Full and final settlement help thread

GP2015

I should clarify that this particular case is somewhat different, i.e. I'm dealing with the original debt owners, and we're neither in balance, where one might expect like for like treatment (unrealistic in any customer to bank relationship anyway) nor is the situation in my favour (e.g. they messed up and I demand they get it right), which would give me even more leverage. The fact is, I broke the term of our agreement and I owe them, and my only "strength" is, ironically, my poor financial standing, and their desire to recover as much as possible, ideally everything.
Obviously it's different with companies which purchase debt for a tiny proportion of its nominal value to get as much as possible, then "it's only business" for both parties.


Regards,
n.

DrWatson1

I don't think that changes an awful lot. Would you expect them to tell you how much they would sell the debt on to a 3rd party collector for?

In a F&F settlement, each party is free to offer what they think is a fair price, and the other party is under no obligation to accept.

If you can't reach a mutually acceptable figure, then just keep to the DMP.

Big_John_246

HI All, I am looking at paying my remaining debt off in the next couple of months, I have been with Payplan for many years and very much looking forward to being debt free as it has been so hard.

Can anyone tell me if Payplan contact the the creditors or do I have to do it, I have sent a message to Payplan but have not had a reply they take so long to answer a question.

I want to get a full and final settlement that will not affect my credit rating and have no further auction taken will be taken in anyway.

Hope some one can advise.

Kind Regards

John

sourcrates

Big_John_246 wrote: »

I want to get a full and final settlement that will not affect my credit rating and have no further auction taken in anyway.

Hope some one can advise.

Kind Regards

John

Morning John,

Isn't your credit file already affected by your DMP ?

You cant have it all ways unfortunately, if your creditor settles for less than is owed, they will mark your file accordingly.

Theres lots of information on this thread, and others under similar titles on the forum.

I suggest you have a read up on them, to get an idea of whats involved, but in a nutshell, if you allow payplan to negotiate on your behalf, you have to pay them the money upfront, they may not be able to get all your accounts settled, its a bit of a lottery, in which you play no part.

On the other hand if you do it yourself using the excellent template letters from the Nation Debtline website, you are in control every step of the way, and should be able to do a lot better job.

In the end, its down to how hard a negotiator you are.

Big_John_246

sourcrates wrote: »

Morning John,

Isn't your credit file already affected by your DMP ?

Because I have been on the DMP for so long and kept up with payments my credit score is quite good now :j . I think records only stay on there for 7 years.

Cheers

John

glentoran99

Big_John_246 wrote: »

Because I have been on the DMP for so long and kept up with payments my credit score is quite good now :j . I think records only stay on there for 7 years.

Cheers

John

6 years, and if the account is defaulted and cleared from your file, nothing you do will affect that, even if you never pay them another penny (unless of course they go to court for a CCJ) but if you settle it wont matter for how much nothing can be reported

ladeda

As we are going to be trying to remortgage next year but are still in a DMP, think its time to try and get some full and final settlements sorted.

I have taken the National debtline template and modified it slightly, do you think its worth mentioning that the defaults are no longer on the credit file, so for example

Instead of:

If you accept this offer, please confirm that you will mark our credit reference agency files to show that the above account has been paid and closed.

I put this:

As this debt is no longer recorded by any of the credit reference agencies due to the age of the defaulted account, if you accept this offer, please confirm in writing that the above account has been paid and closed.

or am i over thinking things? Just dont want this account to suddenly appear on my credit record again.

Cheers

braveheart6612

Hi Everyone

Looking for some advice here. I've had a Next account since 2000 , I'm on a DMP with SC , I recently sent a CCA request , they have come back today saying that they have no record of receiving my original signed credit agreement and have enclosed blank copies of credit agreement , notice of variations and a copy of my most recent statement and have asked me to sign and return. What do I do next , is the debt enforceable?? My thinking is if I sign it they will enforce it ?? can someone help out cheers

whambam

Put a defence up if they take you to court. Most of the time they will give in if you have a good witness statement and a good debt solicitor.

braveheart6612

Yeh but do I pay nothing and say to them or make token payments and offer a low f&f