Full and final settlement help thread

1stTimer

Hi

Can Anyone advise how to word a counter offer please? I used the template letter from debtcamel for the original offer of 20% and have received a response from PRA saying they will accept 80%. I’d now like to reply and up my offer to 35%

I know they will probably say no to this one as well but if you don’t ask you don’t get right?

Starfish75789

I made an offer to Amex through NCO for 26% which has just been accepted - the account defaulted at the end of December. and I made the offer in Feb...so has taken a while for them to come back to me. I haven't requested any proof as it's still with Amex and to be honest was just trying my luck.

Their email states "Upon receipt of payment, your file will be returned to American Express where it will be closed as settled with no further funds due. Your credit file will be updated by American Express as partially settled within 6-8 weeks, if applicable"  Can someone just say if that's ok, they sneaky sometimes so just want to be sure. 

fatbelly

Seems ok to me. Companies with an American link do seem more open to settlement.

Moneysaver1234567890

Just an update for everyone, I’ve settled one account via Moorcroft (Capquest). They first offered 60% off, finally settled at 68% off. So paid 32% to clear the balance.

I’ve had a few accounts with Link, any offer has been pushed back between 65-75%. Know Link play hard to get! 

Has anyone had experience with M&S, the account has been defaulted for 3 years but still never been sold. Moorcroft are managing. 

Winkflower

H @Moneysaver1234567890 please can I ask re the above,  - did link offer for you to pay 65-75% or offer 65-75% off? Just wondering as have accounts with Link. Thanks and good luck

Mollyhadadolly

Hi all.
I’ve been in a DMP with stepchange since 2022.
I’m looking at making some full and final settlement offers. 

I’ve had one accepted by Lowell however the debt was only £142.54 so I’m not surprised they agreed to my offer of £42.54.
Moorcroft are saying they will only discuss settlement offers via stepchange. Is this right? I don’t want to go through stepchange with the offers as I want to offer on the smaller debts initially rather than including all of them.
I have 3 debts with PRA group, one they say isn’t enforceable. I didn’t ask whether it was or not, they have just said they are obliged to confirm this. They have offered a 65% discount on the one that’s unenforceable but I’m not in a position to pay that.
Is it worth me asking if the other two with them are enforceable? If they’re told me that the first one isn’t I don’t see why they wouldn’t tell me that the other two are. When I phoned they said they wouldn’t accept any offers on them at this point. 

I contacted intrum and discovered that they are about to default me due to me paying less than the original DMP agreement. They have still offered me a 20% discount but again, I’m not in a position to pay this and they won’t consider any other offers until after the default. Should I contact stepchange and ask them to increase the payment on this particular debt so I don’t receive a default?
Thanks in advance. 

sourcrates

Mollyhadadolly said:

Hi all.
I’ve been in a DMP with stepchange since 2022.
I’m looking at making some full and final settlement offers. 

I’ve had one accepted by Lowell however the debt was only £142.54 so I’m not surprised they agreed to my offer of £42.54.
Moorcroft are saying they will only discuss settlement offers via stepchange. Is this right? I don’t want to go through stepchange with the offers as I want to offer on the smaller debts initially rather than including all of them.
I have 3 debts with PRA group, one they say isn’t enforceable. I didn’t ask whether it was or not, they have just said they are obliged to confirm this. They have offered a 65% discount on the one that’s unenforceable but I’m not in a position to pay that.
Is it worth me asking if the other two with them are enforceable? If they’re told me that the first one isn’t I don’t see why they wouldn’t tell me that the other two are. When I phoned they said they wouldn’t accept any offers on them at this point. 

I contacted intrum and discovered that they are about to default me due to me paying less than the original DMP agreement. They have still offered me a 20% discount but again, I’m not in a position to pay this and they won’t consider any other offers until after the default. Should I contact stepchange and ask them to increase the payment on this particular debt so I don’t receive a default?
Thanks in advance. 

Moorcroft are only acting as collector, so will be under instruction from the original creditor.

Have you sent CCA requests to all your debts?

Ideally you want everything defaulted and sold on at least once before anyone will entertain realistic settlement offers.

If a debt comes back as unenforceable, then concentrate on the ones that are enforceable instead.

Moneysaver1234567890

Winkflower said:

H @Moneysaver1234567890 please can I ask re the above,  - did link offer for you to pay 65-75% or offer 65-75% off? Just wondering as have accounts with Link. Thanks and good luck

@Winkflower, Link have at best offered for me to pay the account at 65/75% of the total balance remaining. If they offered me 65-75% off, I would have just paid. 

If I can get them to close to 50%, I think I would have settled. Not that I’ve ever offered closed to that amount as know Link are the most difficult to deal with! Sure there will be some in here who have had success. 

zeroms2024

Good morning guys, I wondered if you could give me some advice please? I have had a letter from Cabot, offering me 75% off of a debt that is not enforceable. I am still paying it on my DMP, but wondered if I should be cheeky and low ball them, as I would like the debt gone, albeit it is not enforceable.

Any advice on how I should tackle this would be greatly appreciated! especially the do's and don'ts of signing things etc.

Have a great bank holiday weekend everyone! thanks 

sourcrates

zeroms2024 said:

Good morning guys, I wondered if you could give me some advice please? I have had a letter from Cabot, offering me 75% off of a debt that is not enforceable. I am still paying it on my DMP, but wondered if I should be cheeky and low ball them, as I would like the debt gone, albeit it is not enforceable.

Any advice on how I should tackle this would be greatly appreciated! especially the do's and don'ts of signing things etc.

Have a great bank holiday weekend everyone! thanks 

Best advice I can give you is to stop paying it, ignore their "cheeky" offer, and remove the debt from your stepchange plan.

It will drop off your file 6 years from the date of default, and you will be done with it.

Why pay when you don`t have too??