Full and final settlement help thread

markvirgo

Thanks to all the advise all .

After selling my car I cleared 2 debts

1 for Optima Legal (re MBNA) ( which was £3200-I paid £1500 ( 1 payment)
1 for Robinson way (re Barclay card) £1300- I paid £786.43 (2 payments of £393.23)

Now on the road to recovery.

KID77

Thank you MarkVirgo for reporting back, alot of people ask for advice but then never come back to say how they got on so this is really useful :-)

January2015

Hi all

So I sent off my F&F offers to all predators. Went in very low (sub 30%). All refused - as expected. No counter offers received and some even said full amount only acceptable.

Money will stay in savings account for a while then

groovy_chick

January2015 wrote: »

Hi all

So I sent off my F&F offers to all predators. Went in very low (sub 30%). All refused - as expected. No counter offers received and some even said full amount only acceptable.

Money will stay in savings account for a while then

Hi January

I have just sent a F&F offer to First Direct and I haven't really considered that they might say "no thanks"!!

I guess creditors might only accept offers when they think it's the most they are likely to get? I have paid my agreed payments religiously for the last 4 years, so I guess they might be happier sticking with that for another 3 years, rather than accept my 30%ish offer now.

I will wait in hope that they value speed over amount!

Best wishes

GC

sourcrates

Full and final settlements only really work once the debt has been around the houses a few times, and ends up with a specialist debt purchaser such as Lowell.
Sometimes you can also make deals when debts are passed to DCA's, 30% discount is around the norm.

It's not that often an original predator will make such a deal though.

lee2183

Just curious....I owe over £18,000 from credit card debt 8 years back, debt has been sold many times and have been paying £5 per month for last 8 years. Will the company just accept this for the rest of my lifetime- there seems to be no chance of anything changing from my current situation. I don't want to do bankruptcy or DRO and I doubt if they would enforce this as this would cost them over £1000 to enforce bankruptcy and £800 to issue a CCJ. So surely they wouldn't go that route as it would cost them money and gain them nothing as I don't have any assets. So would it be best just to keep making the payments

January2015

sourcrates wrote: »

Full and final settlements only really work once the debt has been around the houses a few times, and ends up with a specialist debt purchaser such as Lowell.
Sometimes you can also make deals when debts are passed to DCA's, 30% discount is around the norm.

It's not that often an original predator will make such a deal though.

Thanks Sourcrates. I knew this really - but having had a nice lump of money unexpectedly it was nice to even be able to try the F&F route. The money can sit safe and sound in savings for a while.

baby_steps

I have just had a settlement accepted from shout credit card for £56 balance £225. Are they in financial difficulty too? Its great for me as this is the fiirst of my £42K debt pile to hit. starting with the smallest

baby_steps

Quick quid have accepted a settlement of £150 balance £299

StrawberryKiwi

Reading this forum is inspiring me to try F&F offers with some of my creditors - I'll try small debts that have been passed on a few times first. Will update on amounts, offers and outcomes
Starting bright and early tomorrow morning!