Full and final settlement help thread

sourcrates

You could do a CCA request to see if Halifax still hold the correct paperwork after ten years.

They do keep agreements longer than most creditors, only one way to find out, no paperwork, debt may be unenforceable.

DrWatson1

DrWatson1 wrote: »

Although this is slightly off-topic, it's relevant to my quest for F&F.

I've opened a clearscore account to check my default dates, and none of my unsecured loans (other than the one with NRAM which operates alongside my mortgage) appear there.

Do debts that have been sold on to a collection agency not show on credit reports? FYI, I defaulted on most of these account circa April 2011, so they should be dropping off my credit file in 6 months.

fatbelly wrote: »

Clearscore is Equifax - you should also check Experian, maybe with a £2 statutory report

Make sure you give your full address history for the past 6 years, and change of name if that applies.

A summary of all the credit checks is here:

http://debtcamel.co.uk/best-way-to-check-credit-score/

So I got credit reports from Clearscore, Experian (the £2 statutory) and Noodle.

All looks in order, other than one of my debts (an old amex account, balance circa £1200) not appearing on any reports.

Is this significant in terms of F&F?? Is there any reason it's not there??

fatbelly

DrWatson1 wrote: »

So I got credit reports from Clearscore, Experian (the £2 statutory) and Noodle.

All looks in order, other than one of my debts (an old amex account, balance circa £1200) not appearing on any reports.

Is this significant in terms of F&F?? Is there any reason it's not there??

I see a lot of credit reports, as everyone who is applying for a DRO has to get one. I can't remember ever seeing an amex entry. Now that may reflect the client group I work with (I see a lot of Vanquis!).

If it's more than 6 years since default, that would be another reason.

Is it significant? Depends if you are being chased for payment. If not, then I'd leave it alone.

ferry

Wife has had a bit of money come through and we are using that to help with the money situation .No where near enough to settle in full.
Over the last couple weeks I have negotiated the following :

Creditor / Owed/ settled at/ % settled :

MBNA/ Arrow Global/ 10500 / 5275 /50%

Halifax CC/ 832 / 450 / 53%

Halifax OD/ 1332 / 600 / 45%

Barclays OD/ 853 / 450 / 53%

Capital One CC/ 1069 / 536 / 50%

I think that is quite a result especially with Arrow Global who put me through hell to get that settlement

Hope this inspires others.
F x

sourcrates

ferry wrote: »

Wife has had a bit of money come through and we are using that to help with the money situation .No where near enough to settle in full.
Over the last couple weeks I have negotiated the following :

Creditor / Owed/ settled at/ % settled :

MBNA/ Arrow Global/ 10500 / 5275 /50%

Halifax CC/ 832 / 450 / 53%

Halifax OD/ 1332 / 600 / 45%

Barclays OD/ 853 / 450 / 53%

Capital One CC/ 1069 / 536 / 50%

I think that is quite a result especially with Arrow Global who put me through hell to get that settlement

Hope this inspires others.
F x

Well done Ferry, especially good result with Arrow Global.

And to settle for around 50% on the rest is no mean feet either !!

Well done.

KID77

Well done Ferry, how long where you in a DMP for and how much roughly were you paying each month?
x

ferry

KID77 wrote: »

Well done Ferry, how long where you in a DMP for and how much roughly were you paying each month?
x

No DMP as such , arrangement to pay with all creditors ,paying £1 per month at my request and this was ongoing for more than a year.
To be honest I had found the agents I had spoken to at DCA's were understanding but I did a whole load of research and this site,Sourcrates,Fatbelly etc very encouraging in being assertive in the art of negotiation.....(I.e" I need to reduce the amount I will be paying you to £1 due to unexpected financial difficulty. Please forward your written letter of consent to my request" for example")
The usual I&E done at the beginning. Important thing to remember is that you need to remain in control at all times. I kept my creditors informed even when the threatening sold on letters arrived. Make sure that the payment is maintained when the debt is transferred so no come back as such.
When negotiating your f&f with creditors don't be intimidated by their tactics. Myself, I was the victim of redundancy twice in a short space on time and did what I had to do to keep a roof over our heads and food on the table even though that meant going into negative figures.
One thing I would mention is never fall behind on your mortgage if you have one as this will impact you more so than defaulting on unsecured credit. Beg ,steal and borrow if you need to. This is reality.
Once you crack one DCA you will find confidence with the others as they all operate in the same way and are obliged to follow the same regulations.
Best wishes
F x

fatbelly

ferry wrote: »

No DMP as such , arrangement to pay with all creditors ,paying £1 per month at my request and this was ongoing for more than a year.
To be honest I had found the agents I had spoken to at DCA's were understanding but I did a whole load of research and this site,Sourcrates,Fatbelly etc very encouraging in being assertive in the art of negotiation.....(I.e" I need to reduce the amount I will be paying you to £1 due to unexpected financial difficulty. Please forward your written letter of consent to my request" for example")
The usual I&E done at the beginning. Important thing to remember is that you need to remain in control at all times. I kept my creditors informed even when the threatening sold on letters arrived. Make sure that the payment is maintained when the debt is transferred so no come back as such.
When negotiating your f&f with creditors don't be intimidated by their tactics. Myself, I was the victim of redundancy twice in a short space on time and did what I had to do to keep a roof over our heads and food on the table even though that meant going into negative figures.
One thing I would mention is never fall behind on your mortgage if you have one as this will impact you more so than defaulting on unsecured credit. Beg ,steal and borrow if you need to. This is reality.
Once you crack one DCA you will find confidence with the others as they all operate in the same way and are obliged to follow the same regulations.
Best wishes
F x

That's a very useful summary of the process.

DrWatson1

fatbelly wrote: »

That's a very useful summary of the process.

I agree, very useful.

KID77

Thank you for this Ferry, very useful.