Full and final settlement help thread

paulmapp8306

Its do-able. I got a F&F on a £4200 debt for £500. Thats a touch under 12.5% of the outstanding debt. i had been paying the token £5 for nearly 8 years mind. i had £500 to play with (had a little windfall). I basically rang all my creditors, told them what I had and could afford to pay one of them off IF they'd accept the £500. One came up trumps

Professor_Pat_Pending

Hiya, am a regular on the Without a Paddle DMP thread, have done 3 F and Fs so far (MBNAx2 at 37% and 40%, Opus (Citi) at 23%), have got 5 left- Egg and Bank of Scotland x 4 (2 with Blair, Oliver and Scott, others with Moorcroft and Robinson Way).
Am about to start saving for the next and wondered if anyone on here had any advice on the remaining 5, many thanks in advance. PP

sickasachip13

Well done those who are managing to get good results. Professor PP - I don't have any advice but I'll be interested to see what happens with your attempts as we also have debts with BOS, Moorcroft and Robinson Way! (BOS haven't offered us anything great in terms of F&F but I would say they are definitely willing to consider as they actually rang us up on each of our accounts with them to ask if we wanted to talk about F&Fs).

Good luck.

Professor_Pat_Pending

sickasachip13 wrote: »

Well done those who are managing to get good results. Professor PP - I don't have any advice but I'll be interested to see what happens with your attempts as we also have debts with BOS, Moorcroft and Robinson Way! (BOS haven't offered us anything great in terms of F&F but I would say they are definitely willing to consider as they actually rang us up on each of our accounts with them to ask if we wanted to talk about F&Fs).

Good luck.

Indeed, Robbo Way rang me a while back talking about 50% but I had no spare cash then.
Mooorcroft turned down 30% a few months ago they came back with 75% but I couldnt haggle as Opus and MBNA had accepted low percentages and I'dused up my settlement money on them.
Hoping to have around £2K by Easter next year and am gonna go with that for a £5k Egg debt (40%)-they indicated on the phone that this might be cool, esp as Barclays want to clear out their old debts, just leaving the BoS accounts
to hit.
Any success stories are very welcome and I shall follow this thread with interest from now on, cheers all. PP

Professor_Pat_Pending

After months of inactivity, a very interesting day in the Pending house today.

Had a letter today from Cabot (DCA) wanting money from my Opus (Citi) account that was settled in April for £600 on a £2.6k debt. :eek:

So after calming down, found the letter from Opus confirming F and F, etc then rang Cabot explained the situation, they were cool (if a little disappointed) and just asked me to fax the letter confirming this.

Then rang Opus and went ballistic, they were very apologetic, honest mistake, etc, etc and will deal with this.

The moral of this is whatever you do don't give any cash for settlements until you have written evidence of the settlement, these sharks will stop at nothing..............honest mistake, my ar*e!!! Thank God that my settlements letters are in a safe place.

fatbelly

Professor_Pat_Pending wrote: »

The moral of this is whatever you do don't give any cash for settlements until you have written evidence of the settlement, these sharks will stop at nothing..............honest mistake, my ar*e!!! Thank God that my settlements letters are in a safe place.

Yep - that can't be emphasised too much - the settlement letters need to be hard copy, unambiguous and kept safely for six years!

harleyjayne1200

Me and my husband have 54k of debts which we got 7years ago due to losS of job . in the last 7years we went with a company called eurodebt that had 908 paid over tin first 3months and then they took 208 each month . . 45 for their fees.
in January this year my husband lost his job so we were unable to pay the company. husbanm started a new job in April . all our creditors wrote asking for their money so we decide to do it on our own. for 2
Debts to barcley card . . 1329 and 985 we settled for a total of
925 total . . !!!!!!
This was based on the fact that Eurodebt had only paid 27 quid in 7years.
this is now the way forward for us so after we pay a debt off we work on the next one.
our biggest debt is for a loan from Lloyds for 30k which we will sort out soon.
remember to keep your acceptance letters and letters that have finalized and accepted your !!!!!!

jayne

Paul150

I just got some money off a PPI refund. Just under £5k

I have £550 to pay on my IVA after I missed some payments whe I lost my job, but then my IVA is finished, so I'll be paying that once the cheque has cleared.

I then have managed to negotiate the following settlement fees.

My Vanquis credit card held with C.A.R.S debt collection agency:
BALANCE £1038.12 - F&F £550

Payday loan now held with Bryan Carter Solictors
BALANCE £702.50 - F&F £527.00

JD Williams account held with Bryan Carter Solictors
BALANCE £344.10 F&F £260.00

I have a Vodafone account that I'm behind on by a few months and also another payday loan with a similar balance to the other one, but its held with iQor and I am ringing them later to get Final Settlement Figure.

Now, clearly, I'm happy with myself in getting nearly 50% off my Credit Card.

Has anyone else had dealings with Bryan Carter Solicitors? Have they ever negotiated lower than 75%? He first mentioned £550 and I said I was thinking more £350. He put me on hold, came back and said lowest was £527. I tried £400, £450 and even £500...but he wouldn't budge from £527. Anyone got any tips on how I can get that lower?

Also, anyone had any dealings with iQor, what are they like for F&F?

Thanks in advance.

spoodz

Hi, I've got a DMP with CCCS, paid off £8k in the last 3 years, another £15k to go. I've found out that i'm going to be made redundant . Length of sevice means a fairly good redundancy payment of £24k which is enough to support my home & family budget the next for 12 months.

Do I make a full and final settle offer to my five creditors to get the debt off my back? and if so, how much do I offer? Obviously there is enough cash to pay in full, but leaves me at risk if I cant find a similarly paid job sharpish!

M&S Money, Virgin Money, Halifax, Bos loan (with a DCA). They are all getting less than their minimum payments on the DMP, but i've not missed a payment in the 3 years its been running.

fatbelly

spoodz wrote: »

Hi, I've got a DMP with CCCS, paid off £8k in the last 3 years, another £15k to go. I've found out that i'm going to be made redundant . Length of sevice means a fairly good redundancy payment of £24k which is enough to support my home & family budget the next for 12 months.

Do I make a full and final settle offer to my five creditors to get the debt off my back? and if so, how much do I offer? Obviously there is enough cash to pay in full, but leaves me at risk if I cant find a similarly paid job sharpish!

M&S Money, Virgin Money, Halifax, Bos loan (with a DCA). They are all getting less than their minimum payments on the DMP, but i've not missed a payment in the 3 years its been running.

Your title 'will they bite?' strikes the right note. Dangle the bait in front of them and see what they do. We've seen settlements around 30% -remember you can always go up. If you have been making substantial monthly payments, then they may not be so generous. But give it a try.