Full and final settlement help thread

awayinchina

Hi Guys,

want to see what you think?

I have 2 DCA's chassing me and I am going to be in China for atleast 7 years (have been here 2 months). Now I have spoken to them explained I will be in China (but have since extended my contract here). So I have disputed all debts until I have verification via email of all documentation and can validate their claims.
Now I know they buy on the debts for between 20% - 40% of face value by doing some research on this. Now, if these debts are validated I am going to offer them 20% of the value and inform them I will be in China for atleast another 7 years. In which time I can vanish and return after 7 years and the debts will have disappeared.

Anyone think they will take the payment. Knowing well I can disappear for 7 years as I am in China?

Cheers and I look forward to replies......I guess I am in a different position to most and may be have a slight upper hand on the DCA?

haines81

Hi - having patiently read all 17 pages of this thread I am fully prepared to submit F&FS's for my OHs creditors. I'm starting low to negotiate and taking into account I'll be dealing with DCAs. My first 3 to send are:

Moorcroft - 15% £622.16
Wescot - 20% £127.34
Clarity - 20% £294.13

I have another 3 to send in the next week or so which are larger debts (Cabot, Connaught & Link) totalling 24k before F&FS's are agreed.

Will keep you posted - this has been such a tremendous help to a giant leap towards debt-freedom!

Matt38_2

Hi im in the middle of negotiating with Cabot finance about a balance i'm trying to get reduced, the debt if for around 4500 and i offered just over 1400. They have just called to say that they couldnt go that low but said i could settle for 3000. They wanted to work out a expences form and were probing for answers! Do i have to answer them ?? Im with the CCCS on a DMP at the moment, whats the lilkley hood they will ring back with a lower offer as i was hoping they would accept this amount as it is all i have?!

cherabelle

Hi all,

I was wondering if anyone had got any experience of dealing with Moorcroft? I had Bank charges totalling £1350 with Lloyds TSB (currently disputing) I have been paying this is off at £30pcm, recently increased from £20pcm. The balance is now £970. Its going to take me nearly 3 years to repay and so wondered if I could arrange a F&F settlement.

What sort of price do you think I should go in at? I should be able to pay £450 in total but obviously want to try and get it as low as possible so that I can pay more off other debts? I was thinking of maybe starting at £250 expecting it to be rejected and try to negotiate up from there.... Any help from anyone who has experience with Moorcroft would be great.

FYI the default is from 2008 and I have paid them up to date every month since then.

fatbelly

cherabelle wrote: »

Hi all,

I was wondering if anyone had got any experience of dealing with Moorcroft? I had Bank charges totalling £1350 with Lloyds TSB (currently disputing) I have been paying this is off at £30pcm, recently increased from £20pcm. The balance is now £970. Its going to take me nearly 3 years to repay and so wondered if I could arrange a F&F settlement.

What sort of price do you think I should go in at? I should be able to pay £450 in total but obviously want to try and get it as low as possible so that I can pay more off other debts? I was thinking of maybe starting at £250 expecting it to be rejected and try to negotiate up from there.... Any help from anyone who has experience with Moorcroft would be great.

FYI the default is from 2008 and I have paid them up to date every month since then.

If you're disputing the charges I'd say keep going and let that run its course. On a Nat West debt I did get them to agree to remove all the charges, which reduced a debt from £500ish to £90ish. They then told Moorcroft to collect£90.

When you start the F&f negotiations, I think you have the right strategy.

Matt38_2

Can anyone please give any advice ??

cherabelle

Matt 38,

As your on a DMP, would you not be better paying the whole £1500 to them, they can negotiate with the lenders on your behalf, that would stop them sending probing letters about your finances? As I understand and I may be completely off the mark, the creditors can refuse to deal with the DMP supplier and by contacting them yourself you may lead them to believe they would be able to get higher repayments if they come direct to you....

When I was on a DMP I was paying £140 per month, £70 was been used to pay off creditors each month and then the suppliers of the plan kept the remaining £70 in an account, once I had built up an amount in that, they would negotiate a F&F on my behalf with the companies.

Like I said Im no expert but Its the way I would go.

HTH

Matt38_2

Dear Cherabelle

Thanks for the reply.. i havn't recieved any probing letters from Cabot but they did ask on the phone about my finances, they said if they had a break down of my finances they could possibly get a lower figure than £2900. Which is what they were willing to settle for!

I can see where your coming from with the CCCS about negotiating F&F settlements. Would they be able to get a lower deal if they neg or would i get a better deal if i deal direct? The money was from a family member so isn't avaliable for long

fatbelly

Matt38 wrote: »

Hi im in the middle of negotiating with Cabot finance about a balance i'm trying to get reduced, the debt if for around 4500 and i offered just over 1400. They have just called to say that they couldnt go that low but said i could settle for 3000. They wanted to work out a expences form and were probing for answers! Do i have to answer them ?? Im with the CCCS on a DMP at the moment, whats the lilkley hood they will ring back with a lower offer as i was hoping they would accept this amount as it is all i have?!

I recently settled a Cabot debt at 25% but on another one that they owned (same client) they wouldn't settle (no logic to that as far as I can see). If £1400 is all you can offer, write again, make it clear that it is your final offer and give them 7 days to reply before you offer it to someone else.

If they still won't budge, leave them alone for 6 months.

You don't have to complete anything they send you but if you're already on a dmp, they should have an I/E statement so I shouldn't think they will learn anything new about you if you send them another one.

Matt38_2

Thanks you Fattbelly:money: