Full and final settlement help thread

tequilabird

I have 10 debts in total equalling about 26K now. All bar 3 have been sold on to collectors. I have recently contacted them all with a 25% offer of the final balance. Most have declined and come back with counter offers around the 80% mark. However, I've had success with 2 of them through Nationwide (not sold on), who agreed the 25% offer on both so:

Nationwide Personal Loan - £635 outstanding, accepted an offer of £158
Nationwide Credit Card - £3490 outstanding, accepted an offer of £872

Really pleased with these successes - just need to keep working on the other ones now. However, as posted in a separate thread:

1.) I'm not really sure what CCA requests are? Should I have done these? Why?
2.) What's are the benefits/consquences of having a partially settled account over a fully settled account?

Have a great weekend!

fatbelly

tequilabird wrote: »

Nationwide Personal Loan - £635 outstanding, accepted an offer of £158
Nationwide Credit Card - £3490 outstanding, accepted an offer of £872

Excellent results. well done!

Yes, do cca requests on the other loans/credit cards.

Partially settled is the correct mark

tequilabird

What do the CCA requests do though? I'm a bit unsure about what I will achieve.
Thanks,
TB

sourcrates

tequilabird wrote: »

What do the CCA requests do though? I'm a bit unsure about what I will achieve.
Thanks,
TB

Answered on your other post.

StokieBecks

Just a quick question for the more knowledgeable posters amongst us . Can you make a partial settlement offer on a CCJ?

I will soon be in a position to wipe my debts clear. Have been paying them all regularly. The CCJ has been paid the amount instructed every month since it was issued. Today I received a letter asking to confirm payments were still ok (which I had wrote to them a month ago to state I would be continuing to pay at the current amount for the next few months until further notice) the letter says if I am in a position to partially settle the creditor may accept a reduction - I though with a CCJ on the account I would have to pay it all off. Does anyone have any experience of offering a partial to settle a CCJ? Am I best just to pay that one in full?

System

Made an offer to PR* on our lowest debt as they have deemed it UE. Debt is £291 and we offered £30. They say they can't settle lower than £204!! Shall I try again at about 30% or just wait ....we are currently not making payments on it as they put the account on hold.

fatbelly

StokieBecks wrote: »

Just a quick question for the more knowledgeable posters amongst us . Can you make a partial settlement offer on a CCJ?

Yes you can, but are not likely to get such a good deal. If you have been keeping up with payments, and they are going to clear the debt in a reasonable time, then they may not be prepared to deal at all.

On the other hand, if they do not think they can enforce the ccj, and you cannot afford reasonable instalments you may be OK. I've just done one of these for 50%

ploppy57 wrote: »

Made an offer to PR* on our lowest debt as they have deemed it UE. Debt is £291 and we offered £30. They say they can't settle lower than £204!! Shall I try again at about 30% or just wait ....we are currently not making payments on it as they put the account on hold.

If it's unenforceable, they are lucky you are offering them anything. You've got other debts that are of a higher priority than this one. I wouldn't waste any time or money on it.

System

fatbelly wrote: »

Yes you can, but are not likely to get such a good deal. If you have been keeping up with payments, and they are going to clear the debt in a reasonable time, then they may not be prepared to deal at all.

On the other hand, if they do not think they can enforce the ccj, and you cannot afford reasonable instalments you may be OK. I've just done one of these for 50%



If it's unenforceable, they are lucky you are offering them anything. You've got other debts that are of a higher priority than this one. I wouldn't waste any time or money on it.

They say it is "Currently UE" as they can't locate the documents. So they could find them in the future, but doubtful as we have 2 more with them totalling about £1500 and they can only find some of the paperwork for them and have said they are currently UE as well while they search for rest of them.

Lovetobedebtfree

I have spoken to LINK & Moorcroft and they don't have set percentages that they accept and don't remove Defaults on your credit file if you negotiate a settlement.

I am just wondering as my Credit score is saying "very poor" if I should just wait the next 3 years whilst I try and save up for a deposit for the defaults to run their course?

Does anyone know how long it takes once you do a F&F for your credit score to improve and does it improve dramatically?

Also my rent is supposed to be recorded but it didn't sure up on Equifax, Credit Club or Noodle.

Thanks guys.

[Deleted User]

Lovetobedebtfree wrote: »

I have spoken to LINK & Moorcroft and they don't have set percentages that they accept and don't remove Defaults on your credit file if you negotiate a settlement.

I am just wondering as my Credit score is saying "very poor" if I should just wait the next 3 years whilst I try and save up for a deposit for the defaults to run their course?

Does anyone know how long it takes once you do a F&F for your credit score to improve and does it improve dramatically?

Also my rent is supposed to be recorded but it didn't sure up on Equifax, Credit Club or Noodle.

Thanks guys.

I'm not sure how long it takes for a credit score to improve after making F&F settlements as I haven't made any yet but am about to try my first one any time soon:j


If you do a F&F settlement your file will be marked as Partially Settled even though the creditor tells you that the rest of the debt will not be chased or asked for in the future. You can forget about the debt after a F&F but make sure you get the creditor's undertaking in writing as your safeguard that it will never be chased in the future!. If it has already been defaulted all trace of it will disappear from your credit file 6 years from the original default date. Settlement will not advance this date and your credit file will be marked as Partially Settled or something similar from the actual settlement date. In cases where there has been no default the account will disappear from your file 6 years after the date it was settled by F&F or in full.


I hope this helps:)