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Full and final settlement help thread

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  • Wescot still want to know my creditors, how much the debts are and what i'm paying them. Not sure how to say no to this without actually saying no. They also want to know hat i'll be paying them but i actually have an agreement with them which is a bit odd.

    Should i just tell them i'm Paying xxx to whoever and how much the outstanding is?

    Debt April 2019: £14,509.43

    Current balance: £9,800
  • sourcrates
    sourcrates Posts: 31,484 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 15 February 2021 at 7:56PM
    Wescot still want to know my creditors, how much the debts are and what i'm paying them. Not sure how to say no to this without actually saying no. They also want to know that i'll be paying them but i actually have an agreement with them which is a bit odd.

    Should i just tell them i'm Paying xxx to whoever and how much the outstanding is?

    Dear Wescott,

    I am unwilling to supply the information you have requested with regard to my other creditors and the payments they receive, for the following reasons.

    These are confidential business transactions between myself and my other creditors, the details of which I am unwilling to divulge.

    The funds to settle my account with you are from a 3rd party family member, and are solely for this purpose, the monthly payments my other creditors receive, are irrelevant in these circumstances.

    Please respond to my offer as soon as possible, as it is time limited.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Wescott are still asking for a breakdown of my creditors. Do i give it or go direct to the original company with the offer? 
    The original debt is with Natwest. I'm pretty sure i can find details for their collections department.
    Debt April 2019: £14,509.43

    Current balance: £9,800
  • fatbelly
    fatbelly Posts: 22,914 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Wescott are still asking for a breakdown of my creditors. Do i give it or go direct to the original company with the offer? 
    The original debt is with Natwest. I'm pretty sure i can find details for their collections department.
    You can try that. wescot are just a collections agency. 

    It might work or they might tell you to go to Wescot. You lose nothing, though
  • sourcrates
    sourcrates Posts: 31,484 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Did you send a copy of my letter above ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • I used all 3 paras as part of a slightly longer response that covered a couple of other points. 
    They've basically said they need the breakdown to be able to make my offer to Natwest. 
    I could persist but i'm unsure if Natwest would ask the same if i went direct anyway.
    Debt April 2019: £14,509.43

    Current balance: £9,800
  • brownbearl
    brownbearl Posts: 9 Forumite
    First Post
    edited 18 February 2021 at 1:11AM
    Hi there, I’ve agreed a full and final settlement offer with Moorcroft. I asked for confirmation of this in writing before I pay over the phone and the letter hasn’t showed up. It’s been 2 weeks. Not sure what to do now. I have the lump sum at hand to pay but if they mess me about and don’t close the loan it will be devastating as it’s all my free money for the month of March. this is my final default I’m trying to get rid of now. 
  • fatbelly
    fatbelly Posts: 22,914 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Hi there, I’ve agreed a full and final settlement offer with Moorcroft. I asked for confirmation of this in writing before I pay over the phone and the letter hasn’t showed up. It’s been 2 weeks. Not sure what to do now. I have the lump sum at hand to pay but if they mess me about and don’t close the loan it will be devastating as it’s all my free money for the month of March. this is my final default I’m trying to get rid of now. 
    Nag them.
    If they can email you a copy of the letter that would be ok
  • Not sure if it’s possible, but has anyone had any experience of agreeing/paying F&F via instalments over 3 months or so? 
  • Hiya, looking for some advice please. Have read through pretty much all of this thread and can see there is lots of great advice here!

    Over the past 4 years we have managed to get our debt down from around £55k to about £9k. We were desperately trying to avoid getting any defaults as want to look to get a mortgage in next couple of years. Anyway, long story short, we stuck our head in the sand with one of the debts, and after looking at my husbands credit report this week, realised that this debt has been defaulted in July 2019. Completely our own fault, but nothing we can do about that now. 

    After reading this forum, I was hoping that I might be able to offer a f&f payment to at least get it as partially settled, as I know its gonna be stuck on our file for the next 4.5 years. And then hoping that we may be able to find a mortgage that will accept us in 2 years. 

    The debt is with creation (asda credit card) (not passed to debt collector) and is for £5800. I haven't seen many posts regarding these guys specifically, and wondered if anyone has any experience with them?

    I have done the national debt letter, and printed off, just wanted to see if anyone had any further advice before I send it. 

    We haven't paid anything towards it since Jan 2019, and since reading this, was thinking that that may actually turn out in our favour?! I have offered £2000, which is just over 30%, as starting negotiation? 

    We are expecting a little inheritance in a couple of weeks, and was gonna use some of that,  but have said the offer is from parents as a gift to get the debt paid. Is this OK?? We want to pay the rest of the other debt off with it, and start a little pot for our deposit for house fund. 

    Thanks

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