Full and final settlement help thread

sourcrates

stewartwilliams said:

Is there a default template to use when making a F&F offer say by email / their messaging system?

Try looking here -

Sample Letter - Settlement offer | Sample letter | National Debtline | National Debtline

Always best practice to do this writing, because that ensures it gets to the right people, gives you a paper trail, and is the only format which is legally binding.

adreva11

Hi all,
Hoping for some help with 2 Satsuma loans aka Provident both loans haven't had any payments towards clearing  since aug 2018.

I was in a DMP and Provident refused to get off the interest I'm now self managed and Provident still won't take off the interest the loans haven't been defaulted even though they were first taken out in 2017 and are showing as delquient on my credit file.

Provident are only offering 15% off as a full and final but they have never contacted me about the loan or chased.

What do I do now just leave it and iffef again in 6 months?
Anyone have any experience with Provident?

Thank you Adrian

moneyworrier2021

hev3049 said:

moneyworrier2021
I offered Arvato 30% (Barclays defaulted account) but the said they would only accept 50% as full & final settlement - i paid it!

That's a good result. I have £8K outstanding of £15k total. at £100 a month they will be waiting a long time to get that fully cleared. I'm willing to go to £5k F&F which is almost 60%, so gives me a little wiggle room. 

Where i have just cleared another £3.5K debt on a car i owed, its really freed some money up so i actually think i'll be in a position to make F&F offer in 3-4 months from now.

Still hesitant about credit file showing as satisfied if they approve, but the only slight thing on the horizon was my fixed mortgage rate coming to and end but hopefully, where our household income also over doubled from taking the mortgage out a year ago, that and the settled default should help me get a much better rate.

Estone_Villan

Sent the National debtline letter to a few creditors this week. Had two responses so far.

Lowell debt was £852.65 and they accepted £230. I thought that was pretty good and helps me out a lot.

Wescot debt totals around £2200 for 3 debts. They won't consider one of the F&F offers, but will look at two of them if i send:

• income and expenses form
• confirmation priority outgoings are up to date
• confirmation of additional creditors, balances owed, settlements proposed
• total funds available to creditors

Thing is, I haven't said i'm settling with anyone else. So do I need to send any of this?

sourcrates

You don’t have to do any of what they are asking, but the first two points are relevant, the next two are not, keep your cards close to your chest, as far as they are concerned, you are only setting with them, no one else.

JamieJ89

sourcrates said:

You don’t have to do any of what they are asking, but the first two points are relevant, the next two are not, keep your cards close to your chest, as far as they are concerned, you are only setting with them, no one else.

@sourcrates sorry for jumping in here but is  the Income and Expenditure crucial? I mean, will lenders accept a F&F without this? I just feel my income and expenditure form will put me at a disadvantage when it comes to negotiating as they will likely just refuse my F&F and make me up my current low payments.

fatbelly

JamieJ89 said:

@sourcrates sorry for jumping in here but is  the Income and Expenditure crucial? I mean, will lenders accept a F&F without this? I just feel my income and expenditure form will put me at a disadvantage when it comes to negotiating as they will likely just refuse my F&F and make me up my current low payments.

Some lenders will, some won't.

You are right htat if  your I/E is going to shoot yourself in the foot, don't send it

sourcrates

JamieJ89 said:

sourcrates said:

You don’t have to do any of what they are asking, but the first two points are relevant, the next two are not, keep your cards close to your chest, as far as they are concerned, you are only setting with them, no one else.

@sourcrates sorry for jumping in here but is  the Income and Expenditure crucial? I mean, will lenders accept a F&F without this? I just feel my income and expenditure form will put me at a disadvantage when it comes to negotiating as they will likely just refuse my F&F and make me up my current low payments.

Well your entire focus here is to persuade them that the offer you are making represents the best choice for them to obtain a reasonable settlement, due to your purported circumstances.

Its not uncommon for debt collectors to, lets say, overstate their position, or to make you believe they have more power than they actually have, so the income/expenditure information you may or may not choose to share with them, does not necessarily have to reflect your actual financial position, it could be an aspirational vision of where you want to be. 
Can you can read between the lines of that.

hev3049

A family member is gifting me some money to pay off some debts so I don't have to pay it back. I offered Capital one a f & f settlement figure but all they want to know is my income & outgoings! I really dont understand why they want this information. Any ideas where do I go from here? My income & outgoings has nothing to do with the money being gifted!

fatbelly

They want to check whether they would get a better deal from sticking to an instalment arrangement. Sourcrates gives some guidance above