Full and final settlement help thread

fatbelly

HEROWHENZERO wrote: »

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

I missed your post earlier. Those are good results. MBNA have traditionally been good at these but your Barclaycard result is particularly good.

The evidence is building that firms are more open to these arrangements since the recent rule changes

HEROWHENZERO

Hi carbootcrazy,

All monies for F&F was from 3rd Party, i.e. Bank of Mum and Dad. They all knew about the other creditors as it was all listed on the DMP. I was just open that I had a sum of money and was offering the same percentage or similar to all of them.

selinek

fatbelly wrote: »

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.

Thanks fatbelly. Will sort over the weekend.

sourcrates

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.

Normally original creditors don't accept settlement offers on accounts until they have been defaulted.

You could be talking another 3-6 months, and even then the deals wont be great.

Leave it a few years, the debts will be sold on, if you get traced at your new address, you should be able to sort it out at that point, if they don't trace you, i wouldn't bother.

The likelihood of them tracing you to Australia is fairly remote.

[Deleted User]

Hi

I have a mortgage shortfall debt from 2012 which will come off our credit file in June. I am negotiating with the mortgage provider to pay off the debt and we have reached a figure which may be realistic in a few months. Should I wait till this has dropped off the credit file then pay it, or pay it first ? The default date is June 2012 so this should hopefully drop off then or soon after.

We had a higher lending charge that we paid on our mortgage which cleared the balance but they are still able to pursue us for the rest so we just want rid of it really.

I read on another thread that someone was told if they paid off a debt which the default date was coming up to six years that it would add a new date to the credit file and it would take longer to drop off.

We are hoping to buy a property again in the next year or so if things go to plan as we will be in a better position within the next few months and would like everything clear.

Thanks.

sourcrates

barmcakebird wrote: »

I read on another thread that someone was told if they paid off a debt which the default date was coming up to six years that it would add a new date to the credit file and it would take longer to drop off.

Thanks.

Utter rubbish, nothing can change a default date once registered.

If you settle the debt, it will just be updated to say "partially settled.

It will still drop off your file after 6 years regardless of what you do.

RW01

Just got back from a few days away, to discover 2 more letters from creditors unable to produce cca agreements and therefore writing off £5800 in debt. This is the third from 8 debts (9th debt was an overdraft so not applicable). Now had 3 debts worth £6900 written off, I was in two minds about sending off for cca's as sure it wouldn't make any difference to me. All I can say is that even if it doesn't produce a result, it was worth risking £1 per creditor to check - would highly recommend to anyone considering it, I've not even had to try and negotiate, they've just been written off. I'm living in hope of others coming back the same but if not, then I'm happy to have knocked 25% off my total debt 😊!

[Deleted User]

RW01 wrote: »

Just got back from a few days away, to discover 2 more letters from creditors unable to produce cca agreements and therefore writing off £5800 in debt. This is the third from 8 debts (9th debt was an overdraft so not applicable). Now had 3 debts worth £6900 written off, I was in two minds about sending off for cca's as sure it wouldn't make any difference to me. All I can say is that even if it doesn't produce a result, it was worth risking £1 per creditor to check - would highly recommend to anyone considering it, I've not even had to try and negotiate, they've just been written off. I'm living in hope of others coming back the same but if not, then I'm happy to have knocked 25% off my total debt 😊!

Well done! I'm delighted at such good results for you and hopefully there'll be more to come:beer:. Keep us posted. We love happy endings:dance:.


Can I ask if your creditors actually told you that they had written off the debts? Creditors of my unenforceable debts just wrote and told me they were unenforceable (one said 'at the moment' but they haven't contacted me again for several months). They all added that the debts were still outstanding and should continue to be paid though. It would be wonderful to have it in writing that they had written them off.

sourcrates

RW01 wrote: »

Just got back from a few days away, to discover 2 more letters from creditors unable to produce cca agreements and therefore writing off £5800 in debt. This is the third from 8 debts (9th debt was an overdraft so not applicable). Now had 3 debts worth £6900 written off, I was in two minds about sending off for cca's as sure it wouldn't make any difference to me. All I can say is that even if it doesn't produce a result, it was worth risking £1 per creditor to check - would highly recommend to anyone considering it, I've not even had to try and negotiate, they've just been written off. I'm living in hope of others coming back the same but if not, then I'm happy to have knocked 25% off my total debt 😊!

This is why we push this point on here so much, it can made a hugh difference to someone in serious debt.

Trying to enforce a debt without any paperwork, is theoretically possible, but would be time consuming and costly, that's the reason creditors throw in the towel, most of the time, when they cant produce it.

Very well done.

RW01

Carbootcrazy, they have confirmed they no longer intend to pursue the debts, they've said the debt still legally remains and if it's under 6 years will still show on my credit file (but my credit rating is already shot so I'm just happy to get rid of the debt). Also some are over 6 years so off my credit rating already. They have said it's not to be confused with writing off the debt but in essence that's what they've done if they're no longer pursuing it. I've only had a response from 3 of 8 of far, would be lovely to get another one or two more but think that may be too optimistic!!! Can blame me for hoping though!