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Full and final settlement help thread

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
2.7K replies 1.5M views


  • VenuSVenuS Forumite
    167 posts
    I was lead to believe that if only a % of the total debt was paid, it wasn't looked good upon to future lenders, when they see that the debt had been satisfied, and not settled?

    This came from someone at Equifax. :confused:
  • SJNSJN Forumite
    4 posts
    Hi I'm up to date on my payment (well with 3 lates last year - just on the date each time)and want to pay off just under £2k to Barclaycard,with a discount for all the interest they have had off me, maybe £200 I think would be ok, but they say it not their policy. Any advice? Also want to do the same with Capital One with about £4k which I think they should knock down a wee bit. Never done this before - never had the cash!
    SJ :xmassign:
  • fubar_2fubar_2 Forumite
    123 posts
    Barclays were gits to me, I contacted them about a full and final on a £6000 debt, I explained that I did not have the funds available but if I had a figure to work towards I could maybe budget something, they said they would accept £4000, after about 2 months I had got together the funds required, I contacted Barclays explained that I now had £4000 available for F&F, they then responded that the offer was no longer available as it was over 30 days since their offer, but would accept the £4000 and negotiate a payment structure for the remaining £2000.

    I got a little arsy with them, and finally told them to get stuffed and said I would now use the £4000 I did have to settle another outstanding debt, and they can whistle in the wind for their money, until I am in a position to pay them.

    3 days later I received a letter from them accepting £5000 as F&F, in all honesty I realised that they are under no obligation to accept any offer after all it is money owed (this was minus interest & costs) to them and thought sod it, lets get it out of the way and the charge removed from my property, one weight of the shoulders, First national on the other hand we very helpful and requested £5000 from a £9000 debt, so both charges were removed from my property for £10000 from a £15000 debt so I think I did better than I thought i would.
    Be ALERT - The world needs more LERTS
  • WeggyWeggy Forumite
    462 posts
    Strangely enough, the two outstanding debts that I am being chased for by 1st Credit, are with Barclaycard. I've settled all my other debts except these two Barclaycard ones.

    Are 1st Credit actually part of Barclaycard, rather than a true DCA? Perhaps the hint is that Barclays issued the '1st' ever 'Credit' card......... coincidence?
  • SJNSJN Forumite
    4 posts
    Thank for the advice guys. So do you reckon that I should hang on in there and try again with Barclaycard, maybe write in rather than just phone with my request? I told them that they'd be getting slagged off on MSE, did tey believe me...
  • Have just found this site. I owe £££££ to around 10 or more credit card companies. I am in default with 3 of them. Currently I am making minimum monthly repayments on all cards and am up to date with all creditors.

    What's the best approach to negotiating a f&f settlement on some of these cards. Should I stop making minimum payments first and then write?
    It's no use saying, "We are doing our best." You have got to succeed in doing what is necessary. Winston Churchill
  • WeggyWeggy Forumite
    462 posts
    Are you making the official minimum repayments or have you entered into a much lower payment figure with them? If you're still making the 'official' repayment, then they wont accept a full and final settlement....
  • This post is really helpful, I am in a similar position myself..I get paid at the end of the month and will get a bonus so will be able to pay off a few of my smaller debts. Two of them are in the £600 region and have been passed to DCAs as I have not been making sufficient monthly payments. Should I start my offer at 50% or less than that..or more?!

    Also does anyone know of an example of a letter you send making your offer?

    :beer: Have champagne tastes...but got a beer budget!!:beer:
  • WeggyWeggy Forumite
    462 posts
    I started them all off at 25% offers. All were refused but just keep plugging away. If I remember rightly, best I settled on was 30%..... however, the worst was 70% so it's definitely not clear cut.....

    Which DCA's are they, and how long have they held the debt?
  • Thanks for that. I think I may send my first letters later today.

    One is Debt Managers Ltd, passed to them by Next Directory and they have had the debt about a month. They sent me a letter the other day saying they would accept a discounted amount.

    The other is MCS Ltd, passed to them by HSBC CC, they have held it for about 2 weeks, only one letter from HSBC so far telling me it had been passed over.
    :beer: Have champagne tastes...but got a beer budget!!:beer:
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