Full and final settlement help thread

January2015

Hi all

Thought I would update with a successful F&F I had recently. After being made redundant last March and no sign of employment since I have been paying token payments to our creditors.

I wrote and offered F&Fs to all creditors and went in at 10% not really expecting any of them to accept.

I had one acceptance at 10% and we are negotiating on a couple of others around the 20% mark..... negotiating still ongoing so I won't count those until they are actually completed.

I managed to settle a Hellifex account that was over £16k for approx £1.6k so for me that was a huge win. I submitted full I&E details with the F&F offers and explained the funds were from my redunancy money and were all I had. Most creditors refused, a couple came back with higher counter offers (and it's those creditors I am currently negotiating with), but Hfx came back straight away with an acceptance of my offer. All of the details in the acceptance complied with the 'we will not sell debt on and we will mark your credit file as satisfied' etc.

It's worth starting low - you never know, you may just have an awesome win

fatbelly

January2015 wrote: »

Hi all

Thought I would update with a successful F&F I had recently. After being made redundant last March and no sign of employment since I have been paying token payments to our creditors.

I wrote and offered F&Fs to all creditors and went in at 10% not really expecting any of them to accept.

I had one acceptance at 10% and we are negotiating on a couple of others around the 20% mark..... negotiating still ongoing so I won't count those until they are actually completed.

I managed to settle a Hellifex account that was over £16k for approx £1.6k so for me that was a huge win. I submitted full I&E details with the F&F offers and explained the funds were from my redunancy money and were all I had. Most creditors refused, a couple came back with higher counter offers (and it's those creditors I am currently negotiating with), but Hfx came back straight away with an acceptance of my offer. All of the details in the acceptance complied with the 'we will not sell debt on and we will mark your credit file as satisfied' etc.

It's worth starting low - you never know, you may just have an awesome win

That's really useful info!

System

January2015 wrote: »

Hi all

Thought I would update with a successful F&F I had recently. After being made redundant last March and no sign of employment since I have been paying token payments to our creditors.

I wrote and offered F&Fs to all creditors and went in at 10% not really expecting any of them to accept.

I had one acceptance at 10% and we are negotiating on a couple of others around the 20% mark..... negotiating still ongoing so I won't count those until they are actually completed.

I managed to settle a Hellifex account that was over £16k for approx £1.6k so for me that was a huge win. I submitted full I&E details with the F&F offers and explained the funds were from my redunancy money and were all I had. Most creditors refused, a couple came back with higher counter offers (and it's those creditors I am currently negotiating with), but Hfx came back straight away with an acceptance of my offer. All of the details in the acceptance complied with the 'we will not sell debt on and we will mark your credit file as satisfied' etc.

It's worth starting low - you never know, you may just have an awesome win

Well done. So pleased for you.:T

I see you said they told you they would make your credit file as satisfied. The one that I have settled so far, has told me they only mark the file as "partially satisfied". That was also the case when we were offered a figure...too high for us to accept, from another creditor.

[Deleted User]

January2015 wrote: »

Hi all

Thought I would update with a successful F&F I had recently. After being made redundant last March and no sign of employment since I have been paying token payments to our creditors.

I wrote and offered F&Fs to all creditors and went in at 10% not really expecting any of them to accept.

I had one acceptance at 10% and we are negotiating on a couple of others around the 20% mark..... negotiating still ongoing so I won't count those until they are actually completed.

I managed to settle a Hellifex account that was over £16k for approx £1.6k so for me that was a huge win. I submitted full I&E details with the F&F offers and explained the funds were from my redunancy money and were all I had. Most creditors refused, a couple came back with higher counter offers (and it's those creditors I am currently negotiating with), but Hfx came back straight away with an acceptance of my offer. All of the details in the acceptance complied with the 'we will not sell debt on and we will mark your credit file as satisfied' etc.

It's worth starting low - you never know, you may just have an awesome win

I'm so happy for you, Jan:j. Very well-deserved especially as you take so much time and trouble advising and helping others on here to make their own F&Fs:A.


Must be an absolute load off your mind. Here's to success with the rest of them:beer:

January2015

ploppy57 wrote: »

Well done. So pleased for you.:T

I see you said they told you they would make your credit file as satisfied. The one that I have settled so far, has told me they only mark the file as "partially satisfied". That was also the case when we were offered a figure...too high for us to accept, from another creditor.

We've settled a few now and they have all been marked as 'satisfied'. No mentioned of 'partially satisfied'. One completely removed the entry altogether and there is no mention of the account ever having existed - but that was an unenforceable account. That was the offer they made us - which surprised us, but we were delighted with it just the same

System

January2015 wrote: »

We've settled a few now and they have all been marked as 'satisfied'. No mentioned of 'partially satisfied'. One completely removed the entry altogether and there is no mention of the account ever having existed - but that was an unenforceable account. That was the offer they made us - which surprised us, but we were delighted with it just the same

Weird that they use different terminology then. W*sc*t have said it would be marked "partially", as have R*bin/s W*y and the one we already settled with L*w*ll was marked like that. They did all agree that they would never chase us for the remaining amount etc or sell the rest on, and the account would be closed.
We couldn't accept the original offer from W*sc*t so just waiting to hear back from them on our counter offer. Accounts have recently been sold to C*b*t from H/fx and ll**ds, so hoping for a better answer from them. W/c*t still managing them though and as I pointed out in my letter, at the rate we are paying it will be many years before they are cleared.


Half the time, I don't think these companies know what they are doing...lol

System

Got me thinking there January
So I just did a quick Noddle check and actually the one that is settled and now been marked as Closed and Satisfied, despite me having a letter here saying they would only mark it partially satisfied.
But the weirdest thing of all, is that all the ones we had with H/f*x, that are now sold to C*b*t, have disappeared completely, since last month. Now that really is odd!:eek:

January2015

ploppy57 wrote: »

Got me thinking there January
So I just did a quick Noddle check and actually the one that is settled and now been marked as Closed and Satisfied, despite me having a letter here saying they would only mark it partially satisfied.
But the weirdest thing of all, is that all the ones we had with H/f*x, that are now sold to C*b*t, have disappeared completely, since last month. Now that really is odd!:eek:

Check on other free credit file sites as well. We have some sites that have all accounts and other sites that have a 'selection'.

Also, we've had some disappear for a month or two and then magically reappear. I don't think they were C*b*t though. As long as you keep on top of your balances I wouldn't worry about the credit reference file entries too much. They will all disappear 6 years after date of default - for me that date is rushing forward within the next 2 years. It's amazing how fast time flies when you are not stressing about your debts :j

[Deleted User]

January2015 wrote: »

Check on other free credit file sites as well. We have some sites that have all accounts and other sites that have a 'selection'.

Also, we've had some disappear for a month or two and then magically reappear. I don't think they were C*b*t though. As long as you keep on top of your balances I wouldn't worry about the credit reference file entries too much. They will all disappear 6 years after date of default - for me that date is rushing forward within the next 2 years. It's amazing how fast time flies when you are not stressing about your debts :j

I agree about checking other CRAs. It's so annoying when they report different versions of our debts. Maybe the missing ones are because they've been sold to someone else. They may pop up again with their history only showing from when they changed hands. Not sure though, just a hunch.


I totally agree about time flying when we aren't stressing about debts:T. Before, the long years of debt misery stretched as far as I could see. I mean that literally as I had a colouring-in sheet of graph paper (well, several sheets sellotaped together at the start to cater for all the months and years when a payment had to be made). Yes, I know, apart from being very lo-tech I'm also obsessive:o. The last page and year whizzed by:rotfl:. My first debt to drop off my credit file should be next month:j:j:j . It often takes 2 or 3 months for events to be reported and credit files to be updated though so I'm not holding my breath that it will really be gone as soon as that:(.

System

January2015 wrote: »

Check on other free credit file sites as well. We have some sites that have all accounts and other sites that have a 'selection'.

Also, we've had some disappear for a month or two and then magically reappear. I don't think they were C*b*t though. As long as you keep on top of your balances I wouldn't worry about the credit reference file entries too much. They will all disappear 6 years after date of default - for me that date is rushing forward within the next 2 years. It's amazing how fast time flies when you are not stressing about your debts :j

I know, I can't believe most of ours defaulted March 2015....only seems like 5 mins ago TBH. Can't wait for them to all be gone.