Full and final settlement help thread

lvm

That's really great news yellowpinky - well done! I have just today given up on settling a debt with Halifax (pursued by Wescot) as every single company involved in my debt is refusing to admit they own it and won't give me what I want in writing. It's so stupid seen as I have the money sitting in the bank ready to settle but can't - high interest account here I come!

Anyway, any chance you could disclose what company you got your letter from? I have 2 other debts and just be interested to know if one of them is the same as yours as it looks like they've given you what you wanted in writing quite easily and it may be worth my while trying one of my other debts. A PM would be cool if you didn't want to write it on here...

Good luck on the rest of your DMP! x

yellowpinky

Hi LVM, will pm you, but don't think it will help now! I was reading through your threads over the last week with your dealings with Halifax/Westcot to see how someone got on with a DCA acting for the OC, it was really helpful to read, thank you, I'm just sorry it ended in stalemate for you. I'm wishing you best of luck, I hope you get better results with your other creditors. I'm now having similar problems!

I spoke to the OC today - am now totally confused. They say they never authorised that figure at all, but did e-mail the DCA with a guide originally to accept 50% or upwards. I asked if they would take the figure I was given but they wouldn't. They did say I could go and discuss it with my family and come back to them in my own time, whatever that means. I also asked if I should deal with them direct, and they said yes.

I then phoned the DCA, to be told that I had spoken to the wrong department at the OC and that the figure was correct, they told me how it was worked out (apparently they take the original total of the debt, take 50% off that, THEN take off what I have paid so far, and that is how they came up with the figure)! I am now totally confused! I can't speak to the OC now again until Monday morning as I phoned the DCA after work. Most of the stress is actually from having to find time and privacy during the day to phone these people during office hours when I'm at work all day. I am absolutely no further forward.

On the up side, I am very glad I phoned the OC first before parting with my money, and I found talking to both lots of people on the phone wasn't as bad as I thought it would be. They were fairly pleasant though there was a bit of "well the offer's there, take it or leave it" tetchiness. I just want to pay them and get it done!

lvm

Thanks for the PM!

That totally sucks with the issues you're having now. You should get a hold of an email or fax number for the OC and send them a copy of the letter you received from DCA and see what they say about it then - if the DCA has been telling porkies I'm sure the OC will want to refrain from using them again which might not be a bad thing!

Hope all is sorted soon x

Topcatcourtenay

hi all, Ive been trawling posts to get some help and as usual have found loads!!! but, I would be really grateful of your thoughts/advice with my situation.
I currently have a DMP thru CCCS which is going fine, it is for a huge 40K and due to end in 2020. On top of this I also have a whacking great mortgage on interest only and a secured loan with the notorious (it seems!) Picture/Webb.
To cut a long story short although DMP ok, we are still struggling each month and aslo I am finding the stress increasingly difficult to cope. I have decided I need to speed things up....after much deliberation I have decided to put our home on th market and move into rented for a while until I can start again. The plan was to use sale proceeds to clear the secured loan and therefore increase my payments to CCCS and clear all debt quicker. I have had valuations on my house and was relieved to find were not in Negative Equity with the mortgage....however when I called to get redemption on secured loan was horrified to find that after 4 years of high payments we still owe about the same as we borrowed and therefore the sale price of house will not be adequate to cover loan and mortgage.
Basically, my question is shoudl I try to agree an early settlement with loan co.? If so how much would be sensible? I have managed to keep all payments to them up to date but by the skin of my teeth...so should I only offer mimimal payments in the meantime to show that payments are no longer manageable??
Has anyone had experiance with Picture/Webb with F&F offers???
Feel very trapped, scared, and stupid.

I look forward to your replies.
x

yellowpinky

Hi all,

Am currently doing F & F's with another creditor too, have received this letter - does this look ok? Have already asked them to add the paragraph about liability etc.


We are writing to you in regards to the settlement of your account above.

We are pleased to confirm that our Underwriters have agreed to accept £xxxx as full and final setltement which is to be paid no later than xxx by debit/credit card. So that we may conclude this matter with you, we would be grateful if you could contact us on xxxxx as soon as possible.

Once the payment has been cleared we shall immediately update our records to write off any remaining balance and update the Credit Reference Bureaux to mark that your account has been satisfied with us. However we must advise that the update of the entry with the Credit Reference Bureaux may take up to six weeks. We can also confirm that once your account has been settled, (this company), its agents or subsidary companies will not take any further action to recover or enforce the debt. However we must advise that in the event your payment is either returned, cancelled or referred to payer for whatever reason, (this company) shall reserve its right to reinstate the full outstanding balance and revoke any previous settlement offers extended to you.


Thanks in advance!

You're welcome LVM and thanks for your post I am dealing with that other creditor direct now (and noticed the DCA is no longer handling my DMP on Justabank!) and managed to split the difference and agree a figure, only a little more than the last one. Have received their letter today and it's basically one line! No mention even of "full and final settlement", so will have to get on the phone on Monday, sigh. They've given me a good two weeks though, so there's time. Just want it all done now.

yellowpinky

Topcatcourtenay, I hope someone is along to help you soon. I've no experience with secured loan companies in that respect (or at all) so wouldn't know what to suggest but there will be someone on here who does, which is the beauty of this forum.

Best wishes
YPx

fatbelly

yellowpinky wrote: »

Hi all,

Am currently doing F & F's with another creditor too, have received this letter - does this look ok?

Looks OK - better than we normally see!

yellowpinky

Thank you, Fatbelly, I'm relieved about that, I had to push a bit for it! I'm just waiting for an amended version as they put the wrong payment date on (long story, they extended the deadline by e-mail, I then rang up to double check this was correct and check the letter had been sent out, he offered to read it out to me what they had sent, then saw the mistake with the date!). It's getting very close to the deadline so I'm a bit anxious now, do I really need to wait for the correctly dated version, or can I just go ahead?

cyp2011

How do you know who to send the letters to as i wish to send in !!!!!! offers .We get statements from the banks and some state collections departments but we do have letters from albion , BLS and blair oliver and scott .BLS have not wrote to us in over a year and bLs has been 2 years , they were the worst so i dont want to go digging them up again if i can deal direct with the bank
We have default written on all except 1 account and after over 2 years would realy like to see the back of it all although we cant afford the full amount so i was going in with a offer of 25% .These have been on £1 payments for near 2 years now so can i ask if you think this is a sensible offer but i dred the fact they will want more .
I dont want to be selfish but we no longer own our home anymore due to debt and i feel quite bitter i have to hand over what little is left even though many will say we got in this mess but i also think they should not have lended the money knowing our problems and low income at the time .As advisors say they should not lend money the people cant afford

cyp2011

I also ment to add we have moved since due to selling our home and i have never changed the contact details as i dont want them on my doorstep ever again , redirection is currently my way of escape for now .Will i have to change to our new address when i send in letters and should i enclose a budget sheet as we are in negative income / expenditure worse since we have moved and last filled in a budget sheet which they will have had in the past . I just so want rid of them all and i know we dont have to pay them due to our finances but i cant live like this forever