Full and final settlement help thread

LexieLou

zenshi said:

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

I've gone back with a revised (down) budget.  SC said Intrum may sell on the debt and that may help get a better F&F.   Everyone else has accepted 45-55% of my debt to them as a F&F.  So I'll just keep the money that I had for a F&F and then keep paying Intrum a reduced payment each month.  As long as I have my debt paid off / cleared / settled before my defaults fall off my credit file I'm happy.  I can't get a mortgage for a few years anyway.  

sourcrates

Intrum and PRA group have form for not accepting much in the way of settlement offers.

They are the two that hold out for full payment the longest, I've not seen many success stories from either of those two.

LexieLou

sourcrates said:

Intrum and PRA group have form for not accepting much in the way of settlement offers.

They are the two that hold out for full payment the longest, I've not seen many success stories from either of those two.

wonder am i better just sucking it up and paying what they owe and then moving on with life?  Now that I actually have it to pay them.  

rachmc

sourcrates said:

Intrum and PRA group have form for not accepting much in the way of settlement offers.

They are the two that hold out for full payment the longest, I've not seen many success stories from either of those two.

Thanks @sourcrates, that's really good to know about PRA. I have a £2529.62 Barclaycard debt with them, offered 25% final partial repayment (£632.41) which they rejected and countered with 70% final payment (£1771) which I politely declined. Seems like they'll just be getting £7.89 a month then! 

Lowell own 3 of my debts with Studio, Littlewoods and Very which they accepted a 25% payment on and PayPal also accepted a 25% payment. I have outstanding queries for 25% payment with Creditspring, Creation, Moorcroft (HSBC Loan) and HSBC directly for an overdraft and card.

Those others who have rejected my 25% offer are Cabot (2 Aqua cards), Savvy Loan, Wescot (Tesco credit card), Vanquis, CRS (for Drafty) and Capital One. Depending on how the outstanding queries go, I'll up my offers to 30% next time round.

BooBoo77

Hello I’m in the middle of my full and final settlements and doing quite well with 60% off two of them and now a 30% off two others. The 30% off ones from Westcot say I need to phone them though before proceeding for them to ‘check some more details’ first. Any idea what this might entail and is it really necessary or can I ignore and just pay. I’ve already sent Income and Expenditure. They’ve given me the payment details and I just want to get on with it and have done with the whole thing. Thanks B

fatbelly

I'd probably phone. They will want to get your money. Are you happy with a 70% settlement? You could push them to match the other two.

What you don't want to happen is for them to regard your payment as a part-payment towards the debt so what they say in writing before you pay is quite important 

BooBoo77

Thanks Fatbelly. What do you think they might ask for in terms of details? I know from reading on here they tend to ask for a lot of things. Thanks 

fatbelly

I don't know. If you have any assets maybe? Check something on your statement?

BooBoo77

Thanks Fatbelly. 

hearnan

Hello, I'm looking for some advice re full and final settlement please.  I've read through alot of these threads but can find the specific information.

I have been paying a DMP for nearly 9 years.  I've paid back nearly 10K and have £14,500 to go.  All the debts have gone from my credit file (except 1 with Next that was settled in 2014 shows settled on my credit file, they then continued to put a no info available and then settled again 2 years later - I'm not sure they can do that can they?

I owe the following

Westcot - Link £8000

Link - £3,300

PRA - £2300

Hoist - £600.00

I have read PRA aren't great with Full and Final but I'm now out of the 6 year reporting with them.  Can they report ever again on these debts?

I can find about 5K and was hoping to do a full and final which is only paying 35% of each debt.

I'm not really sure what to do, carry on paying them through Stepchange or try and get them settled.  Are companies more likely to settle after paying them for over 8 years in a DMP (I've never missed a payment to them).

Thank you.