Full and final settlement help thread

Babbbos

Thanks for the answer.


Being on benefits I'm not paying back much bar the minimum Stepchange allow. So they aren't getting much from me.


I'm really not sure what I would do if I didn't have someone to give me £5000. I was contemplating a DRO as my next step but due to my illness and some rather nasty future treatment I might have to go through the option of just being rid of it with a final payment seemed more appealing.


Thanks for your help I appreciate it. I will see what Stepchange tell me tomorrow and see where I go from there.

bmws1985

So I'm coming to the end of paying off all of my 'bad' debt that is on my credit report. I have cleared a CCJ for £300 and multiple accounts will Lowell totaling 3k as well as dealing with multiple other creditors. The last account is with Cabot total debt circa £1100 for a capital one credit card defaulted in 2014. I rang cabot explaining I was looking for a full and final settlement and had been given a lump sum by a family friend to try and clear as much debt as possible. After a couple of phone calls they seem to be offering a maximum 25% discount and asking for £825. I explained that Lowell and other debtors have been offering discounts ranging from 40-60% but they don't seem to be budging. Anyone have experience with Cabot?

fatbelly

bmws1985 wrote: »

So I'm coming to the end of paying off all of my 'bad' debt that is on my credit report. I have cleared a CCJ for £300 and multiple accounts will Lowell totaling 3k as well as dealing with multiple other creditors. The last account is with Cabot total debt circa £1100 for a capital one credit card defaulted in 2014. I rang cabot explaining I was looking for a full and final settlement and had been given a lump sum by a family friend to try and clear as much debt as possible. After a couple of phone calls they seem to be offering a maximum 25% discount and asking for £825. I explained that Lowell and other debtors have been offering discounts ranging from 40-60% but they don't seem to be budging. Anyone have experience with Cabot?

Recommended route:

CCA request first if it's a CCA debt.

F&F offer in writing.

Cabot will go down further than 75%. I've seen deals at 30, 44 and 60% of balance figure

[Deleted User]

Has anyone had any experience of negotiating a good F&F deal with Hoist/Robinson Way, please?

They seem very stingy compared with my other creditors:eek:. I've been on token £1 payments for about a year and this will continue, accepted by them at my last payment review. Balance on this debt is now around £2700, it's a long-standing debt but definitely enforceable.

They started by offering a 25% discount and when pushed eventually went down to 35%. Has anyone had a better result than this? I was hoping for 35% payable but maybe I'm living in a dream world.

Is it worth having another try or should I just play the waiting game for a few months? Do these people tend to increase their discounts over time? I'm very new to this F&F lark:o


Thanks:beer:

fatbelly

50% here

https://forums.moneysavingexpert.com/discussion/comment/73137553#Comment_73137553

[Deleted User]

fatbelly wrote: »

50% here

https://forums.moneysavingexpert.com/discussion/comment/73137553#Comment_73137553

Thanks very much, fatbelly:T:beer:

Do you never sleep?:eek: I didn't expect anyone to reply in the middle of the night, although that's when I was awake and posting on here myself:rotfl:.


I know the poster you linked to from other threads on MSE. The situation she and her husband were in was a lot different to mine and I don't really think I can take their success as particularly relevant to me:(


Thanks anyway, I really appreciate your help:A

ryan121

I asked westcot about a settlement as I could afford it if it was reasonable but they said they could only reduce it by 20%. It seems it depends on their client what they can offer. This was a debt with Santander.

I'll just keep paying what I can afford monthly.

Simonjp

Just a quick update!

This week I have had some success.

Managed to get 3 f&f offers accepted at 42% of the balance!!!

A ratesetter loan (still owned by them!)
And 2 accounts owned by Robinsonway for old Barclays finance loans

Very, very happy and surprised that they took them up! (Had a 25%offer rejected previously)

Result����

fatbelly

Simonjp wrote: »

Just a quick update!

This week I have had some success.

Managed to get 3 f&f offers accepted at 42% of the balance!!!

A ratesetter loan (still owned by them!)
And 2 accounts owned by Robinsonway for old Barclays finance loans

Very, very happy and surprised that they took them up! (Had a 25%offer rejected previously)

Result����

Persistence pays!

[Deleted User]

ryan121 wrote: »

I asked westcot about a settlement as I could afford it if it was reasonable but they said they could only reduce it by 20%. It seems it depends on their client what they can offer. This was a debt with Santander.

I'll just keep paying what I can afford monthly.

You're absolutely right about Wescot. they just manage debts for other people, they don't own the debts themselves so have to refer back to the individual clients who will have their own acceptance levels.


The only 2 of my offers to have been accepted so far were via Wescot, with 2 different creditors. One was a bank that still owned the debt themselves, the other was with a third party who had bought the debt from the original creditor. Both offers had to be referred back to the creditors for acceptance.