Full and final settlement help thread

fermi

Lola23 wrote: »

Hi


Looking for some advice for my husband re an MBNA debt he has been paying to DLC for about 6 years at £25 a month with postal orders.

When was the card 1st taken out?

fermi

JJM26 wrote: »

Hi, just joined today & in need of advice.

I have 3 debts at the moment, not massive in comparison to some, but ones I want sorted if possible.

Bit of background, since having these accounts I was made redundant. I now have a new job but it's almost 30% less basic & approx 45% less take home overall after bonus. Just want advice on each one as to whether a F&F offer is worthwhile.

1) Studio (catalogue) - £1700 - had the account approx 5 years now. I had an arrangement with them previously to pay less than minimum due to circumstances. I recently missed a payment & this month have a late letter wanting immediate payment or a default will be applied to my account.

2) Vanquis Creditcard - £3000 - I had an option to freeze my account when I was made redundant & it has been frozen now for 12 months due to my reduction in pay. I have option to freeze up to 24 months in total which I will be doing. As it stands they are getting no £ from me or charging any interest.

3) Capital One - £1250 - newest of the debts - approx 3 years. Over limit every month but never sent to DCA.

I am exploring my options as I have been informed I'm due £1500 PPI refund & would like to clear as much as possible.

Any advice greatly appreciated.
Thanks

You can try, but as these are all relatively recent and the amount you have is low you may not have much luck.

Worth a go though.

Given your reduced income what are the prospects of paying these off normally now? Is that possible, and if so over what timescale?

Lauramar89

Hi-

I have a debt with Avant managed by a DMP. Debt around £1400 and I pay them every month. I requested a full and final of £650 (46%)


Is this email they sent me ok?

Thank you for working with AvantCredit!

We do apologize for any delay in response. Previous conversation 16 September 2015, you advise being reported to the credit bureau as late, settlement offer, and how being settled will be reported.

Please note, you are currently eligible for a settlement offer from AvantCredit. This settlement will be in the amount of £XXX, paid and cleared by...

Furthermore, we are currently working with our resolutions department to remove late credit reporting as you working with a debt management company.

Please advise, once single settlement is completed, this will be reviewed as settled in full.

fatbelly

Lauramar89 wrote: »

Hi-

I have a debt with Avant managed by a DMP. Debt around £1400 and I pay them every month. I requested a full and final of £650 (46%)


Is this email they sent me ok?

Thank you for working with AvantCredit!

We do apologize for any delay in response. Previous conversation 16 September 2015, you advise being reported to the credit bureau as late, settlement offer, and how being settled will be reported.

Please note, you are currently eligible for a settlement offer from AvantCredit. This settlement will be in the amount of £XXX, paid and cleared by...

Furthermore, we are currently working with our resolutions department to remove late credit reporting as you working with a debt management company.

Please advise, once single settlement is completed, this will be reviewed as settled in full.

It might be ok. Hard to tell when the grammar is so awful.

Ask them to send you a letter and to set out clearly that they will accept £x in full and final settlement of the account.

Lola23

fermi wrote: »

When was the card 1st taken out?

It must have been about 2006/2007.


Although it was an MBNA card it says on the letter that the client is Hillesden Securities Ltd.


He also has an arrangement he has been paying over the same period to Barclaycard at £25 per month. (This was an old Egg card. They offered him a really good settlement before Barclaycard took over but we just could not raise the money at that time.


He sent the same letter asking for balance owing which came back as £4121, and saying he is due a financial review in November. Also sent to them asking for a Full and Final Settlement figure and offered £1000 but they haven't answered yet.


Thanks


Lola

Going_Under

I have requested copies of my credit agreements and full & final settlement figures today. I have also asked the companies to confirm if the agreements are still enforceable as all were taken out around 2002/2003 time.

My existing debts are:

apex - sold by Lloyds - 7622.32 @ 32/mth
barclays - sold by egg- 1188 @ 5.12/mth
hbos - cahoot - 8903 @ 38.33/mth
london scottish - sold by intelligent finance - 6864 @ 29.55/mth
nco - amex - 1156 @ 4.98/mth
pra/activ kapital - Lloyds - 1307 @ 5.63/mth
wescot - sold by Lloyds - 2428 @ 10.45/mth

total: 29000 @ 126/mth

I have been on a debt management plan through Payplan for the past nine years however a family member has recently offered an interest free loan if it helps me repay these debts.

Does anyone have any advice that could help me with full & final offers with these companies or does anyone know anything about agreements being unenforceable if they are pre 2007? Is this worth pursuing at all?

thanks

GU

JJM26

“
Hi, just joined today & in need of advice.

I have 3 debts at the moment, not massive in comparison to some, but ones I want sorted if possible.

Bit of background, since having these accounts I was made redundant. I now have a new job but it's almost 30% less basic & approx 45% less take home overall after bonus. Just want advice on each one as to whether a F&F offer is worthwhile.

1) Studio (catalogue) - £1700 - had the account approx 5 years now. I had an arrangement with them previously to pay less than minimum due to circumstances. I recently missed a payment & this month have a late letter wanting immediate payment or a default will be applied to my account.

2) Vanquis Creditcard - £3000 - I had an option to freeze my account when I was made redundant & it has been frozen now for 12 months due to my reduction in pay. I have option to freeze up to 24 months in total which I will be doing. As it stands they are getting no £ from me or charging any interest.

3) Capital One - £1250 - newest of the debts - approx 3 years. Over limit every month but never sent to DCA.

I am exploring my options as I have been informed I'm due £1500 PPI refund & would like to clear as much as possible.

Any advice greatly appreciated.
Thanks
Originally posted by JJM26
”You can try, but as these are all relatively recent and the amount you have is low you may not have much luck.

Worth a go though.

Given your reduced income what are the prospects of paying these off normally now? Is that possible, and if so over what timescale?

Thanks for the reply.

I can manage the Capital one card as interest is reasonable, but the others not as much. I pay just now £110 per month to studio with only £60 coming of balance.

Vanquis is froze but when unfroze it'll be £200 per month. Could manage that if I get other two out the way.

If F&F isn't an option fair enough, stumbled across & wondered. Might just try those 2 and leave capital one.

Thanks

redux

fatbelly wrote: »

It might be ok. Hard to tell when the grammar is so awful.

Ask them to send you a letter and to set out clearly that they will accept £x in full and final settlement of the account.

Yes. It looks like it's been automatically translated into another language, replied to, and automatically translated back to English.

Lauramar89

redux wrote: »

Yes. It looks like it's been automatically translated into another language, replied to, and automatically translated back to English.

Yeah- that's the issue- when on the phone they sound ok though... All a bit odd... A very odd company though. Thanks to you both for your help

TimeToDoIt

Best response to a f&f offer ever!!

"Dear xxx

Re your balance of £4,267.88

Thank you for your f&f offer of £x, we will not accept £x but we will accept £4,267.88."

I wonder if this is a computer generated letter where based on some data it calculates the percentage they assume I can afford. And in my case it's come out at 100%, or whether there's some really sarcastic worker over there typing that out!!

Still, made me smile.