Full and final settlement help thread

spuzzcake

Capital One today accepted my offer of £5,900 for a debt of £12,000! This will show as "Partially Settled" which I don't want!

fatbelly

Then don't make the payment. Write again with the sentence:

I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.

This comes from the model letter on the National Debtline site.

If it's important to you, then you want confirmation of this in writing before you release the money.

shanef81

Here's one for you - I took out a couple of small loand from one Welcome Financial Services for £2,250.

I told them last september that I was having problems paying them as I had moved to the City to work, costing me more money initially - so they offered to 'reschedule' the debt with lower interest payments - meaning I could pay £80 per month and keep my head above water - great!

They sent me the paperwork to sign and return, but as I wasn't sure about the figures on it I kept hold of it (I don't know where it is now, but they dont have a signed copy) - they kept calling me for a copy to be signed and returned.

I recently called them to find out what the current balance was, to which they replied £3,700, as I had been doing nothing but basically covering the interest each month on this amount.

Given that I never borrowed this amount in the first place, I believe that the so-called 'rescheduling' was to arrange to consolidate the loan PLUS original interest amount into another loan with a lower APR, therefore making me pay interest ON INTEREST!

I believe that this is wrong, but I would love some professional advice on this.

I have just now cancelled the DD for paying it, and am quite prepared to let it go to collectionso I don;t pay this stupid interest charge.


Thank you all for your time - opinions most 'welcome' (I had to say it!)

Shane :-)

judgetheenot

Howdy,
been reading the posts since last year when I hit a brick wall of debt, as my career ground to a halt and I got a reality check.

Simply - debts up to 45K with various cc's and two banks.

I am on the cusp of default with all of them.
Initiated a minimum payment, they refused £1 a month so on a mixture of rates.
The biggest is an overdrft/loan with 1st Direct - and i have to pay a lump sum of £196 a month. I almost got to default, then paid the last month. They have been pleasant to deal with and said would consider FF, but would leave 'satisfied' on credit file.

MBNA are issuing a default in Oct - I havnt paid anything other than gestural £20 as they suggested. They have been the most horrible, continually phoning - adding interest, suggessting how I shouldve forseseen circumsatnces and had continued to use card even though I knew I was having probs and they werent for living expenses. I think they confused themselves with my parents.

The other is open to negotiation. I am not in defaults with any, so I wondered how much any of you would suggest offering first off, and what sort of chance I stand. I have got a lump sum to offer.

Also - I have a 10k debt with bcard, and although I missed three payments, I paid a sum last month - do you think its worth offering ff to them too - as I would like to clear it all, preferably at a discount. Needless to say - they have all been chucking on interest and charges left and right - am I entitled to claim any back.

Anyways - all advice welcome (except from puritanical time wasters - we'll be ignoring that person).

Thanks to one n all.:A

traceya89

having read the posts can you offer to pay off a credit card debt of say £2000 with no defaults and ask to pay off say £1500 or does the debt have to go to default and onto a debt collection agency. i have quite a few credit cards that i am trying to reduce but have not defaulted on but it would be nice to pay off some of the debt at a reduced sum!!! any help would be appereciated.

Weggy

Normally no. For them to accept a settlement figure, the account(s) have to have been in arrears for some time, and often already been defaulted on.

They wont take a settlement offer on an account with no history of problems - why would they? As far as they can see, they're getting their full 100% back with no issues.....

No harm in trying, but I doubt very much you'll get anywhere

Bellie_2

I found the fact sheet on full and final settlements in the national debt line website. Clears up a lot of questions and shows you how to go about it. Sorry if it has been posted before.

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=19_full_and_final_settlement_offers#5

Ted197

Hi

Just to let you know that Intrum Justita offered 15% off!

Weggy

Ted197 wrote: »

Hi

Just to let you know that Intrum Justita offered 15% off!

They're the worst one... keep plugging and they will come down....

ssparry

omg this time yesterday I was planning on bankruptcy (on advice from cccs) I have £10k worth of debt to 2 creditors, AA loan and Mint cc. This thread has 'enspired' me so to speak, I could 'borrow' an amount of my very kind Dad to settle the accounts, pending their reactions of course.

I have copied the letter to send them both, however, shall I add in that "I am about to start bankruptcy proceedings, however, a family member has offered ££££ to settle the debt" would it be ok to say that I plan on bankruptcy (in other words you get nothing)???

I actually asked CCCS whether I could offer a final amount and he actually said tbh it'd be easier to go bankrupt - why pay when you can get out if it. Shocking, you know I do take full responsibility for my debts, I had a baby last year and her father left me during the pregnancy, I have been unable to return to work (problems with dd) hope to soon, but I currently have s hortfall of £56 p/m BEFORE paying the two debts.

H E L P P L E A S E