Full and final settlement help thread

Littlebigmoose

Wescot accepted my offer for an 80% discount to a longstanding Lloyds debt. Very very pleased

fatbelly

Littlebigmoose wrote: »

Wescot accepted my offer for an 80% discount to a longstanding Lloyds debt. Very very pleased

That's encouraging for others who are struggling with Lloyds!

[Deleted User]

Just had a letter from Link turning down my F&F offer:(. It was very low so I'm not altogether surprised but I thought it worth a try.


Has anyone any idea what the lowest % discount Link offer please. I know it would probably vary according to a host of circumstances, but a hint of what anyone else received from them would be a big help. I currently owe them around £2200, am on a self-managed DMP and paying them £1 a month. Thanks.


They didn't mention any counter offer in the letter but asked me to phone them to discuss a settlement. I get very flustered doing this sort of thing:o so want to be very well prepared before I do pluck up the courage to phone them later in the week.

Thanks x

[Deleted User]

Littlebigmoose wrote: »

Wescot accepted my offer for an 80% discount to a longstanding Lloyds debt. Very very pleased

Well done. That's a brilliant discount:j:beer:

I thought mine was good but yours is miles better:(

System

Made an offer to Ro*ins*ns on an old T*sc* debt, but they won't say if they will accept it unless I send them an updated I&E and proof that my mortgage is up to date. I explained that the offer I was making them was coming from a 3rd party...(actually my F&F fund, but they don't need to know that), and that it would not impact on any other debts I may be paying etc. They still sent back the same bog standard letter asking for proof etc, so hey ho...their loss. I will make an offer to another company instead.
What are anybody's best outcomes with Ca*ot? Our H/Fx debts have just been sold to them, although still managed by W*sc*t. I have explained to them in the letter, that at the rate we are paying, it will be many many years before it is paid off. So hopefully they will accept an offer.

[Deleted User]

ploppy57 wrote: »

Made an offer to Ro*ins*ns on an old T*sc* debt, but they won't say if they will accept it unless I send them an updated I&E and proof that my mortgage is up to date. I explained that the offer I was making them was coming from a 3rd party...(actually my F&F fund, but they don't need to know that), and that it would not impact on any other debts I may be paying etc. They still sent back the same bog standard letter asking for proof etc, so hey ho...their loss. I will make an offer to another company instead.
What are anybody's best outcomes with Ca*ot? Our H/Fx debts have just been sold to them, although still managed by W*sc*t. I have explained to them in the letter, that at the rate we are paying, it will be many many years before it is paid off. So hopefully they will accept an offer.

I had a similar problem with Rob-Way over my old Tesco debt. They have been terrible to deal with and also asked me for an updated I&E which I actually sent them as it had been about 18 months since I sent the last one. I've been paying token £1 to them for the same amount of time and given that I'm already an OAP they'll never get remotely near to having this debt paid off. The best settlement they could offer me was a 35% discount (65% payable) so I declined it:(. I was doing the final negotiation on the phone after various letters had passed between us (with some of the responses from them not altogether relevant:eek:) and although the man I spoke to was very pleasant he was not going to budge on the price.


I told him I would continue at £1 a month (£12 a year) for the foreseeable future and he just said 'OK'. Like you say, their loss. Idiots:mad:


I did have more success with Wescot/Cabot. This was an old RBS/Mint cc debt that had been sold on to Cabot about 18 months ago and I'd been paying token £1 to them for that time. Will have to check the exact settlement percentage but I think it was 35% payable. They refused the initial 25% that I offered but it didn't surprise me:rotfl:. They couldn't have been nicer and more efficient (Wescot that is who I did all the negotiating with).


Good Luck:beer:

System

carbootcrazy wrote: »

I had a similar problem with Rob-Way over my old Tesco debt. They have been terrible to deal with and also asked me for an updated I&E which I actually sent them as it had been about 18 months since I sent the last one. I've been paying token £1 to them for the same amount of time and given that I'm already an OAP they'll never get remotely near to having this debt paid off. The best settlement they could offer me was a 35% discount (65% payable) so I declined it:(. I was doing the final negotiation on the phone after various letters had passed between us (with some of the responses from them not altogether relevant:eek:) and although the man I spoke to was very pleasant he was not going to budge on the price.


I told him I would continue at £1 a month (£12 a year) for the foreseeable future and he just said 'OK'. Like you say, their loss. Idiots:mad:


I did have more success with Wescot/Cabot. This was an old RBS/Mint cc debt that had been sold on to Cabot about 18 months ago and I'd been paying token £1 to them for that time. Will have to check the exact settlement percentage but I think it was 35% payable. They refused the initial 25% that I offered but it didn't surprise me:rotfl:. They couldn't have been nicer and more efficient (Wescot that is who I did all the negotiating with).


Good Luck:beer:

Thanks for that CBC. I agree that so far W*sc*t have been lovely in all the letters we have had from them. They keep asking if the amount we are paying is ok and not causing us any hardship etc....we are only paying £1 a month...lol. The amount I am offering them is less than 35%, but we will see what transpires.

[Deleted User]

ploppy57 wrote: »

Thanks for that CBC. I agree that so far W*sc*t have been lovely in all the letters we have had from them. They keep asking if the amount we are paying is ok and not causing us any hardship etc....we are only paying £1 a month...lol. The amount I am offering them is less than 35%, but we will see what transpires.

Just checked my diary and see that it was a payable amount of 30% that W****t/C***t accepted not 35:j. How odd that I'd forgotten the amount so soon, I was giddy with joy when it was accepted:rotfl:. I was prepared to go up to 35% but only if absolutely necessary as it was the debt that seemed most manageable to pay off and I didn't want to waste too much time on getting it sorted. As it turned out they suggested 35%, I hesitated and said it was impossible and they dropped it to 30. I snatched their hand off:j


I hope that helps and gives you some hope that they'll accept your offer very soon. Good luck:beer:


I've had no joy with the Rob-Way one we talked about earlier or the Link one (old MBNA card) but am hoping they'll come back to me eventually with offers I can't refuse;). I really wanted to be debt-free by the end of this year and in effect I suppose I am in a way because I now have savings to cover up to 65% of the outstanding balances. Not that I'll pay that much of course:eek:, they've already offered a bit better than that, but I have all eventualities covered.

Cosmic-bee

Ive been with SC for 2yrs 4months, and looking at negotiating f&f settlements..
.they have been pushing to go bankrupt which is not an option to loose my home...needs to be accessible due to disabilities and long term sickness...so...kind friend steps in to help..if I can negioate a v low f&f..

How long will the offers last once negioated, and roughly how long does the back and forth letters take in time...current payment via SC is £61pm to:
Virgin £12000
Santander/wescott £7800
Barclays overdraft £1960
Barclaycard/Pra group £1680
Tesco/Intrun £430
It really is only option as I will not be able to go back to work due to my ilness,
And what sort of % should I start at? ...fingers crossed!
Thanks

fatbelly

Cosmic-bee wrote: »

Ive been with SC for 2yrs 4months, and looking at negotiating f&f settlements..
.they have been pushing to go bankrupt which is not an option to loose my home...needs to be accessible due to disabilities and long term sickness...so...kind friend steps in to help..if I can negioate a v low f&f..

How long will the offers last once negioated, and roughly how long does the back and forth letters take in time...current payment via SC is £61pm to:
Virgin £12000
Santander/wescott £7800
Barclays overdraft £1960
Barclaycard/Pra group £1680
Tesco/Intrun £430
It really is only option as I will not be able to go back to work due to my ilness,
And what sort of % should I start at? ...fingers crossed!
Thanks

If stepchange have been advising you to go bankrupt when you own a home with equity that is bang out of order. These are non-priority debts and not worth losing your house over.

In your situation it is important to CCA them all (can't do it for an overdraft) and only make offers to enforceable debts. You have 24k debts - how much is your friend offering to pay on your behalf?

I think 25% is a reasonable starting point but unless your friend has 10-12k they are willing to lose, this may not work.

Negotiation can take 0 to infinity. 6 months if you're lucky.

Edit: If you hit the point where you can no longer afford your dmp payments then stop making them. The alternative strategy for those who do not have a friend with 10k they do not need is to write to the creditors with your new income and expenditure statement and show them you have no surplus. Ask them to write the debt off

If you want to post a soa (statement of affairs) on the dfw board we could make comments on which strategy would work best for you. There is a calculator here.

http://www.stoozing.com/calculator/soa.php