Full and final settlement help thread

ferry

Hi Guys
One further question please. Looks like I am going to need a bit more time to gather the finances to meet my estimated agreed date for payment to my creditors

How likely is it they will extend the time I am able to pay and not sacrifice the agreed settlement figure?

Thanks as usual
F

sourcrates

ferry wrote: »

Hi Guys
One further question please. Looks like I am going to need a bit more time to gather the finances to meet my estimated agreed date for payment to my creditors

How likely is it they will extend the time I am able to pay and not sacrifice the agreed settlement figure?

Thanks as usual
F

Don't bother even asking until you have the cash ready to pay them.

By the time you have finished negoatiating with them and saying I'll pay you in a month, they may of sold the debt on again.

ferry

sourcrates wrote: »

Don't bother even asking until you have the cash ready to pay them.

By the time you have finished negoatiating with them and saying I'll pay you in a month, they may of sold the debt on again.

Thanks SC
I take it if its sold on again its a matter of re -negotiation all over again?
Plus are they likely to sell on for less than agreed 50% ish I am willing to pay?

sourcrates

ferry wrote: »

Thanks SC
I take it if its sold on again its a matter of re -negotiation all over again?
Plus are they likely to sell on for less than agreed 50% ish I am willing to pay?

It's anyone's guess with a DCA.

Some want a quick turnover, others have more patience.

All I can safely say is roll the dice and see what happens.

HappyK2016

This is my first post so please bear with me inform getting things wrong!

Please could have some advice on a final settlement offer I have received from Avant credit

Basically I have a total of £25k debt with 6 creditors and have been in. DMP with Stepchange since April this year paying £120 per month in total

One of the debts is with Avant for £5100 and I recently received an email from them with a "final settlement offer" for £330

Personally I thought this was too good to be true so naturally ring SS who said its my decision but they would advise against it as it would be "unfair" to my bother creditors and could jeopardise my DMP

I just cannot understand how that would be the case as I would ultimately be able to make higher payments to the other creditors if Avant was settled

Please help:eek:

sourcrates

HappyK2016 wrote: »

This is my first post so please bear with me inform getting things wrong!

Please could have some advice on a final settlement offer I have received from Avant credit

Basically I have a total of £25k debt with 6 creditors and have been in. DMP with Stepchange since April this year paying £120 per month in total

One of the debts is with Avant for £5100 and I recently received an email from them with a "final settlement offer" for £330

Personally I thought this was too good to be true so naturally ring SS who said its my decision but they would advise against it as it would be "unfair" to my bother creditors and could jeopardise my DMP

I just cannot understand how that would be the case as I would ultimately be able to make higher payments to the other creditors if Avant was settled

Please help:eek:

Hi,

First check with avant that they will actually settle for that amount of money, if it's correct, and you can afford it, pay it off, but get conformation in writing before you do.

As for stepchange, don't involve them, if you make the deal, just advise SC to remove Avant from your creditor list.

That's all you need do, it's a common situation amongst DMP'ers, they have to be seen to object, but in reality, very little will happen, and your DMP should continue as before.

braveheart6612

Happyk2016

I have done the same with Avant I've got 45 days to pay mine which 250, they seem keen to do a deal , just get it in writing as sourcrates

fatbelly

braveheart6612 wrote: »

Happyk2016

I have done the same with Avant I've got 45 days to pay mine which 250, they seem keen to do a deal , just get it in writing as sourcrates

That's on £1623, right?

sounds like settlements at 5-15% are there for the taking

redux

ferry wrote: »

Hi Guys
One further question please. Looks like I am going to need a bit more time to gather the finances to meet my estimated agreed date for payment to my creditors

How likely is it they will extend the time I am able to pay and not sacrifice the agreed settlement figure?

Thanks as usual
F

Is it a question of the money coming in stages, or all of the money coming slightly later than hoped?

It looks like the MBNA/Arrow is the one to clear first if you don't quite have enough.

But if it's marginal timing for all, discuss it, ask them to record the offer was made, and that you hope a similar proportion will be available in future.

I doubt that the offers you currently have will be rolled back to significantly worse. Keep talking to them, rather than miss without saying anything. And one or two firms may be willing to stage things over a couple of months.

braveheart6612

Quote.......

yip that was 1623 of a debt ..........I would make sure it's watertight by letter ....