Full and final settlement help thread

funkyfish586

Hi all, so we sent off our F&F offers to 10 creditors but received flats no's from 8 of them. Wescot rejected the offered of the 30% offered and said they would accept 90%. We wrote back and said there's no way we can pay back what they are offering but offered 35% as the maximum that out family member will offer. They have written back today with a slightly more promising but annoying response.

"in order for us to look into your settlement offer of XXX for the above account we require some further information surrounding your income & expenditure details. We note that your I&E has been provided to us by payplan previously , however please be advised that we only receive an overview and in order to submit your offer to XXXX we require a full breakdown of your financial circumstances"

Is this normal? i have already told them that a family member is gifting us the money so i dont see why they need this again? It's a rather large form!

What do you think i should do?

Thanks you.

fatbelly

You don't have to fill in their form but, if your I/e is not giving any information that they don't have already, there's no harm in giving them that, in whatever form is most convenient for you.

anna_1977

Wescot wrote to today rejecting my 30% but offering an 80% offer... I've got back with a 50% - fingers crossed

[Deleted User]

anna_1977 wrote: »

Wescot wrote to today rejecting my 30% but offering an 80% offer... I've got back with a 50% - fingers crossed

I'm hoping to negotiate one with Wescot. It's my biggest debt and I am hoping they might accept 50%, otherwise it would be impossible. It's out of the question for another few months anyway so I haven't set things in motion yet. I haven't any 'family member' to help me pay it so am saving every penny I can.

I'll follow your progress with great interest. Good Luck:beer:

funkyfish, ouch to the 90% they offered you:eek:. I hope they come down a heck of a lot more for you. Good Luck:beer:

heavenlyharry01

I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

Many thanks

fatbelly

heavenlyharry01 wrote: »

I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

Many thanks

These are individually negotiated offers. It doesn't matter to them what anyone else is doing. Don't be surprised if they do not accept your first offer. Fairness doesn't really come into it.

Connector54

Hi Forum....first timer here.
So, I have an old card debt of 8K which has been placed on zero interest for past few years and passed around a number of collection agencies.
I pay £55 per month and that will take 12 and a half years to clear.
Any suggestions on how tough to offer a F&F settlement.?
I am reading lots of advice but now ask specifically of this aged debt on zero %
Anyone help please.?
Thanks

fatbelly

Connector54 wrote: »

Hi Forum....first timer here.
So, I have an old card debt of 8K which has been placed on zero interest for past few years and passed around a number of collection agencies.
I pay £55 per month and that will take 12 and a half years to clear.
Any suggestions on how tough to offer a F&F settlement.?
I am reading lots of advice but now ask specifically of this aged debt on zero %
Anyone help please.?
Thanks

Start at 25 or 30% - less than this is unlikely unless paperwork is defective.

Check that first with a CCA request if this is a consumer credit act debt

Debfro

Hello

I have been reading through the advice on here (thank you) and I asked for the credit agreement from my three debtors. I have not paid anyone since 2014/15 and my dad will help pay them off if I can get a good price. Cabot has come back to say my Egg credit card was taken out in 2000 with my email address and was paid until 2010. As it was an online application and acceptance they have no paperwork just statements of the account. They will only accept an offer of 80% which is too high for us to pay. I have nothing to check against should I get the statements? Thank you for your help

fatbelly

Debfro wrote: »

Cabot has come back to say my Egg credit card was taken out in 2000 with my email address and was paid until 2010.

Leaving aside the apparent lack of any agreement, are you saying you haven't made a payment since 2010?

This became statute barred in 2016. It's unenforceable under the Limitation Act and, under CONC guidance, you can tell them you're not paying anything.

7.15.8 A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred.