Full and final settlement help thread

fatbelly

backontrack83 wrote: »

Hello All

So after reading this and thread and asking a couple of questions before I started making calls today and this is where it stands with what they will accept, I need to get this down to £3000 if my mum is going to help, any advise on how to do this?. This is mine and my husbands;

Creditor/Outstanding Debt/Offer provided by creditor
Vanquis - 1392.61 - £1115.70
Vanquis - £1254.01 - £1148.03
NCO - 594.64 - 308.64
Lowell - £419.85 - 291.89 (passed to a supervisor to confirm - not confirmed at present)
Capital One - £414.15 - £409.18
NCO - £267.72 - £221.69
HSBC - £266.68 - £141.48 (passed to a supervisor to confirm - not confirmed at present)
Lowell - £184.96 - Would not even contemplate a settlement offer
NCO - £87.09 - Would not even contemplate a settlement offer
Capital One - £77.08 - Would not even contemplate a settlement offer
Argos Card - £59.94 - Would not even contemplate a settlement offer
Lowell - £51.75 - £39.99
Lowell - £169.31 - £98.77

Current total stands at £4184.44 (if the ones mentioned get agreed) but guidance on how to push for a bit more would be very welcome. I am very much out of my comfort zone here, with the negotiations etc.

Thank You

What percentage were you aiming for and has anyone agreed to that?

backontrack83

HI Fatbelly

I ideally need them all to be at 50% to reach where I need to be but obviously there is a little wiggle room depending on what some agree too.

The ones at present which are close enough to the 50% for me to not worry (right now) are;
NCO - 594.64 - 308.64
Lowell - £419.85 - 291.89 (passed to a supervisor to confirm - not confirmed at present)
HSBC - £266.68 - £141.48 (passed to a supervisor to confirm - not confirmed at present)
Lowell - £51.75 - £39.99
Lowell - £169.31 - £98.77

My two biggest ones are;
Vanquis - 1392.61 - £1115.70 - Currently offering 70%
Vanquis - £1254.01 - £1148.03 - Currently offering 85%

Thank You

AlwaysOnTheGo

Hello,

I've spent ages reading these threads but can't find the information I need hence posting.

I have a dept of £5k approx on a card that is years old that is paid as a non priority debt at £1pcm. Twice last year I wrote them an letter offer a £60 F&F settlement. They have ignored both letters.

I also wrote a letter asking for a copy of the original credit agreement and full breakdown of the account within 12 working days quoting the Computer Credit Act and using a template letter. They wrote back stating they needed 40 days.

We are now on day 55.

What do I do next ? Is there another letter I write ? Do I stop paying ?

thanks for any advice or suggestions

fatbelly

backontrack83 wrote: »

HI Fatbelly

I ideally need them all to be at 50% to reach where I need to be but obviously there is a little wiggle room depending on what some agree too.

The ones at present which are close enough to the 50% for me to not worry (right now) are;
NCO - 594.64 - 308.64
Lowell - £419.85 - 291.89 (passed to a supervisor to confirm - not confirmed at present)
HSBC - £266.68 - £141.48 (passed to a supervisor to confirm - not confirmed at present)
Lowell - £51.75 - £39.99
Lowell - £169.31 - £98.77

My two biggest ones are;
Vanquis - 1392.61 - £1115.70 - Currently offering 70%
Vanquis - £1254.01 - £1148.03 - Currently offering 85%

Thank You

Vanquis ought to be open to offers if they are thinking of defaulting you as they sell their accounts to Lowell - and presumably get very little for them. Are you making any payment to them?

I note the post I often link to

http://forums.moneysavingexpert.com/showpost.php?p=69978335&postcount=1179

settled at 42 and 50% with Vanquis. So keep nagging them.

fatbelly

AlwaysOnTheGo wrote: »

Hello,

I've spent ages reading these threads but can't find the information I need hence posting.

I have a dept of £5k approx on a card that is years old that is paid as a non priority debt at £1pcm. Twice last year I wrote them an letter offer a £60 F&F settlement. They have ignored both letters.

I also wrote a letter asking for a copy of the original credit agreement and full breakdown of the account within 12 working days quoting the Computer Credit Act and using a template letter. They wrote back stating they needed 40 days.

We are now on day 55.

What do I do next ? Is there another letter I write ? Do I stop paying ?

thanks for any advice or suggestions

The account is currently unenforceable. You could stop paying if you wish.

You were pushing it a bit offering £60 on a £5k debt.

I would say you should take the view that the ball is in their court and wait to see what they do next. If it's a reminder that you owe them money, then you can respond that you are treating enforceable debts higher than unenforceable ones. These days (FCA rules) creditors are more likely to admit the debt is unenforceable.

backontrack83

Hi

Thank you for your reply. Yes they are receiving payments via stepchange, but have advised as I am at threat of redundancy this may well end up being a token payment in the near future.

I will keep going thank you

sourcrates

AlwaysOnTheGo wrote: »

I also wrote a letter asking for a copy of the original credit agreement and full breakdown of the account within 12 working days quoting the Computer Credit Act and using a template letter. They wrote back stating they needed 40 days.

We are now on day 55.

What do I do next ? Is there another letter I write ? Do I stop paying ?

thanks for any advice or suggestions

I assume this is with a debt collector then.

They will have to go back to the original creditor to find your paperwork, usually the longer it takes, the less chance they will find anything.

It's unenforceable until they respond to you, as a Fatbelly suggests, it's a case of wait and see what they come back to you with unfortunatly.

sarahb7538

Westcot refused my offer, said there was no settlement figure for the account 👎🏻:(:(:(:(

sourcrates

sarahb7538 wrote: »

Westcot refused my offer, said there was no settlement figure for the account 👎🏻:(:(:(:(

Who owns the debt ?

It won't be wescot, try writing to the owner.

Otherwise wait until it gets sold on.

sarahb7538

It's RBS Sourcrates and I doubt it will be sold on now. I made an offer to RBS about 7 months ago but they refused.

It's in a DMP that's very nearly finished, plus Wescots share of my DMP payment is going to increase next month ( although they didn't know that at the time I made a F&F) as I've settled the largest debt I had with a F&F . Just thought I would chance it, if you don't ask you don't get, right!

The other debts - Moorcroft, I've tried F&F at least six times and they always refuse, I only owe £100 ish now so I'm going to just let it all run its course and be very very glad to see the back of it all.