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Full and final settlement help thread

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
2.7K replies 1.5M views
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Replies

  • WeggyWeggy Forumite
    462 posts
    Maka wrote:
    Good luck mate "westcot are rude and useless" i have delt with them before.

    Wescot arent exactly being helpful! Any tips for how to deal with them? Did you manage to get them to accept a full and final?

    Thanks for the help :D
  • johannamsejohannamse Users Awaiting Email Confirmation
    498 posts
    congrats Weggy...getting there. Stick with it.

    Just for all our information, have you actually defaulted yet or have debts been passed on to debt collection agencies? (Don't want to misinform others).

    thanks.
  • WeggyWeggy Forumite
    462 posts
    Thanks! Getting there.....

    Errrrm some defaulted, some didnt, but they all date back to 5/6 years ago and I've been paying them back since then.... (at like £20 - £5 per month fixed)
  • IT's definitely worth doing F&F's. I got one down to £316 from
    £645, but some wouldn't budge and I had to be really, really persistent. Apparently the rule of thumb is that the more it has been sold on, the less the DC has paid for it and if it's nearing the 6 year limit, they're more likely to take a lot less as the chances of them getting anything for their 1p in the pound they paid are lower.

    Some of them have been really pleasant with me though. Some of them are just tough cookies but don't forget that if they can't get you to pay they will sell it on and you might have more luck with the next collector.
  • WeggyWeggy Forumite
    462 posts
    I thought the 6 year rule was only if there had been no contact between them and me?
  • I have recently been discussing my dire financial situation with the CCCS and they have recommended token payments for the next 6 months and a review after that. The lady did say that if I could get some funds together, most companies might take as low as a 35% offer. I know from a colleague who was in a similar fix to me that the most he paid for F+F was 50%.

    As for the 6 year limit - I believe that is only for those accounts where the creditor has been unable to contact you and writes off the debt - this is from the Limitations Act 1980.

    For those of you who have done token payments - was your debt sold on to DCAs straight away? Have you had the heavies round?

    Thanks,

    David
  • I've just negociated a full and final with Wescot, had a £9600 balance and got them down to £5000, with further persuasion on my part eventually got them down to £4800 so I was happy with 50% off to be honest. :j

    I dealt with a lady called Jayne in Collections, really nice andnot pushy at all if you speak calmly and don't use and aggressive tactic (which I have done before) :mad:

    If anyone wants her number at Wescot just email me.

    Good luck to everyone, (M&S don't want to know about F&Fs they were VERY rude to me just in case anyone is using them)

    Lorraine
  • digpdigp Forumite
    2K posts
    try https://www.debthelpuk.co.uk/forum for more insight on these matters
  • When going for full and final settlement should you negotiate in writing (for proof). How long after the payment has been made before your credit records are updated?
  • WeggyWeggy Forumite
    462 posts
    lorraine_9 wrote:
    I dealt with a lady called Jayne in Collections, really nice andnot pushy at all if you speak calmly and don't use and aggressive tactic (which I have done before) :mad:

    If anyone wants her number at Wescot just email me.

    Lorraine

    Hi Lorraine.

    Tried emailing you but you havent set up emailing on here! I'd love to have her number.... could you please PM me with it or post it here?

    Thanks
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