Full and final settlement help thread

dazzammm

carbootcrazy wrote: »

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.

I had the same from Cabot. "currently" unenforceable debt that has rolled off my credit file where i offered 5%. We went through an I&E (the last one they had is only 6 months old) and they countered with 50%. They then tried again with 40% and will try again tomorrow with a payment plan. I went to 10%. They then stressed the fact that they "currently" cant find the paper work is a good reason to accept 30%.

davidson1313

Hi..first time posting and hope someone can advise if possible. Posting from Scotland. I have had reduced payment plans through,most recently, PRA, Westcot/cabot, Zinc (taken over by them about 4 months ago), Lowell and Moorcroft (originally debt with RBS, MBNA, Barclaycard and flybe/creation). Original total debt was +55k and is down to 37k. However, change of circumstances mean income has dropped dramatically and not going to increase again so further payments would need to be reduced from (max payment)£56 to £1 to continue paying. I can offer 12-15 months payments as a final payment to each company. I have a download of letter from debt management site and amended slightly. Reading previous comments, it would look very doubtful this offer would be accepted which is kind of what I thought. I suppose my question is what will they do if they refuse the payments? Would they be likely to accept the token payment every month or make me bankrupt? Needless to say the stress and anxiety are causing their own problems! Thanks in advance......

fatbelly

davidson1313 wrote: »

Hi..first time posting and hope someone can advise if possible. Posting from Scotland. I have had reduced payment plans through,most recently, PRA, Westcot/cabot, Zinc (taken over by them about 4 months ago), Lowell and Moorcroft (originally debt with RBS, MBNA, Barclaycard and flybe/creation). Original total debt was +55k and is down to 37k. However, change of circumstances mean income has dropped dramatically and not going to increase again so further payments would need to be reduced from (max payment)£56 to £1 to continue paying. I can offer 12-15 months payments as a final payment to each company. I have a download of letter from debt management site and amended slightly. Reading previous comments, it would look very doubtful this offer would be accepted which is kind of what I thought. I suppose my question is what will they do if they refuse the payments? Would they be likely to accept the token payment every month or make me bankrupt? Needless to say the stress and anxiety are causing their own problems! Thanks in advance......

What are you able to offer as a percentage?

You have 37k debt. Can you find 10k?

What will they do? Without a court order they can do nothing. They won't make you bankrupt. The most likely thing is that they will sell the debts onwards, although it sounds like most have already been sold once.

The options available to you in Scotland are different from England/wales and it may be worth chatting things through with e.g. https://www.nationaldebtline.org/S/Pages/default.aspx

davidson1313

Thank you for your quick response. Yes, they have been moved on before....poss more than once! The maximum I can possibly hope to raise is £4k which is obviously a huge deficit hence the additional concern. I have a FS prepared to forward to them. I am unsure whether to put the offer forward with a copy of the other debtors and offers so they have a fuller picture? Really appreciate your advice, thank you.

davidson1313

Thanks fatbelly,, had a very helpful chat with national debt helpline. Will hopefully update you with progress!:)

DFW_ASAP

Hi, I started a DMP last month with SC and showed X amount of surplus and the 1st payment has gone out. I have now called them and updated my I&e and my surplus has reduced meaning I will only be paying between £9-£25 to each creditor pro rata.

My debt is around £50k

I have 10 creditors with most confirming they will default etc.
I could potentially come into some money in the next few months enough to offer 10%-30% F&F on some of them.

QUESTION - Is this too soon? Does my DMP with the low payments need to run for a few months or years before making these offers.

Obviously i want to pay them as low as possible, so will i need to wait until the actual default and sale of debts?

Any advice is much appreciated

PS to pre-empt CRA questions. My debts are all less than 4 years old and most taken online so dont think its relevant to do this at this point.

Rjhsteel

Do these companies ask for a expenditure plan when you contacted them about settling the debt?

Littlebigmoose

I’ve had a 70% discount given by Cabot to settle my account and Lowell contacted me out of the blue with a 60% discount offer which I quickly accepted. Hope this may be of help to anyone negotiating offers with these companies.

fatbelly

Littlebigmoose wrote: »

I’ve had a 70% discount given by Cabot to settle my account and Lowell contacted me out of the blue with a 60% discount offer which I quickly accepted. Hope this may be of help to anyone negotiating offers with these companies.

I get the impression there are more of these around at the moment.

If you're thinking of going for F&F now might be a good time.

End of the financial year?

Lifeisforliving19

fatbelly wrote: »

I get the impression there are more of these around at the moment.

If you're thinking of going for F&F now might be a good time.

End of the financial year?

Ooh, never thought of that....good advice.