlement would have already gone through regular income/expenditure reports to the creditor who will have checked out your salary with your employer. Perhaps I am very naieve in believing that people don't pay back all they owe because the don't want to, but because they can't due to circumstances which are often beyond their control.

I for one would be quite happy to pay back every penny I owe but that will take a while and a one-off opportunity has allowed me to pay back most of what I owe under a F&F settlement scheme thereby saving my creditor money in collection and adminstration fees.