Full and final settlement help thread

LOVEHB

BraLo wrote: »

Hello!

Just wanted to post a quick thanks. Been lurking around here for the past day on the advice of someone on the mortgages board.

I have a DMP worth £12000

Decided today that I!!!8217;d just ring up and have a blast at negotiating a reduced settlement, see how it goes.

12 accounts across 5 DCA all settled for the sum of £3100. I haven!!!8217;t paid yet as I wanted each one in writing but upon checking my e-mails it!!!8217;s all there in black and white.

That!!!8217;s a pretty good settlement if I do say so myself haha...I!!!8217;m just off to do some more cartwheels!

Congrats!! Im in a similar situation DMP with total debt around £11,500 in the process of requesting full and final settlements! I can only hope I can do as well as you!

LOVEHB

Have received an offer from Capital One advising on a 50% settlement figure. I have countered back as I just dont have the funds for 50% and wondered if anyone had any luck in getting them to accept at around 40%?

Thank youu

System

BraLo wrote: »

Hello!

Just wanted to post a quick thanks. Been lurking around here for the past day on the advice of someone on the mortgages board.

I have a DMP worth £12000

Decided today that I!!!8217;d just ring up and have a blast at negotiating a reduced settlement, see how it goes.

12 accounts across 5 DCA all settled for the sum of £3100. I haven!!!8217;t paid yet as I wanted each one in writing but upon checking my e-mails it!!!8217;s all there in black and white.

That!!!8217;s a pretty good settlement if I do say so myself haha...I!!!8217;m just off to do some more cartwheels![/QUOT



Amazing! Well done

[Deleted User]

What are people's experiences like with Lantern?
When they first wrote to me about two debts I offered one that was a bit over £200 for £100 which was agreed to be repaid at £50 per month for two months, in the end I couldn't afford it.

I have just offered £75 settlement after a few months of only paying £5pm. Hoping to get a yes and the same offer as before to repay over 2 months, will save myself £140. If not I will keep on paying £5 a month until I can afford to settle for a little more

LOVEHB

SSDD23 wrote: »

What are people's experiences like with Lantern?
When they first wrote to me about two debts I offered one that was a bit over £200 for £100 which was agreed to be repaid at £50 per month for two months, in the end I couldn't afford it.

I have just offered £75 settlement after a few months of only paying £5pm. Hoping to get a yes and the same offer as before to repay over 2 months, will save myself £140. If not I will keep on paying £5 a month until I can afford to settle for a little more

I personally found them difficult, they would not budge on the 80% partial settlement figure. But i guess they take into account everyones individual case and debt management plan. Good luck!

LOVEHB

I just thought I would post on here and update you all on how I got on with my partial settlement offers:-

Lowells accepted a 60% reduction
Cabot accepted a 50% reduction on two loans
Oakbrook accepted a 40% reduction split over two payments
Capital one accepted a 50% reduction
Vanquis accepted a 50% reduction
Lantern offered 20% reduction
Wescot did not feel it appropriate to offer me a reduction

I have now paid the majority of the above off. I have one final partial payment to make to Oakbrook at the end of August and then Lantern and Wescot. The debt between Lantern and Wescot totals £136. I figured I wanted to tackle the larger debts first. I started off owing £11,523.67 and have saved myself over £6,000 and I am over the moon.

My DMP with stepchange has now ended as of today and I am so close to being debt free - i truly cannot tell you how happy I am to be in this position. I can now start to rebuild my credit file and then eventually obtain a mortgage!! I have spent hours upon hours reading all your advice on here, I am so grateful. Thank you all! Xx

Daisydance

I have inherited some money and would like to make full and final settlement offers.

Do you have any suggestions about what percentage to offer? are some companies easier to work with than others?

8 years on DMP with SC.

Wescot Credit Services
£10,600
£1269
£1083

PRA Group £3682

TBI financial £815

Moorcroft Arrow £3369

Thank you

LOVEHB

Daisydance wrote: »

I have inherited some money and would like to make full and final settlement offers.

Do you have any suggestions about what percentage to offer? are some companies easier to work with than others?

8 years on DMP with SC.

Wescot Credit Services
£10,600
£1269
£1083

PRA Group £3682

TBI financial £815

Moorcroft Arrow £3369

Thank you

Hello! I went in and offered 20% to everyone. I managed to get one creditor down to 40% and the highest percentage was 60% i figured if you offered low you would have some wiggle room. Which I did need. It does depend on how much you are paying per month I think the less you pay each month the lower the Percentage they will accept. I called everyone and asked what they would accept.

Daisydance

Thank you LOVEHB. I pay a total of £80 p/m and have done for years. I have emailed all of the companies and offered 10% - I have to start somewhere! I think I will call tomorrow.

Daisydance

Just read your previous message LOVEHB - congratulations, what an amazing feeling. Good luck in owning your own house!