Full and final settlement help thread

sickasachip13

Hi Sam,

Just to echo what Pinot is saying really. Just go in really low and see what they come back with. You're not going to insult them to the extent that they'll refuse to play ball from that point on. Be warned, it's not always a quick process and you must get a lot of it in writing and, the offer letters from them must include very specific wording - have a look back through this thread for advice. If in doubt ring the National Debtline, they are a free charity giving debt advice and will help you (they also have the template letters for you to use on their website).

Also, as Pinot says - why don't you think about moving your DMP to CCCS or Payplan - both provide the DMP service completely free of charge.

SAAC

Andes

At a time when I was caring for my sick parents and couldn't self-manage my debt I was put on to 'Christians Against Poverty' who were extraordinarily helpful - you don't have to be a Christian - their website says

"CAP's service is free and available to anyone regardless of faith, age, gender, race, disability or sexual orientation. CAP currently works alongside many different community agencies in order help those who most need it."

You make a small contribution to them, but it's only what you can manage and they take care of everything. It was an enormous relief.

After both parents had died I took the management of the debt back over and offered !!!!!! to my creditors - all of whom accepted between 25% - 30%. All except one intransigent one who won't yet take less than 60%.
CAP hadn't thought offering that low would be accepted but i was pretty sure it was.
However, the everyday stress of debt management was totally alleviated when they were handling. I can highly recommend them.

I can't post the link unfortunately, but just google Christians Against Poverty.

Sambo81086

Thanks guys for the reply, I had already contacted payplan as B&E (who I am currently with aren't really helping me long term) payplan suggested an IVA which I did toy with and even signed the papers but have no posted back and I'm not going to. I rang the Natwest credit people and offered the 1000 but they weren't interested but they are willing to set up a repayment plan themselves so hopefully as long as my other 2 smaller debts agree as well I will be able to manage myself. It's so frustrating as I wanted to do this myself 2 years ago but Natwest weren't interested and now ive paid nearly 900 to B&E in charges which could have gone off my debt instead but hey live and learn I guess. Hopefully if I can get a rapour going with the bank it will give me more options in the near future as opposed to the 15 years b&e quoted!

Plcsbe

Plcsbe wrote: »

1st post and wondered if anyone could assist.
Been on a DMP for 7 years and being paying roughly 5k per year
that knocks 35k of a 110k debt and leaves me with 75k.

At current rate that would take another 15 years but now have the chance to get 18 - 20k via a buy of hours from Full time to part time. Pay would be reduced so wouldnt be able to maintain current DMP levels if i went down this route.

Would i have much chance of getting a F&F (split between the main banks and card companies) as would % be considered total repaid over years + settlement or just % on outstanding or am i just better off sticking to the long term arrangement.

Updated balances done.
Total outstanding debt - 70k
Can raise just over 21k which would be 30%
Thinking offer that. If refused then offer again next year (debt to 65k next year - so same offer would be nearer 35%)
If that is refused then bankrupt.

sofa_bean

Hi! Total noob as regards F&F's here wondering if anyone can give advice?

We've been on a DMP with CCCS for around 3½ years with about another 3 years to go. All going pretty well - creditors have all frozen interest some time ago and we don't get any hassle from them.

I've just received a cheque for a refund of PPI from Lloyds (one of our creditors) which amounts to about 45% of our total remaining debt.

Just wondering if there would be any risk to the DMP if we were to offer F&F's to our creditors (Lloyds loan and credit card, Santander loan and overdraft and HFC loan). We could go up to 45% of each remaining debt but I gather, from what I've been reading on here, it would be better to start with a lower figure. Any advice on how much is a good opener?

Finally, would it be better to handle offering F&F's ourselves, or would we be wiser to let CCCS handle everything?

Hope someone can point me in the right direction.

sofa_bean

maisy_r

Hi

After reading some of this thread I was wondering if I could get some advice. I have had a Natwest credit card which I haven't been able to pay properly for about a year now. It totals almost £600 (limit is only £500). I haven't spent on it for a year or two and managed to bring it down at one point last into its limit but fees and interest have brought it back up again as I just haven't been able to keep on top of it. Do you think Natwest would be willing to accept a !!!!!! on this as its a long outstanding debt with little done to it for years really. Also where do I actually write to to make any offers? How long does it take for them to get back to you, would it be to much to hope it could be sorted by easter?
Thanks for any help

Bosniavet96

Hopefully this is where I should post this query, so here goes...........
I have a DMP with CCCS, covering a number of unsecured debts, which I am hoping will be cleared within the next 5 years.
The smallest of my debts is with Capital One, just over £650 at present, & a very small monthly payment is made, which they seem happy with, & have suspended the interest charges from day one.
My query is this, would they accept a F&F payment of up to 50%? Also, if I did clear this debt, what are the consequences as regards my other creditors? CCCS tell me that they will become aware the Capital One debt has been cleared & may decide they have missed out on some additional funds from me, meaning they may start to play silly games (more so than at present in some cases) jeoparding my current arrangement.
Basically, paying an additional £300 divided between my creditors will not make much of a dent in my debts, but clearing one (at a discount) will increase the amount paid monthly to the outstanding debts & make me feel better.
The funds that would pay this F&F are not mine, but would be from a relative who can help a little & a grant from an Armed Forces charity who help me out from time to time.
In a nutshell, I want to pay off Capital One, but do not want to jeopardise my DMP, can I do it?

Miss_Poohs

I've been told by one of my husbands creditors they are not permitted to accept any kind of early repayment as my husbands DPP is covered by DAS!!

Anyone know if this is correct?

Thank you

cyp2011

After years of sorting debt there is one thing which stick in my mind which CAB and the local council said and that is they cant have what you dont have . A un secured loan is exactly what it say ,it is un secured . You will get letter after letter and calls but you have to stay strong as this can cause lots of stress . We paid £1 a month for a few years and all had to stop charges .They will never get paid off at £1 but atleast the debt never get any bigger . I realy feel for you all who pay companys huge amounts to clear debts as this is so wrong and not a way forward . Atleast when interest and charges are frozen you then stand a chance when in a better financial position to clear that debt . Never panic and do what they want please try the letters on national debt line first to get these charges stopped

cyp2011

Bosniavet96 wrote: »

Hopefully this is where I should post this query, so here goes...........
I have a DMP with CCCS, covering a number of unsecured debts, which I am hoping will be cleared within the next 5 years.
The smallest of my debts is with Capital One, just over £650 at present, & a very small monthly payment is made, which they seem happy with, & have suspended the interest charges from day one.
My query is this, would they accept a F&F payment of up to 50%? Also, if I did clear this debt, what are the consequences as regards my other creditors? CCCS tell me that they will become aware the Capital One debt has been cleared & may decide they have missed out on some additional funds from me, meaning they may start to play silly games (more so than at present in some cases) jeoparding my current arrangement.
Basically, paying an additional £300 divided between my creditors will not make much of a dent in my debts, but clearing one (at a discount) will increase the amount paid monthly to the outstanding debts & make me feel better.
The funds that would pay this F&F are not mine, but would be from a relative who can help a little & a grant from an Armed Forces charity who help me out from time to time.
In a nutshell, I want to pay off Capital One, but do not want to jeopardise my DMP, can I do it?

You must show you are treating all debts equally .Yes paying just one will cause problems . CAB always advised us to never do that ,if you have a lump sum it need to be shared between them all