Full and final settlement help thread

sickasachip13

Hi there,
I'm with CCCS on a DMP. We talked to them prior to doing the F&Fs and they were supportive. In our case we had a few smaller debts and then a gap to some larger debts. They said they were happy to help us negotiate but we said we'd take it forward (using the process I described earlier).

FWIW, CCCS (now StepChange) have now a F&F team to take forward this process if you would like help.

None of our creditors have got hacked off about it, in fact, I don't even know if they know!

If I was you I'd go for it, I'd look at the National Debtline template and, as you're self-managed, use ND to assess any offers you get back (as I did). I don't think you've got anything to lose tbh and a good chance of some decent reductions.

SAAC

Stuh

I was in the same position with my creditors who also include Capital One and all i did was ring each of them up offering the F&F and if they said no i explained i would move onto the next creditor with the same offer! I advised Payplan of what i was doing and they said ok or their own dept can help if req'd. One thing to bear in mind on another thread of mine is i was told if you part settle the accounts this is then treated as a default, i am trying to clarify this with Callcredit and Experian in the next day or so! What was said to me that the debt would be "satisfied" but also a marker of "part-settlement" would be made as like a warning to future creditors, which i think is grossly unfair tbh!

Cheers

PinotGrigio41

Thankyou SASC and Stuh, I will give it some thought over the next few days or so and let you knwo what I decide to do.

I did expect that it would show as a part settlement. All our accounts are now defaulted anyway. I wonder if this marker still shows after the 6 years though.

It will be interesting to hear how you both get on.

sickasachip13

Hi,

It's my understanding that when the default drops off then it takes the other markers relating to this account with it.

Good luck!

SAAC

PinotGrigio41

Thankyou, I am still mulling things over and reading and reading !!

sickasachip13

Well, quick update. Blair, Oliver, Scott said no to our 20% offer. We'll go back to them with a 25% offer and see what happens next - worth it for the cost of a second class stamp (envelopes don't cost as I re-use the ones the creditors send me).

:j

sickasachip13

Well, that's the new offer to B, O, S sent off. Still waiting <impatiently> to hear from the others.

Any recent F&Fs to report anyone?

SAAC

PinotGrigio41

Nothing to report from me, I am still mulling and still reading up on everything !

Did you change the letters your sent SASC to make them more personal, or send exactly as per the template ? Did you send your offers via a third party as they sometimes recommend ? Ours debts are our guilty secret so we would be unable to do that.
Sorry for the questions, hope you dont mind me asking .

Good luck with Blair Oliver .

sickasachip13

Hi Pinot,
I send them directly from us. I tweaked the template the first time around and am still using that. Basically I put in how much we owe and how long it will take us to repay that particular debt at the current rate. I also put in a sentence about the debt accumulating due to redundancy and that there is no likelyhood of improvement in our financial situation.

Our DMP payment recently increasing, only pennies when spread across the creditors, but I'm thinking that might've weakened my bargaining position. That said, the payment might go back down in Jan, depending on overtime availability.

I would say you may as well give it a go!

SAAC

sickasachip13

Well, I took the plunge earlier in the week and submitted an F&F offer to Robinson Way, for a Barclaycard debt. They've come back and asked for an SOA so they can consider the offer (20% of what's owed).

Let's hope they're feeling kind!

SAAC