Full and final settlement help thread

baggybreeches

Hi all, long time no speak!
I have been working over the past couple of months to negotiate F&F settlements with some old pay day loans ( WageDay Advance settled for £400 on a £538 debt from 2015, Uncle Buck accepted £550 on a £984 debt from 2016). My next challenge is Metropolitan Collections, I had an £18000 loan from HSBC in 2007, in 2010 I was in dire straits I spoke with Step Change following consultation with a mediator sent out by my mortgage provider and I was advise to make payment offers to my non secured creditors (HSBC being the main one), to cut a long story short HSBC were so unhelpful I was forced to wait 180 days to get a default so I could start negotiations with the collections team. I have been making regular payments and the debt now stands at £2597. I would like to make an F&F offer but this will disappear from my file in January so will they accept a really low offer (based on the fact they have had the money I owed them back and I am probably only paying interest amounts now). I am currently paying £11 per month.
I know that if I don't settle the debt will still be recoverable even when it's not on my file.
Any advice gratefully received.

fatbelly

baggybreeches wrote: »

Hi all, long time no speak!
I have been working over the past couple of months to negotiate F&F settlements with some old pay day loans ( WageDay Advance settled for £400 on a £538 debt from 2015, Uncle Buck accepted £550 on a £984 debt from 2016). My next challenge is Metropolitan Collections, I had an £18000 loan from HSBC in 2007, in 2010 I was in dire straits I spoke with Step Change following consultation with a mediator sent out by my mortgage provider and I was advise to make payment offers to my non secured creditors (HSBC being the main one), to cut a long story short HSBC were so unhelpful I was forced to wait 180 days to get a default so I could start negotiations with the collections team. I have been making regular payments and the debt now stands at £2597. I would like to make an F&F offer but this will disappear from my file in January so will they accept a really low offer (based on the fact they have had the money I owed them back and I am probably only paying interest amounts now). I am currently paying £11 per month.
I know that if I don't settle the debt will still be recoverable even when it's not on my file.
Any advice gratefully received.

Now I wish you luck with HSBC and if you find a person or department within that organisation that appears to possess multiple brain cells, please let me know.

One of my clients stopped making payments over a year ago and we have tried to propose a settlement deal. It took over 6 months to get any sort of response. To date none of the 'replies' have borne the slightest relation to the content of my letters. The nearest was when I tried to get somewhere by email and was reprimanded for breach of confidentiality!

Likewise if I find someone helpful, I'll let you know. BTW we're starting at 25%

laura123123

I just want to say thankyou to everyone for the advice on this thread, i got a letter back today accepting £6095 on a £14400 nationwide CC! :j
Hopefully the rest should start coming in soon!

[Deleted User]

laura123123 wrote: »

I just want to say thankyou to everyone for the advice on this thread, i got a letter back today accepting £6095 on a £14400 nationwide CC! :j
Hopefully the rest should start coming in soon!

Well done, laura:j:T:beer:

I read so many posts on various debt threads that I'm sorry I can't remember what you told us before:o. Out of interest, was this an old debt or a fairly recent one please? Was it still with the original creditor or had it been sold on and were you paying reasonable amounts each month or token payments/nothing? Sorry about the questions but it would be helpful to know. I'm trying to work out what to do myself although sadly my fighting fund is nowhere near yours:(


Good luck with your other offers being accepted:beer:. Keep us posted.

[Deleted User]

A hypothetical question, folks, which I hope someone like fatbelly or sourcrates can answer for me please.


A bank accepts a F&F for a Credit Card debt and it's all finalized and the acknowledgment that they won't chase the debt in future etc has arrived. Then, a few weeks later, a PPI claim is upheld by the same bank (on a loan not the CC). Is there any way that the bank can retain the PPI repayment money towards the CC debt that's just been paid off at a greatly reduced price?


The answer is probably glaringly obvious:o but I just need a bit of reassurance that the reclaim money will actually be mine. Thanks.

sourcrates

carbootcrazy wrote: »

A hypothetical question, folks, which I hope someone like fatbelly or sourcrates can answer for me please.


A bank accepts a F&F for a Credit Card debt and it's all finalized and the acknowledgment that they won't chase the debt in future etc has arrived. Then, a few weeks later, a PPI claim is upheld by the same bank (on a loan not the CC). Is there any way that the bank can retain the PPI repayment money towards the CC debt that's just been paid off at a greatly reduced price?


The answer is probably glaringly obvious:o but I just need a bit of reassurance that the reclaim money will actually be mine. Thanks.

That is a very good question.

On the face of it, i would say no, as they signed an agreement to write off the rest of the debt, however banks are slippery organizations and you can never be too sure what they are going to do.

I would say if they were to use the funds to offset the debt, you would have cause for complaint.

January2015

I agree with Sourcrates. The bank, or DCA, has given written confirmation of settlement of the debt. At the point the debt is settled at the agreed figure there should be no other discussions into taking money from other funds, such as PPI. Even right of offset would not apply.

baggybreeches

fatbelly wrote: »

Now I wish you luck with HSBC and if you find a person or department within that organisation that appears to possess multiple brain cells, please let me know.

One of my clients stopped making payments over a year ago and we have tried to propose a settlement deal. It took over 6 months to get any sort of response. To date none of the 'replies' have borne the slightest relation to the content of my letters. The nearest was when I tried to get somewhere by email and was reprimanded for breach of confidentiality!

Likewise if I find someone helpful, I'll let you know. BTW we're starting at 25%

Thanks fatbellyI would never ever do business with them again, their attitude was the start of my problems, it wasn't until I was referred to a mediator by Bank of Scotland about my mortgage arrears. I am going to go cheeky and start at 10%

baggybreeches

I've just rung them and offered £258 off the outstanding balance of £2586 I will let you know what they come back with :-)

fatbelly

baggybreeches wrote: »

I've just rung them and offered £258 off the outstanding balance of £2586 I will let you know what they come back with :-)

Remember you want the deal confirmed in writing.