Full and final settlement help thread

endoftherainbows

Anyone able to give me the wisdom of their knowledge?

endoftherainbows

Maybe this is a question best answered by a 'morning person', thanks

PinotGrigio41

Morning endoftherainbow,

I havent actually offered any F&F's as yet, something I am still looking into....but for what its worth as far as I am aware the settlement offer would be 20% of the oustanding amount rather than the original amount.

SAAC is a good fountain of knowledge, I am not sure if she is around at the moment though.

I have also been recommended a good website which I have been reading up on re F&F's. I am not sure if I can post it on here, but if you want to PM me feel free and I will let you know it.

Hope this helps a little.

endoftherainbows

Thanks Pinot - have PM'd you

PinotGrigio41

endoftherainbows wrote: »

Thanks Pinot - have PM'd you

Have replied. Good Luck .

endoftherainbows

Sorry Pinot could you send link again, it didn't work!

endoftherainbows

Thank you!

Stuh

Hi Pinot, Can you also PM me the link please, always interested in any reading/help.
An update on my position have gone back into the creditors with 40% and in the meantime have reduced the DMP payment due to ALL bills going up despite some moving around, way of the world now! Cheers

PinotGrigio41

Stuh wrote: »

Hi Pinot, Can you also PM me the link please, always interested in any reading/help.
An update on my position have gone back into the creditors with 40% and in the meantime have reduced the DMP payment due to ALL bills going up despite some moving around, way of the world now! Cheers

Will Do. Will be good to hear if they accept your offers.

I am desperately trying not to reduce our DMP payments, but we are in the same boat, everything gone up ! Ho hum !! we will get there by hook or by crook !

laineygirl

DBB_22 wrote: »

Ok,

Here's my plan.

One more payment via Spectrum will take me to a total owed of £7505. I worked out how much I owed each creditor as a percentage of the total debt. I can raise £4,000 by the end of next month. So I worked out what I should offer to each based on their percentage of my overall debt. For some odd reason it looks like I'm offering a 53.29 percentage to each. I'd be VERY disappointed if they all didn't accept based on what I've read n this thread.

Santander/Equidebt
Owed: 2275.6
Pct of Total Debt: 30.31
Offer: 1212.4
Pct of Owed 53.29

HSBC Card/Pmnt Svcs Bureau
Owed: 985.96
Pct of Total Debt: 13.13
Offer: 525.2
Pct of Owed: 53.27

HSBC Loan/Cabot
Owed: 2471
Pct of Total Debt: 32.92
Offer: 1316.7
Pct of Owed: 53.29

MBNA
Owed: 1173.5
Pct of Total Debt: 23.63
Offer: 945
Pct of Owed: 53.29


Now is it worth even asking Spectrum to facilitate this for me or should I just go via CCS or another 3rd Party (does my wife count as a 3rd Party?).

I'd be interested to see what you guys think.

And again thanks everyone for making my mind less foggy!!

I've come to this forum late and I'm reading the last few. I notice you are dealing with Cabot. We are in the process of negotiating a F&F with Cabot. We had the debt sold from Lloyds after a year on a fixed monthly payment of £10 last November. Cabots' opening salvo was they were going to help me pay my debt and would be happy to accept the reduced sum of £100 per month. Explained not possible stay on £10, phone calls letters followed. My son, who himself hasn't a lot of money, has offered us £1000 of his tax money to help in a F&F payment but they want 80%. Couldn't we ask for more money......
We sent a letter to them, recorded delivery, with our offer of £1000 never got an answer.
Just before Christmas we got a letter to say our monthly payment was going to be £100 so it was telephones at dawn telling them they couldn't have what we hadn't got. We again offered the £1000.Turned down immediately.
Yesterday we had another phone call from Cabot saying that once again they were willing to help us clear the debt and had noticed that we had offered a lump sum. They were willing to accept this as well as an increased monthly payment to clear the rest of the debt. We explained it was our sons money not ours and was only to be used in a F&F settlement. Then the negotiations started. We went down from 80% to 50% of the debt and we kept saying we had only £1000 and they kept coming down in the percentages. Finally they said because we were pensioners we could have the special pensioner rate of 35% only given in special circumstances. Still £700 above our £1000. They have left it with us until next Monday when the special rate will finish and we will be back to the 50% offer. Our offer will still be £1000 or our usual monthly payment.
So if you hang in there you can get them down below the 50% mark just tell them a figure you have in mind and stick to it.
We will, as a final offer, offer £1200,our son has said he can give us a little mores, it was part of his Christmas bonus bless him... So keep your fingers crossed we might just get to clear this one at 26%. Then we just have to pay our son back...............