Full and final settlement help thread

PurpleMouse5

thanks     

tigergambit

tigergambit said:

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.

I spoke to National Debtline regarding TESCO. Really lovely lady took time to go through a new SoA and look at my options. I shouldn't be considering an IVA. She was quite angry about TESCO's behaviour and persuaded me to submit a formal complaint which I have done.

Some good news: New Day came up with a CCA and accepted an offer of 23% immediately, so £2310 written off there. Moorcroft  and Capital Resolve asking for yet more details, PRA still currently unenforceable. Still no response from Ikano 6 months on.

fatbelly

Sounds like Ikano aren't interested in getting their money back.

tigergambit

fatbelly said:

Sounds like Ikano aren't interested in getting their money back.

No, strange bunch (they're the financial arm of IKEA). They did seem very disorganised when setting the loan up. Following the CCA request they cashed the P.O., credited it to  my account and then sent me a couple of standard letters saying they're going to default the account as I've suspended payments.

They already defaulted it a year ago.   

Moneysaver1234567890

Been following this thread for a few years now. Just want to thank all that have regularly commented.

I did make the mistake of not letting the defaults occur before starting the DMP, but I made sure the DMP was minimal payments. Therefore within 6 months, everything was defaulted. I’ve carried on with the minimum payments and have recently received my first full & final offer. 60% off so only need to pay 40%, seems rather low so will offer half that amount and see where we go from there. 

Any advice? 

fatbelly

Just to remember that if they make an offer, it's an opening offer, and you counter with a lower one.

I actually think it's better if you start the process

Moneysaver1234567890

Thanks Fatbelly, it might be time for me to consider offering some F&F’s to all my creditors. When countering their offer, should that be completed through email or phone. Knowing I need to have it in writing before I make any payment.  

fatbelly

When it comes to negotiation it can be easier by phone provided you are confident about what you are doing.

As you say, get the final offer confirmed in writing

debtermined

Hi

Does anyone with experience of making successful full & final settlement offers on relatively new debts with no history of missed payments or defaults? 

I've racked up £30k debt in three months having never been in debt before. I have affordability complaints open with some of the lenders. 

I've lost my job with no foreseeable income. Any employment I'm able to find is unlikely to match my previous earnings which were in the region of £2100 PCM after tax. 

I'm a private tenant with no valuable assets and fixed priority bills of £1400 PCM for at least the next 18 months - assured tenancy agreement. 

Family member has offered to gift me £20k to make the debts go away... 

Probably next to zero chance any of my creditors will accept settlement at this point but the alternatives seem to be:
• Bankrupt - Creditors will get nothing from me because I have no assets worth liquidating 
• Debt Relief Order - Creditors will get nothing from me because I have no assets worth liquidating 
• DMP - Begin paying creditors back when my employment situation improves with a plan which will probably take 10-20 years to complete by which time most of them will probably have removed interest and charges already due to the affordability complaints in progress.

fatbelly

Nice to see this old thread again.

You won't get settlement deals on new undefaulted debts, or we'd all be doing it

It's nice of your relative to offer you £20k but if there's another way to sort this, they could spend the money on something nicer.

For now, claim UC and stop paying the debts. Presumably you are looking for work. When you find it, do a statement of affairs and see if you meet the criteria for a DRO. If you do, it's a get out of jail free card