Full and final settlement help thread

fatbelly · 7 January 2022 at 6:24PM

DFW_ASAP said:

fatbelly said:

Well, 20% is a good settlement if you are sure these are your debts and are enforceable

Hi fatbelly. Thanks for your response. Im assuming they are enforceable as the original debts were only from 3 years ago.

Would you suggest to still ask for CCA or wait until a longer period has elapsed and they potential delete/misplace them

Yes, they should have the paperwork. On the other hand they seem very keen to do a deal, and you are near agreeing to that.

I'd do the cca requests now

sourcrates · 7 January 2022 at 7:35PM

Usually only 3 reasons why companies settle debts with large discounts.

(1) the debt is either statute barred or unenforceable in some way.

(2) the company is looking to raise cash for some reason.

(3) they are wanting to clear their books of long standing accounts.

DFW_ASAP · 11 January 2022 at 5:37PM

DFW_ASAP said:

Hi guys just wanted some advice.
I have multiple accounts with Moorcroft.

Recently they offered me a settlement on 2 Intrum accounts @ 20% of the balance. The balances are around 6.5k each so 13k in total.

I countered @ 11% which Moorcroft said they would propose to the client (Intrum)

They have now got back to me with a letter saying thanks for your offer of X amount. We can't accept and the lowest we can offer is Y. Which was now 35% of the balance.

I reckon they've not even checked properly and just come back with a higher counter.

Do u think it's worth me accepting the 20% or keep pushing for a lower amount

Hi Guys,

Intrum are sticking to their 20% offers which is tempting but I wanted to run through another thought.

My debts total £45k. Assuming i can get 20% on all of them one day that is £9000 to clear them all.

I'm currently paying £1 per month to 9 creditors.

That's a total of £108 per year and £3240 over 30 years!!

Is there an argument to just keep them running at £1 per month for the rest of my life given that my credit file will heal itself after a couple more years ?

Happy to discuss different thoughts.

jwil · 11 January 2022 at 8:00PM

DFW_ASAP said:

DFW_ASAP said:

Hi guys just wanted some advice.
I have multiple accounts with Moorcroft.

Recently they offered me a settlement on 2 Intrum accounts @ 20% of the balance. The balances are around 6.5k each so 13k in total.

I countered @ 11% which Moorcroft said they would propose to the client (Intrum)

They have now got back to me with a letter saying thanks for your offer of X amount. We can't accept and the lowest we can offer is Y. Which was now 35% of the balance.

I reckon they've not even checked properly and just come back with a higher counter.

Do u think it's worth me accepting the 20% or keep pushing for a lower amount

Hi Guys,

Intrum are sticking to their 20% offers which is tempting but I wanted to run through another thought.

My debts total £45k. Assuming i can get 20% on all of them one day that is £9000 to clear them all.

I'm currently paying £1 per month to 9 creditors.

That's a total of £108 per year and £3240 over 30 years!!

Is there an argument to just keep them running at £1 per month for the rest of my life given that my credit file will heal itself after a couple more years ?

Happy to discuss different thoughts.

This is essentially my plan. I will wait it out. My credit report will be clear next year, but I'm just waiting for a decent offer.

Finallyfacingup2 · 12 January 2022 at 11:41PM

Can I jump on here to ask a question. I have £10,000 approx in default with a credit card that went into default 4 years ago and the debt passed to westcot. They have offered me a settlement figure of £2000. I have been pursuing the original credit card company for irresponsible lending which may go in my favour. My question is whether or not any refund of interest from the credit card company would go towards this first as this is now with westcot. If so I may be better to try and raise the £2000 settlement figure beforehand so there is nothing outstanding. Just not sure where I stand if this outstanding debt no longer sits with the original credit card company.

fatbelly · 13 January 2022 at 10:01AM

Finallyfacingup2 said:

Can I jump on here to ask a question. I have £10,000 approx in default with a credit card that went into default 4 years ago and the debt passed to westcot. They have offered me a settlement figure of £2000. I have been pursuing the original credit card company for irresponsible lending which may go in my favour. My question is whether or not any refund of interest from the credit card company would go towards this first as this is now with westcot. If so I may be better to try and raise the £2000 settlement figure beforehand so there is nothing outstanding. Just not sure where I stand if this outstanding debt no longer sits with the original credit card company.

You need to establish whether Wescot are just acting for the cc company or have bought the debt. If they have then the two matters - compensation claim and settlement deal are separate.

On the latter, if a debt purchaser's opening offer is 20% then there's something defective about the debt, either it's statute bared or they don't have the paperwork.

DFW_ASAP · 13 January 2022 at 1:40PM

Finallyfacingup2 said:

Can I jump on here to ask a question. I have £10,000 approx in default with a credit card that went into default 4 years ago and the debt passed to westcot. They have offered me a settlement figure of £2000. I have been pursuing the original credit card company for irresponsible lending which may go in my favour. My question is whether or not any refund of interest from the credit card company would go towards this first as this is now with westcot. If so I may be better to try and raise the £2000 settlement figure beforehand so there is nothing outstanding. Just not sure where I stand if this outstanding debt no longer sits with the original credit card company.

Hi. I've recently settled 3 accounts for 20% which were their opening offers and they refused to budge a penny.

I am interested though about your irresponsible lending comment

I racked up 50k of debt in 2 nights when I suffered from a serious gambling addiction.

I was able to access a lot of credit instantly online and all was applied for and gambled within a 1 week timeframe.

Can anyone advise me if there is anything I can do to claim the same?

fatbelly · 13 January 2022 at 1:53PM

https://debtcamel.co.uk/tag/refunds/

GreenCat80 · 13 January 2022 at 3:43PM

Link sent me a statement dated 23rd Nov, I wrote back the day I got the letter, 2nd December, with a F&F offer. They then replied to my letter on 15th December saying they no longer manage my account, it's now with Credit Security Ltd. I have not heard a single thing from CSL, I have used their online contact form twice but had no response. I'm getting a bit frustrated as I'd really like to start negotiations but I don't have a reference number or anything. Has anyone had any experience with CSL? Or does anyone know how long it takes creditors to contact their new accounts? I don't really want to phone them...

Finallyfacingup2 · 21 January 2022 at 11:56PM

Dfw_asap - I already had numerous debts and was utilising all my credit at the time of credit cards being issued and also when they increased my limit which I’ve claimed was irresponsible. 3 out of 7 have been upheld so far but awaiting a reply via financial ombudsman about the others. I will update when I hear back but may be a while!!!