Full and final settlement help thread

mcjordi

just to let you lot know mbna recnetly said they would settle at around £500 on a debt of £1199.99 ON CC.
barclaycard said its not there policy to offer !!!!!!. - cca'd the b##gers and sent back application form
capital one - nothing heard yet - cca'd and nothing yet

Undersized_Rascal

mcjordi wrote: »

just to let you lot know mbna recnetly said they would settle at around £500 on a debt of £1199.99 ON CC.
barclaycard said its not there policy to offer !!!!!!. - cca'd the b##gers and sent back application form
capital one - nothing heard yet - cca'd and nothing yet

How long from first missed payment before they would negotiate with you?

margetti

Hi all

Sent off my letters last week, offering a 30% !!!!!! payment top get things started. Got the first reply already, which has caught me off-guard somewhat...

They have written back to ask "my third party" to contact them as soon as possible, and that I need to send them a letter authorising "my third party"
to act on my behalf. Well, there is no third party - the truth of the matter is that the money I have come in to came from my gran, and little does she know it's being used to pay off debt!

Do I go along with a charade and get a friend to "act" as a third party, or do I just write back and just tell them there is no third party involved and they need to deal with me directly?

mcjordi

Undersized_Rascal wrote: »

How long from first missed payment before they would negotiate with you?

it was about 3-4 months

poppasmurf_2

I'm going to do this "full and final payment", Im still in a debt pickle.
I couldnt care less now, Im bearly existing as it is, minimum payments hell. With no chance of a consolidation loan or a 0% credit card.
I havent done anything wrong I've been credit crunched out of any more debt, I must not be profitabile anymore. So I'm in a corner and now I'm going to fight back.

If they dont want it I will just send letters saying I cant pay due to circumstances and a token payment of £1 will be made (until they see sense) I will ask for no interest charges and to waive any fees, I dont want much just want to be treat like a person and not a cash cow.
Im sick of them only had them since SEPT 2004.
Worst decision I ever did ws to get some credit cards.
£17000 in 2-3 years oh well.
FYI way more than half my income goes on paying these.
Its gone beyond rediculous.
All I want is to do is pay this debt in an easier quicker manner?.

Im also a little depressed. Do I sound fed up yes.


Cant see the credit crunch going away for at least 5-10 years so Ladies and Gents hold on to your hats.
:eek:

indebtbigtime

Hi

Have not missed payments, and have good cred history as just being borriwing from peter to pay paul....anyway enuff!

Agreed dmp with cccs, and letters going to creditors now.

if they accept cccs offer for reduced payments, I assume there is little chance of said companies accepting f+f in say 6 mnths?

if they dont accept cccs and default me, for not making the payments they require then I assume more chance of F+f being accepted once DCA has the debt? any view on timeframes?

cheers

LilacPixie

undersecter wrote: »

I owe one bank £2000 who are 30% of the total amount
the other bank loyds tsb £1700 are offing 40% of the total amount.

I will have £900 by end of july is there anyway i could split £900 beetween these two banks and settle two debts.

Could i tell them i might go bankrupt i have no assests then are they more likely to accpect.

I would guess they would see your threat of going BR as just that a threat and would not make them more likely to accept a F&F. I would also imagine if you did then petition for your own BR then it could put you in a sticky position with the OR.

LilacPixie

indebtbigtime wrote: »

Hi

Have not missed payments, and have good cred history as just being borriwing from peter to pay paul....anyway enuff!

Agreed dmp with cccs, and letters going to creditors now.

if they accept cccs offer for reduced payments, I assume there is little chance of said companies accepting f+f in say 6 mnths?

if they dont accept cccs and default me, for not making the payments they require then I assume more chance of F+f being accepted once DCA has the debt? any view on timeframes?

cheers

Companies appear to be a law unto themselves. I have seen several big banks accept F&F settlements of less than 50% from one person and then refuse an offer of 60% from another.

I have a theory revolving around the credit crunch. banks and CC companies are owned by shareholders and shareholders hate to see bad debt on the company accounts. DCA's tend to buy the 'debt' for 5-15p for every pound owed (especially ones based in the west of scotland :rolleyes: ) so my theory is a bank would rather get a 30% settlement from the original debtor themselves than sell the debt to a DCA for 5-15% of the amount owed.

I personally think give it 6 months and F&F settlements of less than 50% will be more commonplace.

indebtbigtime

hi, any more news from those who have requested f+f?

tony2347

I have two outstanding debts with natwest, one a loan for £14350 and an overdraft for £7500.. These have now been passed onto debt recovery solicitors. Previosly natwest indicated they would accept £15k to settle both issues at the time i wasn't in a position to do this and the papers were filled in to take the matter to county court, now i am able to make a full and final offer but these solicitors want £16300. TWO questions if i let the matter go to county court would a judge be more sympathetic to a reasonabe offer and what is reasonable, and also is it just a case of bartering, i offer 30% they ask for 70% and we end up somewhere in the middle. Opinions please...Thanks