Full and final settlement help thread

fatbelly

Vicki - sounds like you are doing all the right things.

I'll have a look to see if I can find anything with Creation 

I

fatbelly

Weimsrock said:

Not sure if it’s possible, but has anyone had any experience of agreeing/paying F&F via instalments over 3 months or so? 

Yes - it's possible. I don't think it focuses their minds as much as a one-hit F&F but I have known creditors agree - think Lowell will do this

Vicki17

fatbelly said:

Vicki - sounds like you are doing all the right things.

I'll have a look to see if I can find anything with Creation 

I

Thank you, that would be great! 

fatbelly

Vicki17 said:

fatbelly said:

Vicki - sounds like you are doing all the right things.

I'll have a look to see if I can find anything with Creation 

I

Thank you, that would be great! 

Sorry - couldn't find anything

Vicki17

fatbelly said:

Vicki17 said:

fatbelly said:

Vicki - sounds like you are doing all the right things.

I'll have a look to see if I can find anything with Creation 

I

Thank you, that would be great! 

Sorry - couldn't find anything

No worries, thank you anyway! 

bell2020

Just sharing my success this morning to give hope to others.

We have been on a dmp with stepchange for over 5 years. Current balance is £10,394!

I sent full and final settlement offers to all of the creditors (7) yesterday. Sum of 5k to pay everything off. Can do for 6k if needed.

I offered £1435.58 to NEXT. The debt is with their in house collections team, it wasn't sold on. They accepted this morning!! The balance was £2984.47. Really chuffed, they were the ones I least expected to accept 😊

sourcrates

Make sure you get agreement in writing, and also that the remaining balance will not be chased by them or their agents.

Without that assurance, you will be asking for future trouble.

leighjones123

Just in the spirit of sharing success - I stumbled upon this thread (and have been subscribed to it ever since) back in August last year. I read through everything and did some further research. Started out on my F&F journey! 

I started a DMP with StepChange in 2013 - and the total balance back then was around £18,000. I'd paid quite a lot off, but had come into some money so was in a position to make some full and final offers to try and get sorted quicker. 

• NEXT Collections (not with an agency) - Balance £431, settled at £216 (50% reduction)
• Lowell (originally a Creation CF loan) - Balance £1102, settled at £275 (75% reduction)
• IDEM (originally a Lloyds CC) - Balance £770, settled at £300 (60% reduction) 
• Wescot (originally a Natwest CC) - Balance £1840, settled at £910 (50% reduction) 

I've got three accounts left.... 

• PRA Group (originally a Barclaycard) - Balance £3819.... however, have done a CCA request and they've confirmed that they cannot find the paperwork so the debt is unenforceable! 
• Moorcroft (originally a TSB Overdraft) - Balance £2432... have had an F&F offer in with these since January-21 and still no word yet. Keep chasing it, but only time will tell. 
• Moorcroft (originally a Lloyds Loan) - Balance £459... just biding my time on this and getting the other account sorted with Moorcroft before putting an offer in. 

So far I've managed to get £2443 wrote off through doing Full and Final offers... and hopefully soon to add a further sizeable amount to this through the fact that PRA can't get hold of CCA. 
I remember thinking that it was all too good to be true when first reading through the thread. But since all of my debts are well past the 6 years since a default was added (so don't appear on my credit file) this was a no brainer. I'm so glad I did. 

Thank you to everyone that posts and offers support on this thread!

bell2020

sourcrates said:

Make sure you get agreement in writing, and also that the remaining balance will not be chased by them or their agents.

Without that assurance, you will be asking for future trouble.

Yes I made sure I requested that. And they confirmed that within their reply. Thanks 😊

JAS2015

I had similar success with Next this week. They accepted £900 on an old debt of £2500 and I already have written confirmation that the remaining balance wont be chased or sold on. Maybe the approach of the end of the financial year has something to do with it?