Full and final settlement help thread

fatbelly

If you've got multiple defaults I wouldn't worry about your credit file.

Yes you can do what you want though because creditors are always slow to accept, I'd suggest making the offers in batches. You'll find most decline the first offer.

Just tell stepchange when a debt can be removed from your plan. Your aim is to get debt-free and I'm sure they will understand that.

Dandytf

fatbelly wrote: »

If you've got multiple defaults I wouldn't worry about your credit file.

Yes you can do what you want though because creditors are always slow to accept, I'd suggest making the offers in batches. You'll find most decline the first offer.

Just tell stepchange when a debt can be removed from your plan. Your aim is to get debt-free and I'm sure they will understand that.

Thanks
Does ‘removing 1 debt at a time upset other creditors as part of dmp.

Helenmelons

My student loan was sold to Erudio and in doing so, they managed to 'not receive' my loan deferment forms. They did not contact me, but recorded a default on my account. I only discovered this recently after checking my credit file as i'd like to get a mortgage.
I have contacted Erudio and negotiated a 50% settlement as I can't pay the whole amount and want it gone! They have said it will be recorded as a 'partial settlement' but I will not be liable for the remainder of the balance. They will not remove the default despite my requests. I have complained to the ombudsman and it's being investigated. If a partial settlement was recorded, is there any chance of me getting a mortgage? Thanks

fatbelly

Helenmelons wrote: »

My student loan was sold to Erudio and in doing so, they managed to 'not receive' my loan deferment forms. They did not contact me, but recorded a default on my account. I only discovered this recently after checking my credit file as i'd like to get a mortgage.
I have contacted Erudio and negotiated a 50% settlement as I can't pay the whole amount and want it gone! They have said it will be recorded as a 'partial settlement' but I will not be liable for the remainder of the balance. They will not remove the default despite my requests. I have complained to the ombudsman and it's being investigated. If a partial settlement was recorded, is there any chance of me getting a mortgage? Thanks

It's likely to have some effect, yes.

You have done the right thing by complaining then referring this to FOS. However, you may find that they side with the creditor.

Have you actually paid the money? You could continue to insist that the default is removed as part of the deal but if they feel the default is accurate (what formal notice were you sent?) then they may be reluctant to do it

acee

I had £3500 outstanding with Likely Loans was paying back £180 per month via DMP but they have accepted a F&F of £1000 so saved myself £2500. Over the moon they accepted it was my starting bid I was prepared to offer around £1700-£1800 as 50% settlement.

iwilldoitthistime

Hi, I’ve been on a DMP since about 2012, balance was around £45k now at £14k. I checked my noddle report and I’ve got 3 outstanding amounts with Link financial (2 barclaycard and 1 MBNA) and only the MBNA one is shown as in default. The other 2 are shown as up to date. I also have a loan with Lloyd’s shown as default from 2013 and a Lloyd’s credit card is shown as up to date, even though all of the debts are being paid through stepchange at below the minimum payments.

If I try to go for f&f, will the up to date debts be shown as partially satisfied, and is this worse for any future credit rating than leaving them as they are and just continuing to pay them? As my Lloyd’s loan wasn’t defaulted until 2013, I realise it won’t drop off until 2019, but is there a chance the others will default between now and then, even though I’ve been in an arrangement for so long?

Thanks for any advice x

cferguson984

I have multiple debts for about 5k in total. From various places when I was younger. All defaulted for about 3 to 4 years with no payments. I'm finally looking to pay off these debts. Most of them are pay day loans and 2k catalogue. How do I go about getting doing all this and trying to negotiate to pay about 50 percent of fees. I'm new to all this so any help would be much appreciated. Most of the debts have been sold to Lowell

heavenlyharry01

Hello

I’ve been offered a 50% discount on a Next account which is defaulted and currently being managed by Akinika. I’ve offered slightly lower, around 40% of the debt which they are putting forward to Next. If they refuse this is the 50% a good deal still?

HairyHandofDartmoor

I would think that 50% is a good offer.

fatbelly

heavenlyharry01 wrote: »

Hello

I’ve been offered a 50% discount on a Next account which is defaulted and currently being managed by Akinika. I’ve offered slightly lower, around 40% of the debt which they are putting forward to Next. If they refuse this is the 50% a good deal still?

I'd describe it as good but not spectacular.

The spectacular deals are usually on debts that are a bit questionable and/or on the large side so unless this huge or ancient, I'd go with whatever they come back with.