Full and final settlement help thread

sourcrates

sarahb7538 wrote: »

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.

Ah well with such a short time left on the DMP that's probebley a wise idea.

Learning2Budget

How long does it normally take from you making an offer, to a decision being made? Offered stepchange an offer last week. Just wondering what time frame i am on.
L2B.x

ryan121

So spoke to Lowell on the phone a while back and they would only give 10% so tried via email this time. They will give a 20% discount on my current balance of £250.

Not really sure it's worth it for a £50 saving.

fatbelly

ryan121 wrote: »

So spoke to Lowell on the phone a while back and they would only give 10% so tried via email this time. They will give a 20% discount on my current balance of £250.

Not really sure it's worth it for a £50 saving.

Then maybe give it 3 months and try again using the standard letter

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

redux

fatbelly wrote: »

Then maybe give it 3 months and try again using the standard letter

What will be worth doing might depend on how much the monthly amount is.

If it's low like £5 a month or less then a delay doesn't make much difference.

But if it's higher then waiting and foregoing discount on the continuing monthly payments might become significant.

Thus for example 4 months at £25 then a 33.3% discount on the remainder is the same effect as 20% off now, £200 overall.

Maybe there isn't a big saving to be had on this anyway, but depending on the monthly amount perhaps it's worth a bit of effort to try a bit lower now.

ryan121

I'm only paying £5 a month but I'm paying my debts with the snowball method, lowest first. This is the next one on my list so I asked for a 40% discount so will just pay it in full soon.

somuchindebt

Hello, please can you advise what address I should be sending settlement offers to my creditors? I have creditor contact information from SC but some of the addresses are different to what's on the correspondence from creditors. Some of the correspondence I have is quite old though.

sourcrates

somuchindebt wrote: »

Hello, please can you advise what address I should be sending settlement offers to my creditors? I have creditor contact information from SC but some of the addresses are different to what's on the correspondence from creditors. Some of the correspondence I have is quite old though.

Easy to check addresses on the companies websites.

It's usually a certain internal dept that deals with these matters, sending your settlement offers to the general customer service address, should be sufficient.

Mark your letter "settlement offer", that will ensure it gets to where it's meant to be.

somuchindebt

Thank you Sourcrates, some of these institutions have got various addresses with departments being all over the country!

sourcrates

somuchindebt wrote: »

Thank you Sourcrates, some of these institutions have got various addresses with departments being all over the country!

Yea I know, why make things easy eh !!!!!