Full and final settlement help thread

Littlebigmoose

Wish I had known and built a bigger pot for the offers

HannahEsme

Hi.
A new member...
I've been paying down a debt through an agency since 2013. Self negotiated a small repayment figure (£50 p/m) and have not missed a payment since.
January 2019, payment leaves my bank account as ever on 18th, returned by agency to my account two days later.
Same happens again in Feb.
Bank writes both times to tell me this has happened. Funds were there to pay - payment returned nonetheless. Why? The debt is not fully paid - that much I do know.
I can't contact the agency - they've morphed into another one and I have no idea who to call.
Any idea what might be going on? I cannot understand it.

fatbelly

HannahEsme wrote: »

Hi.
A new member...
I've been paying down a debt through an agency since 2013. Self negotiated a small repayment figure (£50 p/m) and have not missed a payment since.
January 2019, payment leaves my bank account as ever on 18th, returned by agency to my account two days later.
Same happens again in Feb.
Bank writes both times to tell me this has happened. Funds were there to pay - payment returned nonetheless. Why? The debt is not fully paid - that much I do know.
I can't contact the agency - they've morphed into another one and I have no idea who to call.
Any idea what might be going on? I cannot understand it.

Maybe DCA1 has been bought by DCA2 and DCA1's bank account has been closed. You are probably paying by standing order (as we would advise) and so it bounces back from a closed account.

There's no point in going through this process every month now so cancel your standing order, save your money and (as you've posted on this thread) try a full & final settlement if DCA2 ever writes to you.

HannahEsme

DCA1, as you call it, is one of the biggest, from what I can gather from the internet. RSM UK. I have tried to call them but they do not appear to know who I am - despite me paying them all that money over all those years!
I have cancelled the S.O. as of today and will wait and see. Their last correspondence with me was 2014 when they were under a different name so if they want the money, I guess they can get in touch.
Thanks for the reply - very much appreciated.

igboukwu

Hi, I have just joined this forum this week and would appreciate all your replies to my concern.

My partner has a debt that entered into default in 2010. This debt and the account are currently not being reported at Credit reference agencies.

This debt has been with a debt collection agency (DCA) for more than 2 years. My partner has been making making minimum monthly payments towards the debt as I have encouraged her to continue to do, and she is determined to clear the debt if it is possible.

This week, the DCA sent a letter to her and offered her a full and final settlement - 20% of the outstanding debt. I advised her that while this is a good opportunity to end the debt, it is important to make further inquiries before she commits to that.

Her concerns:

1). By accepting the offer of full and final settlement from the DCA, how would it reflect on or affect her credit records/history?

2). How would lenders view any future credit request she makes or joint credit application from both of us.

Thanks again for your kind responses.

IGB

mrsjolie

I have been helping a friend negotiate F&F payments and he has had a letter from one asking where the funds for the settlement will be coming from. Please can anyone advise how he should respond? Thankyou

Lifeisforliving19

mrsjolie wrote: »

I have been helping a friend negotiate F&F payments and he has had a letter from one asking where the funds for the settlement will be coming from. Please can anyone advise how he should respond? Thankyou

We have always told them that a relative is giving us the money to help settle our debts. Certainly don't want to tell them we are saving a little F&F stash.

[Deleted User]

Lifeisforliving19 wrote: »

We have always told them that a relative is giving us the money to help settle our debts. Certainly don't want to tell them we are saving a little F&F stash.

Yes, I thing the good old family member reason is the recommended one;)

fatbelly

igboukwu wrote: »

Hi, I have just joined this forum this week and would appreciate all your replies to my concern.

My partner has a debt that entered into default in 2010. This debt and the account are currently not being reported at Credit reference agencies.

This debt has been with a debt collection agency (DCA) for more than 2 years. My partner has been making making minimum monthly payments towards the debt as I have encouraged her to continue to do, and she is determined to clear the debt if it is possible.

This week, the DCA sent a letter to her and offered her a full and final settlement - 20% of the outstanding debt. I advised her that while this is a good opportunity to end the debt, it is important to make further inquiries before she commits to that.

Her concerns:

1). By accepting the offer of full and final settlement from the DCA, how would it reflect on or affect her credit records/history?

2). How would lenders view any future credit request she makes or joint credit application from both of us.

Thanks again for your kind responses.

IGB

The entry dropped off in 2016 so it will not reappear - there will be no effect on her credit history.

You would probably want to avoid the lender who had this account but apart from that one no-one else should ever know.

igboukwu

@Fatbelly, thanks for your honest assessment of the situation. I will go ahead and ask her to accept the F+F settlement.

Regards.
Igb