Full and final settlement help thread

braveheart6612

Hi all

Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands

in light of this I phoned Avant and said I couldnt afford full n final payment so i offered £150 and they have now accepted £168 great reduction exactly 10 % of total outstanding

DrWatson1

Sounds like anyone who has debts with Avant is getting an early xmas present!

[Deleted User]

ferry Thanks very much for your list of settlement figures. That's a very impressive result. Well done:T

braveheart, what a brilliant result from Avant. Congratulations:T


Has anyone had any great results from any of the following, please? Does anyone else please know if any of them are being extra generous at the moment? I doubt the season of goodwill means anything to the DCAs though;)

MBNA 2 debts with Link, sadly not Avant:(.
Mint (Westcot)
TescoBank (Hoist)
Asda CC ( was maybe Santander?) NewDay. Still not defaulted:mad:
Lloyds CC (with Lloyds still)

Thanks:)

I'm hoping to start self-managing my DMP in January so will have a bit more room for manoeuvre with F&Fs;)

marzom

Hi all,

I have been trying to get some full and final settlement figures by approaching each of my creditors one at a time as I don't have enough of a lump sum to offer every creditor a figure.

Westcot and PRA group have counteroffered (to my 45%), 80 - 100%, however link financial have counteroffered 70% for partially settled which is tempting.

Do I counteroffer again?
Is partially settled ok?

Also I am on a DMP with stepchange- how will they view me approaching creditors one at a time?

Many thanks.

lgran1sc

Hi,

I left the UK to live in Africa 2 years ago and continued to pay my debts until about 6 months ago, unfortunately due to the currency crashing in my country I was no longer able to fulfill this.

A friend has offered to help me out and I am looking to offer 40-50% full and final settlements, as I am not based int he UK what would be my best course of action to ensure I get the relevant correspondence back?

thanks

fatbelly

marzom wrote: »

Hi all,

I have been trying to get some full and final settlement figures by approaching each of my creditors one at a time as I don't have enough of a lump sum to offer every creditor a figure.

Westcot and PRA group have counteroffered (to my 45%), 80 - 100%, however link financial have counteroffered 70% for partially settled which is tempting.

Do I counteroffer again?
Is partially settled ok?

Also I am on a DMP with stepchange- how will they view me approaching creditors one at a time?

Many thanks.

They should come down from 80 - 100%. You could write again.

However, this is the one time I find it useful to have a telephone conversation. Try to talk to whoever wrote the letters.

Just tell Stepchange when the debt is settled.

PlainJane83

Hello All

I am trying to establish if I am able to consider full and final settlements with creditors. We have paid to date £27,582.00 :eek::T (2 adults) but I want to try and get rid of whats left as quickly as possible but with the outstanding debts and being due to finish our DMP via stepchange in Sept 17, would I gain anything in trying to settle with whats outstanding below?

I dont have a huge amount of excess cash right now but working overtime to try and get these cleared (I wont start trying anything until I some money to clear them but I would be doing this one by one)

VANQUIS CARDS - £1,572.91
VANQUIS CARDS - £1,430.35
LOWELL FINANCIAL - £719.03
NCO - LOWELL - £667.46
CAPITAL ONE - £481.51
NCO - LOWELL - £440.48
HSBC REPAYMENT - £296.40
J D WILLIAMS & CO - £238.45
J D WILLIAMS & CO - £220.83
NCO - SHOP DIRECT - £131.68
J D WILLIAMS & CO - £103.27
CAPITAL ONE - £88.96
ARGOS CARD SERVICES - £79.22
HSBC REPAYMENTS - £71.61
HSBC REPAYMENTS - £70.98 - Will be aid paid off in full via next Stepchange payment (Due on the 1st Dec)
NCO - LOWELL - £27.19 - Will pay off in full on payday (Friday)
NCO - SHOP DIRECT - £20.33 - Will pay off in full on payday (Friday)

Any help will be gratefully received.

PainJane

GP2015

Hello everybody,

I have sent letters to my creditors with an offer of a settlement about a week plus ago. I haven't heard anything back specifically in relation to my offer, but in a peculiar coincidence (?), within the last few days I have received three letters related to just one of those creditors:
1. one letter dated just three days after I had sent mine which, without referrring to my offer at all, informs me they had assigned the debt to another company, about a month earlier.
2. another letter from the new company (Arrow Capital) confirming the above, dated again, the same day, i.e. 23rd November
3. only today, a letter from capquest sent on 24th November, telling me they have now purchased the balance, (i.e. from Arrow Capital)
Do I read it right, that my original offer triggered a "look into" my account and they realized they haven't got the original paperwork (does it matter if they don't?), so they decided to get rid of the "hot potato" asap?
I still want to settle, and here's a my question - should I offer, to my new masters, what I offered previously, or should I offer less? And secondly, should I fire off an offer asap, or wait a few months?
btw, the chain of my debt owners is now, well... I'm on the 4th link (4th owner)
p.s. I'm sceptical about the hot potato, i.e. missing paperwork, because instead of selling my debt on, they could have sent me letter confirming they're willing to take my offer, which is, probably a lot, lot more than what they'd get by selling the debt on to a new owner, right? Unless, naturally, they buy and sell in bulk and individual recovery doesn't matter.

And, related question, I heard that one creditor, before entering negotiations with debtors, "kindly ask" for an expenditure sheet. Does anyone have experience with this, i.e. is it self-prepared, like for a DMP plan, or does it need to include a copy of bank statements? A few times I have received some money into my account from my partner, to prop me up, and while I do not bank with the debt owners, she does, so I'm worried they might spot this and try to draw money from her account.

Regards,
n.

fatbelly

GP2015 wrote: »

Hello everybody,

OK, you don't have to send income/expenditure details, let alone bank statements.

If you think the Arrow/Capquest debt might be lacking paperwork, and it was originally a CCA debt, like a loan or credit card, why not do a CCA request? You may kill this off at no cost.

braveheart6612

Hi PainJane

I have agreed a f&f with vanquis cc. 40% but they haven't agreed completely in writing.They say the account will be closed down but have left out that no third party will chase me for it so another letter until I get it in writing just watch them that some all