Full and final settlement help thread

zeroms2024

zeroms2024 said:

Thanks, I've sent it all off today along with blank postal orders for £1 each, I have sent 3 envelopes, 2 of these to Moorcroft and one to Capital Resolve. 

I'm not sure a DRO will be possible, as I do have another 55-60 ish a month I could add to the DMP, my review in the middle of the year I was right on the limit of each item in my SOA, my child maitenance has gone down slightly now that I have the kids more, which is why I can afford a bit more (on paper), around £150 a month. That said, now I have them more often, it seems my disposable income has reduced! lol

I sent all of this on the 11th of December but have heard nothing back yet, is this normal?

fatbelly

Yes. The debts are unenforceable until they comply

zeroms2024

Thanks, I am still paying them to be fair

fatbelly

How long are you going to give them till you stop?

hagler

freshstart2023 said:

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

hi fresh, how old was the debt and when did it default

sourcrates

freshstart2023 said:

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

Its a good result for you, but kind of takes the edge off things when you realise Lowell will only have paid around £70 for that debt, its made them over £1900 profit!!

freshstart2023

hagler said:

freshstart2023 said:

Loved reading this thread. Just made my first F&F to Lowell. Settling £6920.59 for £2041.18 (70% off) it feels amazing and has really gave me the motivation to save everything I can to tackle the next card…

hi fresh, how old was the debt and when did it default

Hi, after I posted I was actually able to negotiate further to 80%, settled for £1384.12. The account was taken out in April 2018 and defaulted in Feb 2024, they had the CCA.  

Crazycat89

Hi There 👋🏻 

I hope this is in the right place as a similar request. 

I have recently inherited some funds and want to use this to clear my remaining debts. I have been on a DMP now for over 6 years and have around £11k outstanding. I am keen to wrap this up as quickly as possible and therefore do not wish to send any negotiated settlement offers. Just simply clear the outstanding balance.

However is there anything I need to be wary of in terms of contacting my creditors? Should I still ask for a settlement amount or if I settle the debt in full legally is this classed as paid and therefore unenforceable in the future?

I just want to make sure I have covered all bases before reaching out to clear?

Also at what point should I cancel my DMP? Before I contact them or if I clear completely advise stepchange after this event?

Many Thanks

ManyWays

If you really want to pay all the debts in full, just tell StepChange and they will arrange this for you. 
The only reason to do this yourself is if you want to negotiate lower settlements.
Once a debt is paid in full there is no balance remaining so there is no debt left to be enforceable.

fatbelly

Crazycat89 said:

Hi There 👋🏻 

I hope this is in the right place as a similar request. 

I have recently inherited some funds and want to use this to clear my remaining debts. I have been on a DMP now for over 6 years and have around £11k outstanding. I am keen to wrap this up as quickly as possible and therefore do not wish to send any negotiated settlement offers. Just simply clear the outstanding balance.

However is there anything I need to be wary of in terms of contacting my creditors? Should I still ask for a settlement amount or if I settle the debt in full legally is this classed as paid and therefore unenforceable in the future?

I just want to make sure I have covered all bases before reaching out to clear?

Also at what point should I cancel my DMP? Before I contact them or if I clear completely advise stepchange after this event?

Many Thanks

You say you want to clear your debts in full yet have posted this on a full & final settlement thread.

Yes you can just pay the balances, and spend 11k. The file entries may well have dropped off after 6 years on a dmp if they were defaulted at the start.They are not coming back, whatever you do.

With a little effort you could save yourself many 1000s here. You are going to write anyway. Why not write with a proposed figure and see what comes back?

https://nationaldebtline.org/get-information/sample-letters/full-and-final-settlement-offer/