Full and final settlement help thread

nextyeartina

I'm after a little advice regarding f&f offers. I owe Capital One £319.76 and pay them £5 per month. I've offered them 55% of the debt which was turned down. Where do I go from here? The other debt I'm trying to settle is 1st Credit (Aqua card)?What's a good % to start with?


Tina x

fatbelly

nextyeartina wrote: »

I'm after a little advice regarding f&f offers. I owe Capital One £319.76 and pay them £5 per month. I've offered them 55% of the debt which was turned down. Where do I go from here? The other debt I'm trying to settle is 1st Credit (Aqua card)?What's a good % to start with?

I guess if they would prefer to have £5 per month for 6 years, that's up to them. Personally I think it's a good offer. You could ask them what figure they are looking for, or just leave it a few months, then make the offer again.

1st credit probably bought their debt for 10-15%. Maybe start at 25%?

nextyeartina

I phoned up Capital One today asking what f&f offer they would accept. They said £214.24 is the least they would accept, my credit file will be marked as partially satisfied and the rest of the debt can't be chased by either them or a third party. Does this sound ok?


Tina x

fatbelly

Well they've moved from 100% to 67 % while you offered 55%. There isn't a lot of monetary difference between you - you might want to take up the offer.

However, make sure you receive their written confirmation before parting with any money as you will need something to keep for 6 years in case they or some agency decide to pursue you for the balance.

pip10

How long should one wait after sending a first full and final with no reply before sending a second letter? I know this might vary but just wanted a rough idea thanks

fatbelly

pip10 wrote: »

How long should one wait after sending a first full and final with no reply before sending a second letter? I know this might vary but just wanted a rough idea thanks

I give people 3 weeks

pip10

Thanks and would you send the same offer or up it a bit. Started low at 25% ...

pip10

Had some replies from a few companies. I started low around 25% with full and final offers

One has come back with a counter offer of around 60%
Another has back with 80%
Another with a ball back in your court kinda letter - won't accept but may accept a higher offer - they don't say how much though.

Any thoughts from experienced people as to my next step with each one? I could probably get around 50% together to settle at this stage but thought I'd start low after reading other advice on here.

Spoonhead88

Hello,

Just a quick question at want point can I trigger the start of a full and final settlement negotiation with a lender? I've been on a DMP for 6 months. One of my lenders has just issued a default and I was wondering this is the point I start sending out offers? Should I wait till they sell the debt on? Are they any repercussions from doing it too early?

Thanks you lovely people

sourcrates

Spoonhead88 wrote: »

Hello,

Just a quick question at want point can I trigger the start of a full and final settlement negotiation with a lender? I've been on a DMP for 6 months. One of my lenders has just issued a default and I was wondering this is the point I start sending out offers? Should I wait till they sell the debt on? Are they any repercussions from doing it too early?

Thanks you lovely people

Difficult one to call, sometimes a creditor will accept a cheeky offer to clear an account, sometimes not.
Defenetly works better with a DCA as they will of bought the debt for much less than its face value, and can afford to discount accordingly.

No harm in trying you luck though, they can only say no.