Full and final settlement help thread

fatbelly

BalanceBy50 wrote: »

They have written to me asked me to confirm my source of funds and would need this need to be paid back?

I have often seen the first question (answer: a third party) but not the second. So not sure where they are going with that. I'd be tempted to say no - it's a gift and, as you know, I have no surplus income.

Maybe they are wondering if a court claim would yield reasonable instalments?

selinek

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

Have you done a CCA request?You would have more leverage if agreements were unenforceable.

Agree with what has already been said Complaining that this DCA doesn’t give you a discount because you asked isn’t going to help you in the long run. Maybe divert your energy in sending the CCAS. You’ll have something concrete to work with. I have 3 accounts with link. All UE for now. Not paid anything since September 17 as they have not been compliant. If they produce the correct paperwork. I will lick my wounds and pay but until then they get nada from me

BalanceBy50

fatbelly wrote: »

I have often seen the first question (answer: a third party) but not the second. So not sure where they are going with that. I'd be tempted to say no - it's a gift and, as you know, I have no surplus income.

Maybe they are wondering if a court claim would yield reasonable instalments?

Thanks fatbelly - i have no surplus income hence my brothers offer!

System

Just wondering if anyone has had success with Link or Wescot? Our biggest debts are with them and wondering how helpful they will be when it comes to offers.

[Deleted User]

ploppy57 wrote: »

Just wondering if anyone has had success with Link or Wescot? Our biggest debts are with them and wondering how helpful they will be when it comes to offers.

Most of my debts are with these two. As I understand it, Link bought the debts but Wescot just manage debts for the original creditor. Someone will correct me if I'm wrong.

My biggest debt with Lloyds is currently managed by Wescot and Wescot contacted me a couple of months ago to say Lloyds might be amenable to a settlement. I phoned Wescot about another matter and asked for a general acceptable 'ballpark' figure as far as a settlemet went. They said they had no say in the matter and would need to refer whatever settlement figure I offered back to Lloyds for their consideration. Looks as if Wescot are just the monkey not the organ grinder.


That's a pity really as Wescot have always been very helpful and straightforward in all the dealings I've had with them. Lloyds on the other hand......:(:eek::mad:


Link will have probably bought your debts and will have total control over what or not to accept in settlement. As yet I haven't tried any offers so can't say from personal experience how generous they are. I hope someone else with more knowledge will be along to put us both right:).


I'll follow your progress with interest as I'm hoping to make several F&Fs in the next few months:j

January2015

carbootcrazy wrote: »

Most of my debts are with these two. As I understand it, Link bought the debts but Wescot just manage debts for the original creditor. Someone will correct me if I'm wrong.

Wescot also manage for DCAs that have purchased debts. They collect for Cabot definitely

nextyeartina

I currently owe £675 to 1st Credit. I've offered them 40% which was refused, then 45% which was also refused. They said they will settle at 90%. Any advice on what to do next? Leave it for a while and try again or make an offer of 50%? Daft question but is there a certain time of the year they are more likely to accept a lower offer? Has anybody had any success with 1st Credit?


TIA

StokieBecks

nextyeartina wrote: »

I currently owe £675 to 1st Credit. I've offered them 40% which was refused, then 45% which was also refused. They said they will settle at 90%. Any advice on what to do next? Leave it for a while and try again or make an offer of 50%? Daft question but is there a certain time of the year they are more likely to accept a lower offer? Has anybody had any success with 1st Credit?


TIA

How long have they owned your debt? What are your regular payments to them (ie will your payments clear the debt within less than 5 years?) - they will probably be more inclined to accept a lower settlement if you have been paying a small sum and will take a long time to pay the debt off and they have had the debt for a long time. That said no creditor HAS to accept any settlement offer so maybe just leave it a few months and try again with your low offers

Edit to add - how are you making offers? In writing?

fatbelly

nextyeartina wrote: »

I currently owe £675 to 1st Credit. I've offered them 40% which was refused, then 45% which was also refused. They said they will settle at 90%. Any advice on what to do next? Leave it for a while and try again or make an offer of 50%? Daft question but is there a certain time of the year they are more likely to accept a lower offer? Has anybody had any success with 1st Credit?


TIA

1st credit are notorious. Is this a consumer credit act debt? Have you done a cca request?

nextyeartina

I've been paying £5 per month for about 5 years now. I understand they don't have to accept a settlement offer. I've been making the offers via email but would get it in writing if they were to make an affordable offer. I haven't done a cca request.


TIA