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Full and final settlement help thread
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DFW_ASAP said:fatbelly said:Well, 20% is a good settlement if you are sure these are your debts and are enforceable
Would you suggest to still ask for CCA or wait until a longer period has elapsed and they potential delete/misplace them
I'd do the cca requests now0 -
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.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-letter0 -
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
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.0 -
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
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."If you can dream it, you can do it". Walt Disney0 -
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.Ppi refund of £1900 - awaiting tax back (First Direct)
Catalogue settled irresponsible lending claim £2400 (Very)
Loan company settled irresponsible lending claim £1200 (Hitachi)
1st credit card settled on irresponsible lending claim £300 (FOS recommendation-Yorkshire Bank TSB)
2nd credit card settled on irresponsible lending claim £665 (FOS decision- Fluid)
3rd credit card settled on irresponsible lending claim £2650 (FOS decision-Barclays). Tried to settle for £500 less and although FO decision agreed that they were to pay all interest charges and fees they only paid interest. Challenged and FO demanded fees and charges as well.
4th credit card settled on irresponsible lending claim £1351 (FOS decision-Capital One)
5th credit card settled on irresponsible lending claim £10,250 (FOS decision - Halifax bank of Scotland). They tried every trick in the book not to pay out. This took 18 months and lots of paperwork.
Awaiting 5 more credit cards (Tesco/mbna/first direct/Barclays egg/Santander) and 4 loan irresponsible lending claims (Black Horse/amigo/1st Direct/psa finance).0 -
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.
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.1 -
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.
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?0 -
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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...Debt was £15,903 😬 Now £2718.14 £0 😲🥳0
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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!!!Ppi refund of £1900 - awaiting tax back (First Direct)
Catalogue settled irresponsible lending claim £2400 (Very)
Loan company settled irresponsible lending claim £1200 (Hitachi)
1st credit card settled on irresponsible lending claim £300 (FOS recommendation-Yorkshire Bank TSB)
2nd credit card settled on irresponsible lending claim £665 (FOS decision- Fluid)
3rd credit card settled on irresponsible lending claim £2650 (FOS decision-Barclays). Tried to settle for £500 less and although FO decision agreed that they were to pay all interest charges and fees they only paid interest. Challenged and FO demanded fees and charges as well.
4th credit card settled on irresponsible lending claim £1351 (FOS decision-Capital One)
5th credit card settled on irresponsible lending claim £10,250 (FOS decision - Halifax bank of Scotland). They tried every trick in the book not to pay out. This took 18 months and lots of paperwork.
Awaiting 5 more credit cards (Tesco/mbna/first direct/Barclays egg/Santander) and 4 loan irresponsible lending claims (Black Horse/amigo/1st Direct/psa finance).0
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