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Full and final settlement help thread

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  • sourcrates
    sourcrates Posts: 31,584 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Hello. I have a small debt with EE, its been ongoing for a couple of years. Their debt company, DLC, offered me "full and final settlement at 50%", which I duly accepted. However on checking my credit report via Equifax, the debt is still present but has been halved. It remains in default. I have since contacted DLC, who say they have handed it back to EE. I contacted EE, who say that the other 50% is still due for payment and will remain as default until its paid, at which point the account will be "satisfied".

    I have a couple of questions - Who can I go to, in order to sort this out properly? I am in contact with the Credit Referrals team at EE. I may take it to their complaints department too, but I've found the whole EE experience to be awful.

    Secondly, if I pay now, and my account becomes "satisfied", is this much different from being "settled"?

    Thanks for your help

    Mike

    Did you get the 50% deal confirmed in writing ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates wrote: »
    Did you get the 50% deal confirmed in writing ?

    Yes I did, an email from DLC. I called them to pay, and made sure I said it was for F&F settlement. I sent it to the EE credit referrals with my query, and it was totally ignored!
  • fatbelly
    fatbelly Posts: 22,979 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Thanks Fatbelly I know an VIA would be a better option but I suffer from bi-polar and would just get back into debt if I wasn't well. I know it sounds like an excuse but that's how I got in this mess. So at the moment I feel safe with the 18 year thing.
    They suggested an IVA but I didn't want that due to my mental health. They didn't say it had any time limit. I have already been on the dmp for 3 years and all my creditors have agreed.

    If you have no assets you should seriously look into bankruptcy. You seem to have little surplus income and you would only have to pay this for 3 years
  • sourcrates
    sourcrates Posts: 31,584 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Yes I did, an email from DLC. I called them to pay, and made sure I said it was for F&F settlement. I sent it to the EE credit referrals with my query, and it was totally ignored!

    As long as you have that letter, you have proof of acceptance.

    Seems you are at deadlock here.

    I would stick to your guns, should they try to get legal, your defence would be pretty sound in my opinion.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • I have a mortgage so becoming bankrupt wasn't an option. I'm waiting for some other ppi claims to come through. So hopefully if they are successful I will be able to reduce my debt via full and final settlements. Fingers crossed
  • Weakmoments, thanks very much for going into details, I know it isn't easy. I can appreciate your reasons for sticking with a DMP now.


    I hope things work out for you and the PPI payments come through and help you to decrease your debt balance and speed up your DFD:beer:
  • Laura2018
    Laura2018 Posts: 7 Forumite
    Just looking for some help and advice :-)
    I've just started an IVA with credit fix of £105 per month over 5 years. Over the weekend I came clean to my partner about my finances and he has kindly said he will offer credit fix £5000 as a full and final offer. Ive emailed my consultant at credit fix and she instantly messaged back saying this will be rejected as the creditors would take the £5000 and then still expect me to make the £105 per month payments for 5 years....
    I'm quite surprised to be honest as i've read tens of messages on here saying peoples full and final offers of payment have been accepted. Would anyone be able to offer me some advice on how to pursue this?
    My total debt is around £20,000
  • raz1988
    raz1988 Posts: 8 Forumite
    Eighth Anniversary First Post
    edited 5 April 2017 at 4:19PM
    raz1988 wrote: »
    Hello,

    I need some advice please i have debt around 17k 6 credit card i am paying small amount to the debt company's i have some money to pay the big ones off I wote a Final settlement offer i have offered them 20-30% of the debt

    my question is should i write about my family and son illness all which is true and should i send supporting documents to show my son illness.

    I am writing about the money which you are claiming on the above account.

    I can confirm that I am unable to pay the money which I owe in full.

    The offer from my relative will not be available forever and my relative will not make the payment unless the offer is accepted.
    This offer is made on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

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

    I can pay the amount I have offered of receiving your written agreement of this offer.

    Please give me details of how I can pay.

    I look forward to hearing from you.


    Yours faithfully


    Hello,

    I had a reply from my biggest 2 debt

    The first debt coming PRA Group have said no to £1000 (30%) instead offered me 80% £3417 current debt £4271 this one i have not set up a payment plan and paying £20 last month they said they will accept it but need to set up plan

    What should i do now there no template for replying back should i write about my circumstance or leave it.

    The second debt Barclays debt company Robinson Way current debt £5,247 i offered them £1500 they said they need to now where the funds a coming from, full breakdown of expenditure, breakdown of other debt who and how much i am paying and when i can pay. I have a plan with them £22/month and been paying for 6 month.

    If i set up a payment plan and pay that amount for 6 month and then offer them F&F will that be a better chance to be accepted rather than offer then F&F straight away.
  • fatbelly
    fatbelly Posts: 22,979 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    raz1988 wrote: »
    Hello,

    I had a reply from my biggest 2 debt

    The first debt coming PRA Group have said no to £1000 (30%) instead offered me 80% £3417 current debt £4271 this one i have not set up a payment plan and paying £20 last month they said they will accept it but need to set up plan

    What should i do now there no template for replying back should i write about my circumstance or leave it.

    The second debt Barclays debt company Robinson Way current debt £5,247 i offered them £1500 they said they need to now where the funds a coming from, full breakdown of expenditure, breakdown of other debt who and how much i am paying and when i can pay. I have a plan with them £22/month and been paying for 6 month.

    If i set up a payment plan and pay that amount for 6 month and then offer them F&F will that be a better chance to be accepted rather than offer then F&F straight away.

    On the second one, yes it may be easier six months down the line. But there's no harm in giving them 'full breakdown of expenditure, breakdown of other debt who and how much i am paying and when i can pay' as long as that justifies your position, and no expenditure is unreasonable, and it doesn't reveal any info they don't already have that might encourage them down the court route.

    On the first one, can you go up a bit? Politely offer them a bit more and point out that if they do not accept this offer then the only alternative is £20 payments for 200 months. At least they have moved a bit.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 6 April 2017 at 8:29AM
    raz1988 and fatbelly

    I'm very interested in the situation with Robinson Way and will follow developments closely.

    I'm on a DMP and my credit card debts are defaulted, mostly now 'managed' by other companies. Only one has been 'sold' so far, that's my Tesco debt bought by Hoist and now being collected on their behalf by Robinson Way. As my smallest debt (still around the £3000 mark:eek:) and actually 'sold on' I assume it might be the easiest to negotiate a reasonably low F&F on it. I haven't managed to save up enough to make offers on the others that stand any chance of being accepted:o


    I've only had one letter from Hoist to inform me of Robinson Way's involvement so I have had no direct dealings with them. I am about to send off a CCA request but, certainly don't want to have to supply them with any further financial information than they might already have.


    Are they a reasonable company to deal with and is the information being requested from raz different from what they might ask for where a DMP is in place please? I may have misunderstood but I am assuming raz is not on a DMP.
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