Full and final settlement help thread

fatbelly

As you have not defaulted and continued to make minimum payments, you are still within the terms and conditions of your account. Santander will not consider a f&f offer - why should they? You can afford more than the minimum payment so it makes more sense to pay off debt at 20odd % rather than save at maybe 3% interest.

Have you had a look at your credit file to check why you may be getting turned down for cards? A 0% balance transfer would be a good option for you.

jfwmb88

Thanks fatbelly.
I was just unsure. So what would your advice be? To look at mr Credit rating, see why I can't get another card - maybe attempt to transfer over a less amount? Or just pay as much of it off as I can now?? I have chencked my file a few times for free on experian and equifax but nothing really showed up as to why I can't get another card. Maybe I have just applied for the hard ones... Thanks again

jfwmb88

Also - If I was going to check my file again Then I guess I would put my University house as opposed to my parents house back home which I still move back into/ive in from time to time...?

fatbelly

jfwmb88 wrote: »

Also - If I was going to check my file again Then I guess I would put my University house as opposed to my parents house back home which I still move back into/ive in from time to time...?

If you put an address where you are not recorded as being on the electoral roll, that will affect your credit. Also, frequent changes of address don't help.

Have you read this article?

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

I think my plan of campaign would be:

1. Sort out credit rating
2. Apply for 0% balance transfer deal
3. Try to pay balance down to zero before the deal ends.

jfwmb88

Hi,

Thanks for all your help and offers of help. I went to my bank today and sorted out a nice service. Thanks again.

Snev84

Hi
I have just found this site an was wondering if anyone could give me some advice. After uni I got a professional development loan from natwest and I have been paging it off for about 2 and half years, paying about £450 a month. However that is most of my wages an I couldn't really afford to live and was having trouble paying my utility bills because of it. I asked for help of the bank on a number of occasions however basically got told to get lost, so I finally bit the bullet an defaulted on my payments back in November, and there is now £19'000.00 left on the loan.

There in house debt department have now come back to me saying I can settle it for £11'000.00. I have managed to come to an agreement with my parents and get q lump sum of them however I only have £9'500.00. Which is the most I can get as it is all of my savings and my next 2 months pay. As I have settled for the fact I will have to struggle for a while longer in order to get rid of this debt.

However I have offered them £9'500.00 but they do not seem to be budging.
Does anyone have any advice on how I may be able to get them to drop their settlement figure off £11k down?

fatbelly

Snev84 wrote: »

Does anyone have any advice on how I may be able to get them to drop their settlement figure off £11k down?

Keep offering the 9500

Dobin_2

Just to get an idea!

I have just sold my house for £105K, I owe the mortgage company £140k. I have never defaulted on any payments but I am on interest only. NRAM (Northern Rock) have not cleared the sale of the property to go ahead yet but have said the secured part needs to be paid for the sale to continue.

My questions are, what would be a reasonable Full and Final offer? and can I say I have borrowed the money off a family member? Will they want proof of the money been borrowed? can I give the money to a family member to give back to me as proof?

I am a little stuck and understand these things go down to the smallest detail.

Tixy

Was all of your 140 secured? or is this a together mortgage with some secured and some unsecured? If the latter what is the value of the secured proportion?

I'm not sure a F&F would work in these circumstances. Do you mean that you have some savings as well as the house value to put towards paying off the mortgage?

Dobin_2

Hello Tixy.

No not all is secured. £120k is secured. It is a together mortgage. They said we would have to have a separate loan for both parts. We would need to make an offer on how much we are prepared to pay to each. I know once the house is sold they have no hold over us. I would rather make a F&F and be done with it all.

I have some inheritance to use for F&F.