Full and final settlement help thread

techno21

Thanks fatbelly.

I have made an amendment of the ND to send to the DCAs who haven't provided a CCA:

Dear Sir/Madam

Account No: XXX

 

I am writing about the money which you are claiming on the above account following your letter on 26th March. I have been advised to stop repayments as you are unable to provide a valid credit agreement.

 

However, I would like to offer a full and final settlement offer of 5% as a gesture of good will. A family member has made a one time offer to gift me the money to pay off the debt once and for all.

 

I want to offer this as a full and final settlement of the account. I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

 

If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.

 

I can pay the amount I have offered within 2 days of receiving your written agreement of this offer. This offer is valid for 10 working days.

 

Please give me details of how I can pay.

 

I look forward to hearing from you.

 

Yours faithfully

 

What do you think? Anything missing? I'm not sure if "If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed." is necessary as she has already defaulted.

 

DubaiQueen

polajoo said:

Hiya,

I've been talking to the Consumer Credit Counselling Service (fantastic and free!) about trying to a way out of my problem.

They've suggested:

• an IVA (cannot do -- have a house with a lot of equity that I cannot 'use', see below)
• defaulting on payments (cannot do -- can't jeopardise my chances of getting a mortgage as I need to buy out a partner in a year or two, and don't want any charges on my property)
• consolidating (cannot do -- many of my loans are interest-up-front, which I was unaware of at the time)
• Requesting reduced amounts (cannot do -- don't want any default notices or charges on my property)
• Offering a F&F payment

You see that the one at the bottom seems to be the only one that I to be able to do. However, I am up to date with all of my loan payments (while my overdraft suffers), as I don't want to risk my chances of getting a good mortgage.

Has anyone had any success of just out-of-the-blue offering a Full & Final Payment to their creditors, rather than a collection agency?

What are my chances? Anyone know?

Barclays were gits to me, I contacted them about a full and final on a £6000 debt, I explained that I did not have the funds available but if I had a figure to work towards I could maybe budget something, they said they would accept £4000, after about 2 months I had got together the funds required, I contacted Barclays explained that I now had £4000 available for F&F, they then responded that the offer was no longer available as it was over 30 days since their offer, but would accept the £4000 and negotiate a payment structure for the remaining £2000.

I got a little arsy with them, and finally told them to get stuffed and said I would now use the £4000 I did have to settle another outstanding debt, and they can whistle in the wind for their money, until I am in a position to pay them.

3 days later I received a letter from them accepting £5000 as F&F, in all honesty I realised that they are under no obligation to accept any offer after all it is money owed (this was minus interest & costs) to them and thought sod it, lets get it out of the way and the charge removed from my property, one weight of the shoulders, First national on the other hand we very helpful and requested £5000 from a £9000 debt, so both charges were removed from my property for £10000 from a £15000 debt so I think I did better than I thought i would.

fatbelly

techno21 said:

Thanks fatbelly.

I have made an amendment of the ND to send to the DCAs who haven't provided a CCA:

What do you think? Anything missing? I'm not sure if "If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed." is necessary as she has already defaulted.

 

That letter seems OK. They'll probably say that they have to mark the credit file partially settled,. You could just ask that the credit file me marked appropriately

xgingerx

ARGOS / MOORCROFT

Hi, just looking for some guidance. I am with Stepchange and have been on furlough since March 2020, prospects not looking great for when the scheme ends. I'm reasonably paid and if worst happens will unlikely get a job paying anywhere near what i am now.
Since March 2020 I have only been making small payment to my creditors ie £5 a month in most cases.

I owe Argos card £970, I offered via Moorcroft F&F £250 just to clear this one, its one of my smaller debts. Moorcroft advised Argos would only accept 80% (so only 20% reduction). I am not in any position to pay this so just said leave the Stepchange plan in place at £5 a month which is no problem from myside.

Should I write directly to Argos about the situation as its going to take 16+ years to clear this or at worst could be looking at IVA or worse by the end of this year ?

Just wanted anyones thoughts as Im thinking just leave it and keep paying stepchange and what will be will be come the end of furlough.

Thanks

InDebted2U_2

Is it okay to send a cheque from your regular bank account with a CCA letter, or is it best not to give details of your bank account number, etc.?

fatbelly

Safer to send a postal order

InDebted2U_2

fatbelly said:

Safer to send a postal order

Can you expand on "safer" please? P.O.s are quite pricey aren't they?

Ratmouse

Rather than fill the forum with another thread i thought id ask here 



 I've had a response to my cca request to tesco bank 

"unfortunately you've not provided a signature as authority .To allow us to continue with your request please return a copy of this letter with the correct signature " 

is this something i need to do or is it a stalling tactic to allow time to find the cca ?

i was paying  them monthly on a self managed dmp but have  stopped the last payment ( 3 weeks after the cca request )





this is now my final debt thanks to this forum down from nearly 30k a few years ago .Big thanks to everyone who contributes 

fatbelly

cdescort said:

Rather than fill the forum with another thread i thought id ask here 



 I've had a response to my cca request to tesco bank 

"unfortunately you've not provided a signature as authority .To allow us to continue with your request please return a copy of this letter with the correct signature " 

is this something i need to do or is it a stalling tactic to allow time to find the cca ?

i was paying  them monthly on a self managed dmp but have  stopped the last payment ( 3 weeks after the cca request )





this is now my final debt thanks to this forum down from nearly 30k a few years ago .Big thanks to everyone who contributes 

It's a bit picky of them but the scare stories about providing a signature are overdone. Just sign and return. Don't pay anything. See what comes back.

I would expect Tesco to come up with the goods, though. Are you looking for a settlement deal?

Ratmouse

fatbelly said:

cdescort said: contributes 

It's a bit picky of them but the scare stories about providing a signature are overdone. Just sign and return. Don't pay anything. See what comes back.

I would expect Tesco to come up with the goods, though. Are you looking for a settlement deal?

i am yes .. thought it was worth an ask on the off chance it wasn't available