Full and final settlement help thread

[Deleted User]

Rjhsteel wrote: »

Sent off letters today offering 30% to the debts with credit agreements and 20% to the 3 without...

Realistic?

I assume you mean those without credit agreements are unenforceable debts. Is this based on CCA requests? Are you totally sure they are unenforceable or have the creditors just been a long time finding anything? I know they should comply in a certain timeframe but a lot don't! One of my DCAs wrote to me once a month for nearly a year telling me that the original creditor was trying to locate the necessary paperwork. I assumed it would end up being UE as it seemed unlikely they'd find anything. Sadly, they eventually sent a lot of stuff back and I had it checked by the All About Debt website experts to make sure. It actually WAS enforceable and all the requisite paperwork/copies of it were in order:mad:


Also, in answer to your question about whether the offers you've made are realistic there's no hard and fast rule. Some creditors are very happy to settle for such amounts, others are not willing even at double that amount. You'll just have to wait and see what they come back with. They'll possible counter with a much higher offer and then it's up to you to try to negotiate down to something acceptable to both of you. It also depends on how old the debts are, the amount you are repaying at the moment and whether the creditor feels they'll ever get their money back. If you've dropped to token payments for while and have no prospect of being able to increase them for the foreseeable future they may be amenable to a settlement offer. It's usually the case though that debts that have been sold on are much more likely to be settled for less than those still with the original creditors


Please let us know how you get on. Good Luck:beer:

Rjhsteel

Noella wrote: »

I assume you mean those without credit agreements are unenforceable debts. Is this based on CCA requests? Are you totally sure they are unenforceable or have the creditors just been a long time finding anything? I know they should comply in a certain timeframe but a lot don't! One of my DCAs wrote to me once a month for nearly a year telling me that the original creditor was trying to locate the necessary paperwork. I assumed it would end up being UE as it seemed unlikely they'd find anything. Sadly, they eventually sent a lot of stuff back and I had it checked by the All About Debt website experts to make sure. It actually WAS enforceable and all the requisite paperwork/copies of it were in order:mad:


Also, in answer to your question about whether the offers you've made are realistic there's no hard and fast rule. Some creditors are very happy to settle for such amounts, others are not willing even at double that amount. You'll just have to wait and see what they come back with. They'll possible counter with a much higher offer and then it's up to you to try to negotiate down to something acceptable to both of you. It also depends on how old the debts are, the amount you are repaying at the moment and whether the creditor feels they'll ever get their money back. If you've dropped to token payments for while and have no prospect of being able to increase them for the foreseeable future they may be amenable to a settlement offer. It's usually the case though that debts that have been sold on are much more likely to be settled for less than those still with the original creditors


Please let us know how you get on. Good Luck:beer:

Thanks.

Yes, i sent off CCA's and they couldn't find them.
And also these debts are currently under PayPlan so basically just paying minimum amounts.

fatbelly

Rjhsteel wrote: »

Sent off letters today offering 30% to the debts with credit agreements and 20% to the 3 without...

Realistic?

Yes

Perhaps a bit generous to the unenforceable ones

kjh3222

Hi All,

Just an overview of where I am in my journey. I have been on a DMP for approx. 9 years with 15 accounts & a starting debt of just over £70k. After lots of reading on here I realise I have been mistaken to be paying for my DMP. However at the beginning it took away a lot of the stress, letters etc.
Over the years I settled 3 accounts via F&F with a 70% saving on one which was very welcome.

I have been paying £400 per month & the current totals are at £26k.

I was made redundant last year & had been doing my best to keep up with the plan. During a recent review my DMP provider ended my plan due to affordability as I am not currently working. I am not too concerned by this after reading all the great info & support on here. I have been living off redundancy money received & support from family. They now wish to help me clear the remaining debt so I can move forwards.

Of the 12 accounts two were bank accounts. I have sent CCA requests for the other 10 & have had my first responses today. All 3 received have said they are unable to provide the CCA so the agreements are currently unenforceable. However they are in contact with the original lenders.


I guess I need to wait & see what the original lenders come up with..........


I have offered one of the current accounts 27% as a F&F, they have written back & said they will accept 80%.


Most of my accounts are with Idem, as well as 2 with PRA & 1 each with Wescot, Moorcroft & Drydens Fairfax.


Sorry for the long intro.............

Keezing

I’m working on settling some debts at the moment and here’s what I’ve achieved so far:

American Express (Managed by NCO but not sold) accepted a 30% settlement on 9k

Arrow (Managed by Capquest) accepted a 30% settlement on 9k

Barclays (Managed by Westcot but not sold) accepted 30% on 22k

Zopa (not Managed or sold to anyone) accepted 50% on 12k

Intrum and Creation are not playing ball, reusing to accept less than 90%.


Proves that it’s possible to achieve good settlement figures with some original lenders that haven’t yet sold the debt.

[Deleted User]

Keezing wrote: »

I’m working on settling some debts at the moment and here’s what I’ve achieved so far:

American Express (Managed by NCO but not sold) accepted a 30% settlement on 9k

Arrow (Managed by Capquest) accepted a 30% settlement on 9k

Barclays (Managed by Westcot but not sold) accepted 30% on 22k

Zopa (not Managed or sold to anyone) accepted 50% on 12k

Intrum and Creation are not playing ball, reusing to accept less than 90%.


Proves that it’s possible to achieve good settlement figures with some original lenders that haven’t yet sold the debt.

Well done, some excellent results there:beer:


I see though that the debt balances were pretty high (£22k in one case) and if the creditor felt there was little likelihood of ever recouping a big share of this they were probably thinking they'd better grab now whatever they could definitely get. Just my opinion. I think once the outstanding individual balances are less than, say £4k the creditors are less amenable to brilliant settlements..


I found Wescot to be really good too. They managed 2 of my debts not owned them, otherwise all mine were sold on. Wescot settled @ 35% payable on them, very much smaller balances than yours though and I was very pleased. They were a pleasure to deal with throughout. Unlike LINK who were the absolute opposite:mad:


Good luck with the 2 outstanding debts. Give them time and they'll no doubt get back to you with improved offers.:beer:

babyj_16

This gives me hope. I’ve got about £8000 unsecured debts but only 3 that actually appear on my credit file. I’ve been making token payments of £1 for at least 3 years. I sent CCA requests out in March and of the 6 accounts Lowell hold they’ve only been able to send documents for 3. Two are on my credit file and one I’ve had the paperwork for and the other I haven’t. I’ve just sent the F&F Offers for those two at 30% and made it clear my financial situation is not going to change in the foreseeable future. Really hoping they accept and at least my credit file will be clear.

Rjhsteel

Well PRA Group got back to me and offered £2470.00 to settle the debt that was originally £3087. So not a great start. (I offered £933 which was 30%)
They said that was the lowest they would go to.

What should i do next? A counter offer?

fatbelly

Rjhsteel wrote: »

Well PRA Group got back to me and offered £2470.00 to settle the debt that was originally £3087. So not a great start. (I offered £933 which was 30%)
They said that was the lowest they would go to.

What should i do next? A counter offer?

That's still quite a gap, but you could try again slightly higher.

Other than that, give it 6 months and make the 30% offer again.

Rjhsteel

fatbelly wrote: »

That's still quite a gap, but you could try again slightly higher.

Other than that, give it 6 months and make the 30% offer again.

And this was from one of the debts that didn't have a copy of the credit agreement!!

If they don't have a copy, where do i stand?