Full and final settlement help thread

Lulee36

BCW Group
Barclays Bank Plc
Co-operative Bank Plc .
Connaught Collections
Egg Prudential
First Direct Leeds
CL Finance (HSBC & HFC)
MBNA International Ltd A&L Cards/MBNA
Mint VISA
Direct Line Card
Mastercard Affinity 543482
Hi
Does anyone have experience of offering full and final settlements to any of the above copmanies ? my total debt totals approx 10k and i was just wondering who is good to deal with and what percentarges I should start by offering to each company
Thanks
Lulee

lvm

Lulee36 wrote: »

BCW Group
Barclays Bank Plc
Co-operative Bank Plc .
Connaught Collections
Egg Prudential
First Direct Leeds
CL Finance (HSBC & HFC)
MBNA International Ltd A&L Cards/MBNA
Mint VISA
Direct Line Card
Mastercard Affinity 543482
Hi
Does anyone have experience of offering full and final settlements to any of the above copmanies ? my total debt totals approx 10k and i was just wondering who is good to deal with and what percentarges I should start by offering to each company
Thanks
Lulee

Hey Lulee,

I'm sorry this probably doesn't help however all the debts you have with the original lender are unlikely to accept settlements of much less than the outstanding amount. If the debts are significant, you may get a small discount (3-5%). Conaught collection and CL Finance might be different though (sounds like they are DCAs)...I'd start off offering about 20% of outstanding amount and see what they say.

If you are struggling with minimum payment then why not post your SOA here and someone might be able to help if they know all the details?

Thanks x

Mum-2-Be

Have a few debts which I am attempting to clear off too.

I have a debt of £235 with Wescot and am going to write and offer £100 full and final settlement payment. I know it only seems like a small debt but I am hoping they accept

Does anyone have any experience of paying off small debts like above and have they gotten any amount off the figure they owe?

stacywoodhouse

Hi All,

I have today received a F&F letter rom Barclaycard of £1004.00 (Outstanding Bal of £1254.78). I am paying £25 PCM on a payment plan. Now I cannot afford the F&F they are offering as I dont have the cash or anyone that can lend me it. If I write back to them offering a lower amount at £25 PCM would they buy it?

Thanks.

fatbelly

stacywoodhouse wrote: »

Hi All,

I have today received a F&F letter rom Barclaycard of £1004.00 (Outstanding Bal of £1254.78). I am paying £25 PCM on a payment plan. Now I cannot afford the F&F they are offering as I dont have the cash or anyone that can lend me it. If I write back to them offering a lower amount at £25 PCM would they buy it?

Thanks.

No. Sometimes a creditor will accept a F&F in 2 or 3 instalments but generally it's a lump sum or nothing.

It's not a very good deal anyway.

stacywoodhouse

fatbelly wrote: »

No. Sometimes a creditor will accept a F&F in 2 or 3 instalments but generally it's a lump sum or nothing.

It's not a very good deal anyway.

Hi Fatbelly

Thanks for the reply.

Yea was going to write back offering £502 (half of F&F offered), I might be able to get £502 from someone.

£hopeless

Hi, I am really new to all this but I am in a difficult position.

I have 2 debts totalling £11000 originally with Lloyds TSB. They sold the debt on and at first I got settlement figures approx £2000 in total for both. At that time I could not accept this as I had just been made redundant and had just had 2nd baby. Got help and managed to get interest frozen and an arrangement for £1 repayment on each of the 2 amounts.

I have recently become a full time student and wish to use some of my bursary money to clear this cloud but when I have contacted the DC who seem to have reverted from Debt Managers back to Lloyds Collections Dept (?? is this possible to sell and then buy back debt??) and got reduction to just below £9000 - I cant afford this and still live but at the same time I would like to close this chapter in my life Can Anyone Help??

TheLostSheep

Just reading through this thread. Some very interesting information. I'm currently in the process of waiting to hear back from my initial F&F offers. How long did you usually have to wait to hear anything?

I wrote at End of March and still nothing...

nwestdave

Hi, I am in the midst of negotiating with my creditors. Have come to an agreement with some but am sticking on the credit history.
The companies are saying that they will post "Settlement agreed" as opposed to just settled. How long will this blot my record, will i be able to get a mortgage in the future, would it make any difference if I paid in full (can't but just asking?)

I have nothing in writing yet either but have been given a week to make the payment. They dont seem to be able to use email which seems odd but if i pay it with just a verbal agreement are they likely to change their mind once they have the money? anyone got any experience of this happening?
thanks and sorry for all the questions

fatbelly

nwestdave wrote: »

Hi, I am in the midst of negotiating with my creditors. Have come to an agreement with some but am sticking on the credit history.
The companies are saying that they will post "Settlement agreed" as opposed to just settled. How long will this blot my record, will i be able to get a mortgage in the future, would it make any difference if I paid in full (can't but just asking?)

I have nothing in writing yet either but have been given a week to make the payment. They dont seem to be able to use email which seems odd but if i pay it with just a verbal agreement are they likely to change their mind once they have the money? anyone got any experience of this happening?
thanks and sorry for all the questions

You must get the agreement in writing (i.e. by letter) and it must be unambiguous. You will keep it for six years as your response if they or anyone else try to pursue you for a remaining balance on this account.

If the account is defaulted, the default will show for six years from the date of default, at which point it will drop off your record. Yes, that is likely to have an effect if you apply for a mortgage.