Full and final settlement help thread

sourcrates

LexieLou said:

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

Well it would help if you could tell us -

How much is owed to each creditor ?,
Are the debts enforceable ?
How old are they ?
When did you last pay anything ?
Have they all defaulted ?
How big is your settlement pot ?

Even with all that information there is no cut and dried amount a creditor will take for a particular debt, as so many different aspects have to be taken into consideration, the list is far too long to post here, best advice is to start as low as possible, as you can always increase your offer, and to think of this as being more like a marathon, than a sprint, as these things take a whole lot of time to complete.

jwil

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

They asked me for this information and I refused to provide most of it.  They have still sent my offer to the creditor.

I provided I&E, offer of repayment if the offer isn't accepted (i.e. what I am already paying), source of funds (family), and confirmed my priority bills are up to date. 

Mesut84

jwil said:

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

They asked me for this information and I refused to provide most of it.  They have still sent my offer to the creditor.

I provided I&E, offer of repayment if the offer isn't accepted (i.e. what I am already paying), source of funds (family), and confirmed my priority bills are up to date. 

Thanks to you and sourcrates, I'll send across what I'm happy to share and see what happens next!

dibdabbers

Hi, I am going to try and settle all my debts over the next 2 years,  of which there are many with full and final settlements.  In case it helps others I will let you know how I get on.    I have just completed my first with barclaycard who accepted £1350 against a debt of £5720.  I had been paying £30 a Month off it 

LexieLou

Hi,  

Need some words of wisdom, just rang Aqua to make a F&F and the guy told me that this would show on my credit file for 6 years, and then he also told me I didn't have a default, just a default against a late payment.  I thought a default was a default...and I also thought that the F&F would drop off when the default dropped off.  

Can someone tell me what is correct?  

thanks

LL

sourcrates

LexieLou said:

Hi,  

Need some words of wisdom, just rang Aqua to make a F&F and the guy told me that this would show on my credit file for 6 years, and then he also told me I didn't have a default, just a default against a late payment.  I thought a default was a default...and I also thought that the F&F would drop off when the default dropped off.  

Can someone tell me what is correct?  

thanks

LL

Its simple enough to check the entry on your credit file, if it defaulted, it will clearly show the date of default.

You would also have received a "default notice" in the post, under sec 87 of the CCA .

Have you confused this with a "default sums in arrears" letter ?

That just means your payments are behind, it is not a default on payment.

LexieLou

sourcrates said:

Its simple enough to check the entry on your credit file, if it defaulted, it will clearly show the date of default.

You would also have received a "default notice" in the post, under sec 87 of the CCA .

Have you confused this with a "default sums in arrears" letter ?

That just means your payments are behind, it is not a default on payment.

Got it sorted, thanks Socrates...they are very clever, I've not defaulted, so will suck it up and pay the full balance as I want rid of the debt and be able to buy a house in a few years.  

LexieLou

soooooo....barclaycard settled at 50% of the amount owed....is it weird to say I was giddy with excitement?  Just waiting on the rest of them getting back to me

Thank you everyone for being there and answering all my random silly questions

LL xx

LexieLou

full on final rant on my part....Intrum -  won't accept my F&F, will only accept a 10% and 20% reduction in the debt owed.....oddly this co-incides with my annual Stepchange review, so they may find that they are now getting less money every month.  

Everyone else settled at 50% reduction  

Anyone any ideas how to manage this before I do something silly?  

Thanks

LL xx

zenshi

LexieLou said:

full on final rant on my part....Intrum -  won't accept my F&F, will only accept a 10% and 20% reduction in the debt owed.....oddly this co-incides with my annual Stepchange review, so they may find that they are now getting less money every month.  

Everyone else settled at 50% reduction  

Anyone any ideas how to manage this before I do something silly?  

Thanks

LL xx

Intrum are ridiculous! I’ve just got off the phone to them regarding Fand Fs. Have two debts with them and they’re insisting I have to do two sets of income /expenditure! I offered a third in settlement but the girl isn’t authorise and won’t connect me to settlements. It’s very frustrating. Only had two discounts offered by them of 10% off, that’s in nearly 7 years. They don’t seem to want to budge and I’m only paying a fiver a month