Full and final settlement help thread

Matt38_2

Hi all this is a new query I have and was wondering if anyone could help. I currently owe just short of 10k I owe 4600 to Barclays and the same to barclaycard who have now passed t on to Cabot finance. I may have access to some money but was wondering what the normal procedure is as to try and get a F & F settlement? Should I call them first or write them a letter? I'm currently on a DMP with the cccs and have been for the past 6 years. What % should I try first ? Many thanks

fermi

Always do it in writing. Start of at a low figure 20-25 % max. Cabot probably paid even less than that.

When did you take the card out?

Matt38_2

I took the card out around 2004 so some time ago!

fermi

Matt38 wrote: »

I took the card out around 2004 so some time ago!

You could maybe ask Cabot to supply a copy of the agreement etc then. If by chance they couldn't locate it, then that would mean they would have trouble enforcing the debt through the courts. So might twist their arm a bit when it comes to a settlement.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=39_getting_information_about_your_credit_agreement

Matt38_2

So if I was to try and settle the debt should I try and strike up an agreement with Cabot or go to. Barclaycardd whom the debt was with originally ? Sorry to ask loads of questions

fermi

Assuming that Cabot have bought it, then you do the deal with them.

If they have bought it you should have in one of their letters something to say they have been "assigned" the debt. That is the legal term for selling a debt.

fatbelly

I've recently seen a case where Cabot settled for 25%. They did wriggle for a bit though. Once they realised that no improved offer was coming, they settled.

The advice above is all good.

Matt38_2

Ok many thanks for the advice. The outstanding balance for Cabot is around 4500 so I'll go with an initial offer of 25% and take it from there. I forgot to mention I also have an OD for £1000 with Barclays also so need to address that too. Should I try and combine the OD and Barclay debt together then make a offer or deal with the 2 cases seperatley? There both the same company

Matt38_2

@ fat belly reference Cabot settling for 25% do you know what the out standing balance was ?

fatbelly

Matt38 wrote: »

@ fat belly reference Cabot settling for 25% do you know what the out standing balance was ?

It was around 8k