Full and final settlement help thread

Former_MSE_Andrea

Bump bump bump

fatbelly

Thank you Andrea

Where has this thread been for the past month?

January2015

Nice to see Weggy's F&F thread back

Lk2SCB

Hey.....
Has anyone had any experience with Link Financial ?
I have had my debt with Link Financial since 2015 (via Stepchange)

The balance currently stands about £1600 (end of January)

They will not accept anything less than approx 92% of the balance despite my final attempts to offer them 85% of the balance.

I had a stand-off with the Team Leader at Link Financial who argues that they will not accept anything less than what they want. I am arguing with them by stating that I am not willing to pay only 92% of the balance & offering £1300 as final payment to close the account which i think is a reasonable & fair amount .

The guy has now forwarded my case to the Complaints Department. I want to make my complaint to the Financial Ombudsman

Has anybody had their debt with Link Financial settled at less than 85% of the balance?
I would be interested to know what people think.

Thanks
K

System

Lk2SCB wrote: »

Hey.....
Has anyone had any experience with Link Financial ?
I have had my debt with Link Financial since 2015 (via Stepchange)

The balance currently stands about £1600 (end of January)

They will not accept anything less than approx 92% of the balance despite my final attempts to offer them 85% of the balance.

I had a stand-off with the Team Leader at Link Financial who argues that they will not accept anything less than what they want. I am arguing with them by stating that I am not willing to pay only 92% of the balance & offering £1300 as final payment to close the account which i think is a reasonable & fair amount .



The guy has now forwarded my case to the Complaints Department. I want to make my complaint to the Financial Ombudsman

Has anybody had their debt with Link Financial settled at less than 85% of the balance?
I would be interested to know what people think.

Thanks
K

Hello, I haven’t but from what I have read from the many forums, it depends on many factors regarding full and finals. For example, if you are young and paying off a good set amount and your debt would be cleared in a few years then why would they settle for less moneh now. You need to think from their point of view. If you have only paid £1 for 2 years then say you can raise 85% they might be more inclined to accept the deal I’m sure others will be along with their wisdom soon

sourcrates

fatbelly wrote: »

Thank you Andrea

Where has this thread been for the past month?

Lost in translation mate !!!

January2015

Lk2SCB wrote: »

Hey.....
Has anyone had any experience with Link Financial ?
I have had my debt with Link Financial since 2015 (via Stepchange)

The balance currently stands about £1600 (end of January)

They will not accept anything less than approx 92% of the balance despite my final attempts to offer them 85% of the balance.

I had a stand-off with the Team Leader at Link Financial who argues that they will not accept anything less than what they want. I am arguing with them by stating that I am not willing to pay only 92% of the balance & offering £1300 as final payment to close the account which i think is a reasonable & fair amount .

The guy has now forwarded my case to the Complaints Department. I want to make my complaint to the Financial Ombudsman

Has anybody had their debt with Link Financial settled at less than 85% of the balance?
I would be interested to know what people think.

Thanks
K

I have no experience of Link and F&Fs, but I am wondering why you think you have grounds for complaint because they refused your settlement offer. As far as I see it they hold the debt and as such can hold out for full payment if they want to.

I can sort of understand trying Link's internal complaints department, although I wouldn't hold out much hope on that, but I cannot see what you think the financial ombudsman would do.

sourcrates

Lk2SCB wrote: »

Hey.....
Has anyone had any experience with Link Financial ?
I have had my debt with Link Financial since 2015 (via Stepchange)

The balance currently stands about £1600 (end of January)

They will not accept anything less than approx 92% of the balance despite my final attempts to offer them 85% of the balance.

I had a stand-off with the Team Leader at Link Financial who argues that they will not accept anything less than what they want. I am arguing with them by stating that I am not willing to pay only 92% of the balance & offering £1300 as final payment to close the account which i think is a reasonable & fair amount .

The guy has now forwarded my case to the Complaints Department. I want to make my complaint to the Financial Ombudsman

Has anybody had their debt with Link Financial settled at less than 85% of the balance?
I would be interested to know what people think.

Thanks
K

You are liable for the full amount, any discount is entirely at the creditors discretion, you cannot complain because a creditor refuses your offer, it will not be upheld, and you will be wasting your time.

[Deleted User]

Lk2SCB wrote: »

Hey.....
Has anyone had any experience with Link Financial ?
I have had my debt with Link Financial since 2015 (via Stepchange)

The balance currently stands about £1600 (end of January)

They will not accept anything less than approx 92% of the balance despite my final attempts to offer them 85% of the balance.

I had a stand-off with the Team Leader at Link Financial who argues that they will not accept anything less than what they want. I am arguing with them by stating that I am not willing to pay only 92% of the balance & offering £1300 as final payment to close the account which i think is a reasonable & fair amount .

The guy has now forwarded my case to the Complaints Department. I want to make my complaint to the Financial Ombudsman

Has anybody had their debt with Link Financial settled at less than 85% of the balance?
I would be interested to know what people think.

Thanks
K

Hi, Lk2SCB and welcome to the thread:hello:

I'm sorry if the information and advice you have received from other posters is not what you'd hoped to hear. Sadly although companies like Link buy debts for pennies in the pound it doesn't mean they will all be willing to settle for a fraction of the current balance. Some do and some don't, it is entirely their prerogative.


Incidentally I currently have 2 debts with Link, both old MBNA credit cards but I have had no experience yet of making F&F offers to them. After I CCCed these debts Link wrote and told me one of them was unenforceable:j. It is for around £5400 and I have been paying nothing to them for almost 8 months now, ever since I heard it was UE. I keep getting letters from them but just ignore them;)



The other debt they hold is enforceable and for about £4000. I have been paying token £1 payments for over 6 months now and intend to continue at this rate ad infinitum. I was hoping there might eventually be grounds for a very good settlement as, given my age (I'm a pensioner:o) and the unlikelihood of the balance ever being cleared by normal means, they'd be better taking whatever they can get IMO;). I'll post on here when I'm ready to make my offer.


As has already been said by Anniee88 in answer to your questions, the less likelihood of the creditors getting their money back the more chance of a good settlement figure. I appreciate that my situation is probably very different to yours.

Good luck:beer:

BalanceBy50

Hi everyone,

I have recently changed my username as i was worried i could be identified by my other and I was an infrequent poster - hopefully will do more! I am on a self manged DMP and have received settlement offers on 2 debts held by R*bins*n W@y of roughly 25 - 30% of amount owing. I have been cheeky and counter offered with amounts of just over 20%. They have written to me asked me to confirm my source of funds and would need this need to be paid back?

The answers are my brother and yes they will need to be paid back and i have agreed to do this monthly. Should I tell RW this or can anyone suggest a better response?

Many thanks