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Full and final settlement help thread
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funkyfish586 wrote: »Hi all, hope you can help. We are coming up to our 7th year on a dmp and have £14k left to pay. A family member has offered to loan us half of this so we are looking to write to all our creditors and offer F&F's. I know no one can be certain how things will plan out but as it's been so long on the dmp and some of our defaults are now dropping off our credit report do you think an offer of writing off 70-80% is likely? What is the best way of making payment to them off accepted as I have read mixed things about using debit cards? How long do I say they have to respond on the letter or do I just say we can make the payment immediately if successful?
Many thanks in advance!
OK, to start by offering 20-30% is a good strategy. You'll obviously get a mixture of replies but the maxim is 'you can always go up'
The best way to make payment is a third--party cheque. But provided you have the deal in writing on letterheaded paper I would not worry too much about the form of payment.0 -
Thank you Fatbelly, i'm excited that we might be coming to the end of this long journey! I'm not sure third person cheque would be an option so it would probably be bank transfer/ debit card"Knowledge is knowing that a tomato is a fruit, but Wisdom is knowing not to put it in a fruit salad."0
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funkyfish586 wrote: »Thank you Fatbelly, i'm excited that we might be coming to the end of this long journey! I'm not sure third person cheque would be an option so it would probably be bank transfer/ debit card
It's only if the whole thing got into dispute and became subject to a court claim - the third party payment makes it more legally binding. It should never happen really.0 -
has anyone had any luck with full and finals with PRA group? and if so what % of the debt did you pay? ive got two debts passed to them one for nearly 8k and the othet nearly 3k0
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has anyone had any luck with full and finals with PRA group? and if so what % of the debt did you pay? ive got two debts passed to them one for nearly 8k and the othet nearly 3k
Hi,
What kind of debts were they, and how old ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
credit card debts from mbna i have been making token payments only for 2 years0
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credit card debts from mbna i have been making token payments only for 2 years
Have you CCA'd them ?
The older the debt, and the longer it's been passed around debt collectors, the better deal you will get.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
no i cant remember when the cards were taken out but i think they were after 20100
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no i cant remember when the cards were taken out but i think they were after 2010
Different DCA's use different methods.
Some come in straight away with the threat of court action.
Then, when that fails, it's discount time.
Others do it the other way around, but basically they all do the same dance, they just have different moves.
With most DCA's you should get between 50/60% discount if you persist.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
thank you sour crates0
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