Full and final settlement help thread

Getting_there_slowly

Ps.... Also, my DMP is with PayPlan. At what point do I tell them what I've been up to? Will they have an issue? 

fatbelly

I don't see the point in paying unenforceable debts.

Tell them you are prioritising your debts and will be paying the enforceable ones.

If theirs becomes enforceable at some point, you will re-evaluate things then.

Getting_there_slowly

Thank you. I'll get on to the DMP now and get payments stopped.

I'm not sure if the 12 days reply time is set in stone anywhere but the remaining company only has a day or two to reply within that window. Although my next DMP payment isn't for 2 and a half weeks so I guess that gives them plenty of time to come up with something before I cancel them too.

fatbelly

IIRC the 12-day thing was in an earlier version of the Consumer Credit Act. I think it got dropped so the position is now that an agreement is unenforceable until they comply

BooBoo77

Hello I’m due to receive a lump sum relating to my pension in September and want to use some of it to clear my debts with F&F settlements. I’m thinking it probably makes sense running up to that to reduce my payments to £1 as I am struggling with inflation , petrol and the energy costs plus I’m thinking they are more likely to accept lower settlements if I’m paying less to start with. Grateful for people’s thoughts. I can send an updated Income and Expenditure. The last one was Autumn last year when I moved to self managed DMP from Step Change. 

Also do I just change payments to £1 and then follow up with correspondence confirming the change in circumstances and payment.  I’m conscious 1st July is just round the corner for my next payments. 

All debts are defaulted and one is unenforceable and I’ve stopped paying that one at all for the moment. 

Thanks for all advice/thoughts. 

fatbelly

BooBoo77 said:

Hello I’m due to receive a lump sum relating to my pension in September and want to use some of it to clear my debts with F&F settlements. I’m thinking it probably makes sense running up to that to reduce my payments to £1 as I am struggling with inflation , petrol and the energy costs plus I’m thinking they are more likely to accept lower settlements if I’m paying less to start with. Grateful for people’s thoughts. I can send an updated Income and Expenditure. The last one was Autumn last year when I moved to self managed DMP from Step Change. 

Also do I just change payments to £1 and then follow up with correspondence confirming the change in circumstances and payment.  I’m conscious 1st July is just round the corner for my next payments. 

All debts are defaulted and one is unenforceable and I’ve stopped paying that one at all for the moment. 

Thanks for all advice/thoughts. 

That seems a very good strategy to me

BooBoo77

fatbelly said:

BooBoo77 said:

Hello I’m due to receive a lump sum relating to my pension in September and want to use some of it to clear my debts with F&F settlements. I’m thinking it probably makes sense running up to that to reduce my payments to £1 as I am struggling with inflation , petrol and the energy costs plus I’m thinking they are more likely to accept lower settlements if I’m paying less to start with. Grateful for people’s thoughts. I can send an updated Income and Expenditure. The last one was Autumn last year when I moved to self managed DMP from Step Change. 

Also do I just change payments to £1 and then follow up with correspondence confirming the change in circumstances and payment.  I’m conscious 1st July is just round the corner for my next payments. 

All debts are defaulted and one is unenforceable and I’ve stopped paying that one at all for the moment. 

Thanks for all advice/thoughts. 

That seems a very good strategy to me

Thanks so much for replying. I’ve changed all my standing orders and  write my letters on Monday. Will be good to have a little breathing space for a few months. Thanks again 👍

Mesut84

Have anyone had any experience dealing with Wescott for a full and final settlement?

They recently wrote to me saying that they were willing to accept a reduce amount. When I discussed this via e-mail they had offered a 20% reduction. I counter offered with a 80% reduction. They said they would put this to their client but asked for the following information

• A complete and up to date income and expenditure breakdown (please find attached form)
• Confirmation of your additional creditors, balances owed and the settlement amount proposed to each creditor
• Total funds available to all creditors
• Source of funds
• How long are the funds available for
• An offer of repayment should no settlement be agreed
• Confirmation whether your priority bills such as; mortgage, rent, council tax, gas, electric, water, and TV licence are all up to date
• Residential Status – renting/homeowner
• Property Value
• Mortgage Outstanding
• Total equity in property

I can provide an update income and expenditure information and details of the funds (gift from family) however I've not yet negotiated with my other creditors as I wanted to deal with them one at time, starting with this one as they had given an indication that they were willing to haggle.

I own my flat and have some equity, but I'm reluctant to share this information with them as I'm concerned they will want me to release this equity/sell so that I can pay off the debt. Can I refuse to provide this? Or will it likely cause them to refuse my offer?

Has anyone else successfully negotiated without providing this information?

thanks

sourcrates

Mesut84 said:

Have anyone had any experience dealing with Wescott for a full and final settlement?

They recently wrote to me saying that they were willing to accept a reduce amount. When I discussed this via e-mail they had offered a 20% reduction. I counter offered with a 80% reduction. They said they would put this to their client but asked for the following information

• A complete and up to date income and expenditure breakdown (please find attached form)
• Confirmation of your additional creditors, balances owed and the settlement amount proposed to each creditor
• Total funds available to all creditors
• Source of funds
• How long are the funds available for
• An offer of repayment should no settlement be agreed
• Confirmation whether your priority bills such as; mortgage, rent, council tax, gas, electric, water, and TV licence are all up to date
• Residential Status – renting/homeowner
• Property Value
• Mortgage Outstanding
• Total equity in property

I can provide an update income and expenditure information and details of the funds (gift from family) however I've not yet negotiated with my other creditors as I wanted to deal with them one at time, starting with this one as they had given an indication that they were willing to haggle.

I own my flat and have some equity, but I'm reluctant to share this information with them as I'm concerned they will want me to release this equity/sell so that I can pay off the debt. Can I refuse to provide this? Or will it likely cause them to refuse my offer?

Has anyone else successfully negotiated without providing this information?

thanks

Wescott are just acting on behalf of their client, the errand boy if you like, all they are doing is passing your offer on to the original creditor, sure they will have been given some leeway to accept/decline settlement offers, but if your offer falls outside those parameters, they have to pass it back to the client for an answer.

Just answer the questions you are happy to answer, leave the rest blank, its simple really, they are free to ask you what they wish, and you are just as free to decline to do so.

Just so you know, you would obtain a much better settlement once the debt is sold, your not at that stage as yet.

LexieLou

Hello Wise People

I'm working out my sums to offer F&F.  What is a reasonable (ie likely to be accepted) % of the overall amount owed to offer:

• Barclaycard
• HSBC
• Intrum
• Aqua

Thanks 

LL xx