Full and final settlement help thread

fatbelly

KatieAnne said:

(Please note, all further correspondence should be addressed to us. National Debtline are a self-help agency and are not acting as our representative).

Have they got confused with the above ? x

Yes, it sounds like it

KatieAnne

Hi, Just to let you all know,

PRA would accept a settlement on MBNA, but not what we offered and Tesco they would not accept any settlement, so we are just continuing as we was x

GreenCat80

Hope you manage an offer in the not too distant future @KatieAnne

Floopy2009

Evening All,

Ok done the letters F&F after my sister has offered to help. All have come back asking for income expenditure, whether i am keeping up with my bills, my blood type you name it. Anyone help with any strategies or experience with responding back the debtors are Moorcroft and Wescott, i can see this is going to be quite painful.

Cheers in advance

BadDebtor

I know some will not agree, but if you have no assets or savings then going "off radar" waiting it out is an option.

True six years is a long time but along the way I was offered 90% off by most of my creditors, numerous times and again when the debts got resold.  I never believed them, I figured they would say I acknowledged the debt and not honour the offer, so I ignored.

The way I saw it is that I was obviously not going to ever get offered credit again and that suited me because I never wanted to borrow again. 

The money they lent me never existed, I was dumb enough to service it for years so they made a load of money on their vapourware money, eventually it got defaulted and they could lend it again, so why allow it to contaminate UK Debt. 

Why encourage these debt collection companies that claim money that never existed (except in the computers of the banks when they created it).

One firm did a backdoor CCJ but they got nothing either, I had one non-consumer debt that got escalated to High Court Enforcement.  Six visits and I never engaged them either. 

 

GreenCat80

Floopy2009 said:

Evening All,

Ok done the letters F&F after my sister has offered to help. All have come back asking for income expenditure, whether i am keeping up with my bills, my blood type you name it. Anyone help with any strategies or experience with responding back the debtors are Moorcroft and Wescott, i can see this is going to be quite painful.

Cheers in advance

I found talking to them on the phone helpful if you’re able to do that. I’ve just closed my account with westcott, they were actually super lovely and helpful  

fatbelly

BadDebtor said:

I know some will not agree, but if you have no assets or savings then going "off radar" waiting it out is an option.

True six years is a long time but along the way I was offered 90% off by most of my creditors, numerous times and again when the debts got resold.  I never believed them, I figured they would say I acknowledged the debt and not honour the offer, so I ignored.

The way I saw it is that I was obviously not going to ever get offered credit again and that suited me because I never wanted to borrow again. 

The money they lent me never existed, I was dumb enough to service it for years so they made a load of money on their vapourware money, eventually it got defaulted and they could lend it again, so why allow it to contaminate UK Debt. 

Why encourage these debt collection companies that claim money that never existed (except in the computers of the banks when they created it).

One firm did a backdoor CCJ but they got nothing either, I had one non-consumer debt that got escalated to High Court Enforcement.  Six visits and I never engaged them either. 

 

It's always an option. 

The risk is that there may be a court claim and they may look to enforce that.

But as you infer, if you have no assets (bailiffs), no property (charging order), no savings (3rd party debt order) and no earnings (attachment) then there's effectively no way of enforcing it and the majority of creditors will just cut their losses by selling the debt at increasing discounts over the six years.

FeelingFeline

I had a response from PRA re F&F offer at 35% for 4 accounts and they came back with 10% and 5% discount for the rest. I told them it was my offer or £5 per month for the foreseeable future, so that's what they will be getting. Bit disappointed they would not negotiate with me and to not to clear my accounts so I paid off some of my post-graduate loan (at 4.5% interest) instead. 

Norfolk_Jim

Hi, I mostly post on the DMP support thread but I've been reading this one for encouragement.

My DMP has almost 20 years left to run on 35000 of debt. Im 58.

I find even being on a DMP bad for my mental health. Its always on my mind and Im forever trying to figure out a way of paying off my debts and cant stop even if I want to.

In two years time I will get my teachers pension which includes a sizeable lump sum - still well short of what I will owe but I am planning to offer it up as F&F settlements.

In the meantime, I have a small pension I built up in the former Equitable life. In the great scheme of things its unlikely to contribute much to my old age so I am considering taking the capital from it now - approx 11000 and offering that as F&F to see if any of them would take a 30% payment now.

BUT - it does take quite a bit of time to get the money out of the Pension fund and if they wont accept the offer I dont want to have paid tax on it unnecessarily.

SO. Should I get the money out ready before I make the offers? Because from what I've read on here it does seem like they only give you so much time to pay up if they accept and the National Debtline template letter includes a statement of timeframe for payment. Do I just tell them Im taking it from my pension and I dont know how long that will take? Id prefer to say a family member wants to help me out but Im thinking that would shorten my payment window.

Any advice or opinions please. Has anyone else been in the same situation and what did you do?

poppasmurf_2

Norfolk_Jim 

There is hope, I just got two debts F&F S for £50 each, they were in the thousands, accounts now closed and settled.

You could try Debt Relief Order, I have no idea what you have spare a month, but ask CAB for help! You need to get out of your DMP. 20 years it's must be playing on your mental health. I'm sure you can get a better deal.
Debt Relief Order lasts one year after that debts are written off. I have not looked into it too much, they maybe for those on low to no incomes.

Getting the F&F S deal I got were all from DCA. 20-30% is a good deal. But if the money is still owned by the original lender you will have a hard time getting then to accept an F&F S, not impossible, they are awkward.

Seek more advice from CAB or stepchange. Good luck!