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Full and final settlement help thread

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  • Rob5342
    Rob5342 Posts: 1,606 Forumite
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    As they aren't on your credit file nobody will be ablr to see them. Ignore them and leave them in the past, and use your money for your future.
  • TwirlingQueen
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    A little victory to report.....had a debt with PRA Group, balance was £720 and they accepted £450 

    I know its not much and I had given up trying with them as they have always given a big fat NO..... CRS had just declined to honour a settlement they previously offered as they now own the debt so no discounts apparently, so just thought id try my luck with PRA....little annoyed I didn't start lower now haha but ill take that little win!  :)
  • fatbelly
    fatbelly Posts: 20,976 Forumite
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    That' good because PRA are known to be stubborn
  • TwirlingQueen
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    fatbelly said:
    That' good because PRA are known to be stubborn
    Definitely, I've tried so many times....I still have 2 larger debts with them too :( but defo happy with that little discount :) 
  • DjangoUnchained
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    For years pra only offered me 20% discount, i ignored them and now it is statute barred so i dont have to pay then a bean. You gotta laugh they are now offering me 40% discount. no thanks, ill keep my 100% discount
  • TwirlingQueen
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    For years pra only offered me 20% discount, i ignored them and now it is statute barred so i dont have to pay then a bean. You gotta laugh they are now offering me 40% discount. no thanks, ill keep my 100% discount
    Both mine are enforceable and I've been paying small amounts for years so not much I can do.....I really don't want a CCJ. The defaults finally fall off early 2024 so that's a positive :)
  • tigergambit
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    Chased Tesco up on their lack of response to my F&F 4 months previously: "Oh dear, that is very unusual, I will get it prioritised". 

    Week later no response so I try again: "We wrote to Payplan the day after your last call offering to settle at 60%" 

    Payplan hadn't been involved so I asked why they had done that.No explanation and I requested a copy of their letter which has not been forthcoming. Payplan now pushing hard for me to have a F&F IVA. I have never heard of this and shouldn't I wait for responses on CCA requests from July anyway?

    Think I will go self managed - I don't like Payplan pressing me to do an IVA which Tesco have already indicated they will shoot down and which involves creditors who haven't responded in over 5 months.
  • TwirlingQueen
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    Afternoon All.

    I thought after my little victory with the PRA Group discount I'd try with my last 2 outstanding debts.

    Balances are currently £3175.00 & £2845, I just asked and they have offered to settle the 2845 for 1423.

    The other was only 3015.25...bit strange but anyway, what does everyone think.....

    Both accounts have defaulted and are due to drop off my reports in January 2024. I pay £5 a month at the moment as I have been snowballing other debts first.

    I will be trying for a new mortgage next year so should I take the funds from my deposit and get rid with the discount now......or do I just keep paying how I am as they will drop off soon anyway?

    Thank you TQ 


  • PurpleMouse5
    PurpleMouse5 Posts: 45 Forumite
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    edited 21 December 2023 at 4:52PM
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    I made some low full and final offers and didn't get them accepted. However all of them replied within 6 weeks with a counteroffer which I think is a good sign. 


    Current
    Total owed                  My offer       Their counter     Their percentage
    PRA Group  ( Barclaycard) 3280.06 328.01 (10%)  £1805 55%
    Link financial Fluid/Newday 714.28 178.57 (25%)  £566.62 79%
    Link financial Co-op 408.02 102.01 (25%) £318.42 78%

    For context all my income is from disability benefits, and in the time since making the F&F offers I have been assessed as limited capacity for work related activity. I got a bit more backdated benefit, so the maximum I could stretch to is £800. 

    What would people recommend? Would it be best to try and negotiate down PRA group to £800, pay off one of the smaller debts, or sit on the money and redo the F&F offers in a few months? Thanks

    (From my previous post, I updated my Stepchange budget a couple of days before, and sent a copy of my PIP award with the F&F letters as evidence of my situation. I'm now paying about £5 per creditor on Stepchange). 
  • fatbelly
    fatbelly Posts: 20,976 Forumite
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    They have all shown willingness to negotiate but I think you were a bit optimistic to settle so low. If you can get your fighting fund to around £1100, try again
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