Full and final settlement help thread

fatbelly

Mrst2016 wrote: »

Hi. Long story short. Family and I have all loved to oz. massive drop in salary so can’t afford repayments. Sold uk house so have some money to repay. Offered f&f but all except next have refused. 2 out of the other 4 have said we aren’t behind enough in payments (2 months arrears) and Halifax point blank said they don’t offer f&f. Halifax are calling back in a month. Nothing will have changed. Any advice? Will they eventually settle? Don’t really want to make token payments as unsure if and when things will change and want it all done and dusted ASAP. Any advice would be great. Thank you.

If you have moved to Australia they are lucky you are not just walking away from these debts.

I normally say to make offers in writing but in your case I'd use email.

If they turn you down, give it a couple of months and try again.

arc2014

I made an offer of 30% to Lowell - they came back with 80%. Is it worth bartering with them or should I just leave it?

fatbelly

arc2014 wrote: »

I made an offer of 30% to Lowell - they came back with 80%. Is it worth bartering with them or should I just leave it?

Depends what you're aiming for.

If you're happy with 55% ask them to meet you in the middle. If you need lower than that, maybe leave it a couple of months then raise it slightly.

Leanneglos1

The irony of it, after sending progressive money a letter with a very low offer I today received a letter in the post with a 50% settlement figures, letters must have passed in the post, I can’t afford what they’ve offered but maybe shows willingness that they want the debt cleared, we’ll see what they reply with once they have my letter

HEROWHENZERO

So a couple of very positive weeks on the F&F front.

MBNA 25% accepted
Halifax Loan 45% accepted
Halifax Credit card 60% accepted
Barclaycard 28% accepted
Tesco 40% pending

So for a DMP that was due to run until 2029, I'm now looking at having £30000 written of in the next couple of weeks. I would never have even known about settlement arrangements for defaulted credit if it wasn't for this thread. Thank you Thank you Thank you!

Hero

Leanneglos1

Can I ask whether this is was through written correspondence and how long the debts have been defaulted? Are they fairly odd debts and did you you have to negotiate much or did they accept first offer?? Sorry for all the q’s:)great success by the way!!

HEROWHENZERO

All were defaulted about a year ago and part of a debt management plan. Some were arranged over the phone and agreed in writing. Others were with written correspondence via email.

The debts were all quite large, ranging from 5k to 16k.

selinek

Hi hope someone may have the answer to my question. Wescot who are managing LLoyds TSB C.C. Debt have returned my CCA letter and cheque
( not in my name) suggesting I contact the OC directly or resend making chq to OC and they’ll send on. To save time I want to send to the OC, but the banks have separated. I’m fairly sure I applied to TSB originally. Shall I send request to them or trust wescot to send to the right place

Thanks lovelies

fatbelly

What I do is send it to whoever is managing the debt, so in this case Wescot. I enclose an uncrossed postal order for £1. They are right that if you send a cheque it has to be paid to the creditor. Sometimes it's not clear who the creditor is, but in this case it is.

[Deleted User]

HEROWHENZERO wrote: »

So a couple of very positive weeks on the F&F front.

MBNA 25% accepted
Halifax Loan 45% accepted
Halifax Credit card 60% accepted
Barclaycard 28% accepted
Tesco 40% pending

So for a DMP that was due to run until 2029, I'm now looking at having £30000 written of in the next couple of weeks. I would never have even known about settlement arrangements for defaulted credit if it wasn't for this thread. Thank you Thank you Thank you!

Hero

What brilliant results:j. Well done:beer:


Can I be nosy and ask you to clarify something please? How did the creditors think you would be settling the debts, in other words the source of your settlement funds especially as it was a large total amount? Did you have to tell them? The reason I ask is that I now have a nice F&F fund built up and hope to start making settlement offers to my enforceable debts by the end of the year. I have been paying £1 token payments for the past 5 months and they have all agreed to review the situation in a few months. I'm worried that if I let on that I suddenly have money to spare they may be suspicious! Unlike you, my DFD is fairly short and should be about 2020 as I now only (only;)) have about £13000 in debts over 4 creditors. It might mean that they are not so amenable to offers:(


Also, when negotiating settlement figures with individual creditors did you have to tell them what you were offering the others? I think I read some advice somewhere that it has to be done pro rata according to a set formula but I might have misunderstood:o