Full and final settlement help thread

AntonH67

Does anyone think it's better to come off a DMP and deal with creditors direct to get a better Full and Final Settlement deal or are DMP providers (in this case Payplan) fairly decent at trying to get you a good settlement deal?

wuzzypoo

Hi All,

Sorry if this sounds a bit dumb and if you've all already heard this and answered it for others, but if you try for a F&F, does this stay on your credit file as unpaid for 6 years? From advice on here I was thinking of trying to go through payplan who i've been with for over 9 years, yes 9 years!!! EEK! to try to negotiate with my creditors for F&F on the 3 lowest amounts outstanding but they have responded by saying that if a creditor does go for a F&F that the remaining debt will sit on my credit file as unpaid for 6 years? Is this right? I'm sure i've read on this site that if you go for a F&F and you make sure you get it in writing that the amount they accept is in F&F that the remainder of the debt is written off?

I've had quite a few problems with payplan, but to be truthful, the problems with them are nothing compaired to the ones I had with one of my creditors sending folk round and standing with their foot in my door and threatening me, and this was a legit company, not a back street lender type.

I have been paying my debts for 13 years now and one of them is more now that when i first started, and thats after paying over £100 per month to them, but I have now got in touch with the financial ombudsman about the PPi on this loan, but it will not investigate the other complaints about this company as the loan was taken out in 1998. This amount is huge, and so i'm not in any position to offer these an early settlement, but the others are for a few hundred pounds and a family member has offered to lend me 40% of what I owe to get rid of them, do you think that with the age and the amount left owing they would go for a F&F? I'm on the national minimum wage at the mo, after just getting back into work after being made redundant so I'm only paying a very small amount per month compared to what i used to pay. Just thought i'd add that in case it helps with any advice.

Thanks

awayinchina

Recent Update.

In China, they did actually call my China number..amazing....
Declined 20% offer but instantly offered 50% to which I responded I cannnot agree to that as I am in China (we take payments from China banks) to which I responded you will have more chance of hell freezing over before I give you my account details here.
She then went on to say there is no such thing anymore as a F&F settlement to which I responded not waht the banking ombidsman and OFT claim on their website. her responce: Are you telling me how to do my job?
I responded: Yes, as you obviously have no clue wit substandard training in regards the regulation.
So I requested all contact be in writing and in the form of an EMAIL as I verbal contract does not stand up in court. Its as useful as a wet-fart in an astronaut suite. opps she hung up.

So just fired off an email again...lets see what comes back.

Plcsbe

maybe its just a change in their attitudes to F&F.
I just got word back from banks and cards that every single one of them refused my 30% offer.

Matt38_2

Just a quick question... i had a credit card with Barclaycard and now it has been sold on to Cabot Finance and im in negotiation with Cabot about about a F&F settlement figure. I owe them just over £4500 and offered them £1500ish which they declined but said they would accept £2800. I cant afford that much so hopefully they will come down.

Also at the same time im trying to claim back PPI on the card in question through Barclaycard.. they said if i was due any refund then Cabot would be payed back first as i still have a debt with them?! Would it be better for me to try and settle the Cabot debt sooner with hopefully another offer if they accept it....then, if i am due any refund it would come directly to me instead of Cabot?! What do you think is the best option for me many thanks

fatbelly

Matt38 wrote: »

Just a quick question... i had a credit card with Barclaycard and now it has been sold on to Cabot Finance and im in negotiation with Cabot about about a F&F settlement figure. I owe them just over £4500 and offered them £1500ish which they declined but said they would accept £2800. I cant afford that much so hopefully they will come down.

Also at the same time im trying to claim back PPI on the card in question through Barclaycard.. they said if i was due any refund then Cabot would be payed back first as i still have a debt with them?! Would it be better for me to try and settle the Cabot debt sooner with hopefully another offer if they accept it....then, if i am due any refund it would come directly to me instead of Cabot?! What do you think is the best option for me many thanks

Matt, I would think Cabot would settle somewhere between those two figures. Maybe offer £1800 (40%) and say that is your final offer.

I'm not sure about the ppi and you might be better posting on the ppi board. I'm not an expert on that but it sounds plain wrong. Barclaycard have taken a commercial decision to sell your account to Cabot (probably for 15%). If you have a claim against Barclaycard, the refund comes to you not Cabot.

nnop72

I started missing payments on unsecured debts 18 months ago, and have been on a self managed DMP for the last six. My current payments mean I won't clear my debts for a long time. The largest of my creditors, to whom I owe over £15k doesn't have a CCA (I am still making payments to them - but am I right in thinking they wouldn't be able to get a CCJ against me?): if I had access to the money do you think they would accept a greatly reduced offer? I would find this a preferable to bankruptcy.

Moneymash

I defaulted on my Capital One card and then got letters and phone calls from a company called f.t.c. When I eventually spoke to them I agreed to pay £74 a month off my debt, making online payments through a website called Capquest.

I have only managed to make these payments becuase of extra shifts at work, which are now coming to an end as my company has hired new staff.

I actually composed a full and final letter to f.t.c (not posted yet!), but having read some of this thread I am wondering if I should go to Capital One instead. I have £1535 left to pay and in my F&F letter I have said my last installement of £74 will be in June and I can pay a lump sum of £200, that's a total of £274, which is not even 20%.

What do you think my chances are of having the f&f accepted and more importantly is it better to contact f.t.c the debt collection agency or approach Capital One.

The default amount was £2624, with the amount I am offering to pay in June I will have paid a total of £1363.

I would really love to pay this off, but it is just not possible without overtime and I have other higher priority debts.

fatbelly

nnop72 wrote: »

I started missing payments on unsecured debts 18 months ago, and have been on a self managed DMP for the last six. My current payments mean I won't clear my debts for a long time. The largest of my creditors, to whom I owe over £15k doesn't have a CCA (I am still making payments to them - but am I right in thinking they wouldn't be able to get a CCJ against me?): if I had access to the money do you think they would accept a greatly reduced offer? I would find this a preferable to bankruptcy.

This isn't really the thread for enforceability issues. But in answer to the last bit, if you have been on a dmp making low payments for 18 months, most creditors and their agents would be open to a settlement deal

Moneymash wrote: »

I defaulted on my Capital One card and then got letters and phone calls from a company called f.t.c. When I eventually spoke to them I agreed to pay £74 a month off my debt, making online payments through a website called Capquest.

I actually composed a full and final letter to f.t.c (not posted yet!), but having read some of this thread I am wondering if I should go to Capital One instead. I have £1535 left to pay and in my F&F letter I have said my last installement of £74 will be in June and I can pay a lump sum of £200, that's a total of £274, which is not even 20%.

What do you think my chances are of having the f&f accepted and more importantly is it better to contact f.t.c the debt collection agency or approach Capital One.

At this point they think you will repay them in full over the next 20 months - they will be more receptive after a few months of token offers. You can send the offer to FTC and see what they come back with. I wonder if Capquest now own the debt as they are a debt buyer. Best of luck and you may want to start your own thread

butyourwarm

hi i have a loan with natwest uptodate apart from couple of probs at the start which has now been sorted.we owe just over £13k and have £9.5k saved towards it.i know most of the f&f questions have been about debt recovery agency`s but would it be worth it for me to offer £10k as a f&f offer?would natwest even consider the offer?

cheers