Full and final settlement help thread

cheesypuff

I have been in a DMP now for 10 years but still owe £15000. A lot of the debts are for small amounts am I in a good position to negotiate lower settlements ?

Willing2Learn

cheesypuff wrote: »

I have been in a DMP now for 10 years but still owe £15000. A lot of the debts are for small amounts am I in a good position to negotiate lower settlements ?

Because the debts are so old, you should submit CCA requests for them. This will ensure your creditors have compliant paperwork.

If it turns out that any of your debts do not have compliant paperwork, then you can use this as leverage to get lower settlement figures. (alternatively you could hold payment until they can produce compliant paperwork)

cheesypuff

How long would all that take? I am still in my DMP with Stepchange should I stop paying this then?

Willing2Learn

How long would what take?

If it were me, I would continue to keep paying your DMP whilst sending out your CCA requests. Only if your creditors cannot supply compliant paperwork should you consider withholding payment.

fatbelly

cheesypuff wrote: »

I have been in a DMP now for 10 years but still owe £15000. A lot of the debts are for small amounts am I in a good position to negotiate lower settlements ?

cheesypuff wrote: »

How long would all that take? I am still in my DMP with Stepchange should I stop paying this then?

As above, I'd continue with the payments for now while you check their paperwork.

How much do you have available as a lump sum?

How long before the 15k gets paid off if you continue with your dmp?

cheesypuff

I only have £2000 so can only clear the smaller ones for now. If I have to continue as normal it would be another 10 yrs before it’s paid off.

fatbelly

cheesypuff wrote: »

I only have £2000 so can only clear the smaller ones for now. If I have to continue as normal it would be another 10 yrs before it’s paid off.

I doubt 2k would clear all your debt but it might clear half of it. If you find the other half is unenforceable, that's job done.

10 years is long enough that most of them should be open to some sort of F&F deal.

cheesypuff

Yes 2grand would only clear my smaller ones these is one at £326, one at £428, one at £459, £607, £703, 708 and £902. If it would clear these at least. I’m desperate to get rid as I have been paying for what feels like a lifetime and have sane to go again. Don’t really know what else I can do.

sh01

sh01 wrote: »

Hi, I stopped payments to the remaining creditors that I had last year when I was made redundant (they’ve been slow chasing me so now trying to get organised and negotiate some settlements). I’ve not updated my status with any or given my income and expenditure figures (I am now employed again and don’t want to if possible). Will I need to give them my I &E details in order to get a settlement agreed or will they usually agree without? I have debts with Zinc, Cabot and 2 unenforceable ones with Link (which ultimately i’d Pay a small settlement for as I just want them all gone so it’s worth it, however i’m Not rushing nor moving on the low offer i’ve given them). I have approx £4K available and a total of £14k debts so not expecting to clear them all but hoping to get a chunk removed if I can negotiate well so any tips welcome! At the moment i’m Just trying to be patient and wait for them to come back to me and make offers.

Hi, is anyone able to offer me any advice please?

[Deleted User]

sh01 wrote: »

Hi, is anyone able to offer me any advice please?

I'm not sure what advice anyone else will offer but from my own experience recently all the creditors I negotiated F&Fs with wanted to see an I&E. Despite the fact that it showed I was unlikely to be able to ever repay the full amount Link and Hoist declined my offers. They countered with what I felt were ridiculously high ones in the circumstances so I'll have to sit it out a while longer:(

Cabot (via Wescot) accepted as did Lloyds(also administered by Wescot). They still obviously needed to be sure they were unlikely to receive full repayment by normal means.



In all cases I made a preliminary low offer, fully expecting it to be refused. They then contacted me and asked for an I&E before they were able to even consider my proposal. After receiving it they contacted me again, turned down my offer but countered with one of their own. I just accepted the ones I was happy with and could afford;)


Hope this helps. Good luck:beer: