Full and final settlement help thread

fatbelly

Yes that does sound about right. I would state that this is my final offer and if they cannot agree to it then I will offer it to my other creditors and revert to payments of £6.56 x 590 months

leighjones123

fatbelly said:

Yes that does sound about right. I would state that this is my final offer and if they cannot agree to it then I will offer it to my other creditors and revert to payments of £6.56 x 590 months

Thanks so much for your quick reply! I’ll go back to them with that. 

If they decline that... do I counter again (even though I’ve said it’s final) or leave them for a while? 

fatbelly

I think if they decline again, let them stew on a 50-year payment plan.

Maybe try again in 6 months.

Remember they only paid about 10% for it so you're making a very generous offer at 45%

magicgal

I’ve been reading through a few bits in this thread and can see loads of advice that I hope to be able to take. I have two defaulted debts that total around 18k and really hope to make a f&f offer in the not too distant future. I have been terminated from work and now claiming UC so don’t have masses spare anyway so really hope that will encourage them to take up on any offer I make without to much back and forth. However, I realise I’m being really overly optimistic here and seeing some real figures has helped me to get my head out of the fantasy side of things and back to reality. 

Thanks to all who have offered advice and also to those that have asked the questions. This has been a really helpful read. 🙏🏽

ohdarn

Hi everyone, just a quick question. Has anyone ever had any luck with getting either Shoosmiths or Drydensfairfax to accept a full and final settlement offer?
They don't seem to be debt collection agencies that have purchased the debt for peanuts from another DCA but solicitors acting on behalf of the original lenders, so are they less inclined to consider a F&F settlement?
Cheers

DFW_ASAP

Hi Guys
I'm currently 18 months into a DMP which I switched to self manage a few months back. I am payin £1 per month to 10 creditors on over a £50k balance.I offered 10% F+F offers on all of them which all declined. Intrum (£3400) wrote to me in August offering 50% which I countered at 10% and was declined. Last week they wrote and offered me 80% discount. So for me to pay 20% of the balance. Now this is more realistic but I was wondering 2 things:

1- What are the chances I could get a higher discount. I immediately offered 10% again and then 15% (After speaking to a family member about a gift) and theyre sticking to 20%.

2- If i play hard ball and say No. What are the chances they will offer the same discount again. It expires at end of Sept.

Thanks

DrWatson1

20% is an excellent discount, so I would accept if they have refused 15%. I've settled a handful of account for around 15-20%, so I have experience here. 

A note of caution. Eighteen months ago one creditor (Cabot) offered something like 25% which I would have been okay with, but I played hardball trying to get lower. Anyway, the offer expired and I haven't managed to get them anywhere near this offer again. 

Obviously, all of this depends your personal circumstances and how urgently you want to get the account settled. 

fatbelly

20% is a good achievement. We think they buy debts at around 10% so there's not much room to go lower.

If you have  10k to clear all your debts at 20%, I'd take the offer. But what concerns me a bit is that it sounds like you are using family to pay it and that you don't have any lump sum, nor surplus income

In that case is there a reason why you are not going bankrupt and asking family for £680?

DebtHurricane

Sent off offers for F&F on a debt that's around £250. I started very low, offering £50 but they've come back saying they'll accept 50% of the balance. This seemed great, so I counter-offered around £75 and they've come back saying the 50% offer is the max they can go to. Should I accept?

kelslayer

Good evening, 
i am not sure if this thread is still active?
I am still waiting for 2 CCA's to come back out of 5 requested .  The DCA's say they have requested them but not heard back yet.  every now and then they write to me to say this.  In the meantime, they confirm it is not enforceable until they find it.  I requested these back in August.  
I got a little bonus for Christmas, so have a bit of extra cash i can offer for a F&F settlement.  Is it worth writing to them and making an offer even though they are still waiting for confirmation if there is a cCA in place or not?