Full and final settlement help thread

happyeverafter2011

Hi, I'm looking to settle my mortgage shortfall of £26k. Debt was with Santander, now been passed on to 'Enact' DCA. My boyfriend also has a mortgage shortfall he owes with his ex wife, £58k!!!
Wanting to move back home to live with parents so we can save £1700 per nth between us. Then in 12 myths time start offering. Really don't know what Northern Rock will accept for my boyfriends £58k?! Anyone else offered on mortgage shortfalls?thanks

frugalliving

Hi,
was wondering if anyone has any tips on dealing with Barclaycard regarding settlements of credit card accounts? I have already sent a letter offering a reduced settlement but they have written back saying it is not their policy to accept anything less than is owed to settle an account? what do I do now? any ideas welcome!:(

fatbelly

frugalliving wrote: »

Hi,
was wondering if anyone has any tips on dealing with Barclaycard regarding settlements of credit card accounts? I have already sent a letter offering a reduced settlement but they have written back saying it is not their policy to accept anything less than is owed to settle an account? what do I do now? any ideas welcome!:(

Has the account defaulted?

When did you last make a payment?

Is this part of a debt mangement plan?

frugalliving

I am not on a dmp but have agreed a reduced payment and BC have stopped all interest and charges for now. this was agreed in February 2013, is it too soon to offer a F&F do you think? I have just paid MBNA a greatly reduced settlement and was on a reduced agreement with them from Oct 2012!
I have not defaulted on any account but agreed reduced payment terms due to change of circumstances but I have a bit of cash I want to use to clear these but it isn't enough to settle all in full!

thanks

moohound

frugalliving wrote: »

Hi,
was wondering if anyone has any tips on dealing with Barclaycard regarding settlements of credit card accounts? I have already sent a letter offering a reduced settlement but they have written back saying it is not their policy to accept anything less than is owed to settle an account? what do I do now? any ideas welcome!:(

They have given me an offer over the phone of about 70%, they are in the process of putting it in writing, mine was almost at the point of being sold on, it stands at £421 and I can pay £295 to clear it.
I will be doing nothing until I see it in writing though. So to say they don't take less is rubbish, sometimes I think they will tell you anything. This was offered yesterday(18/4/2013) What % did you offer?
In my letter I offered 40% but I expected it to be rejected, it was just a starting point really.

Can't comment on the too soon/not too soon thing, sorry

I paid off my MBNA card at 38% yesterday - so well done us both:T was surprised, no one else has gone that low.(£2000 for a £5000+ debt not bad)

Apologies to those who want to pay back every penny, and think everyone should, but I want my toddler to have a holiday before he goes to University.:o

fatbelly

frugalliving wrote: »

I am not on a dmp but have agreed a reduced payment and BC have stopped all interest and charges for now. this was agreed in February 2013, is it too soon to offer a F&F do you think? I have just paid MBNA a greatly reduced settlement and was on a reduced agreement with them from Oct 2012!
I have not defaulted on any account but agreed reduced payment terms due to change of circumstances but I have a bit of cash I want to use to clear these but it isn't enough to settle all in full!

thanks

Yes, as you say, a bit early. You've asked them to freeze interest and charges and accept a reduced payment due to financial hardship. I'd give it 6 months before making an offer to settle. They should have defaulted you by then, which is a normal prerequisite to one of these deals

frugalliving

moohound wrote: »

They have given me an offer over the phone of about 70%, they are in the process of putting it in writing, mine was almost at the point of being sold on, it stands at £421 and I can pay £295 to clear it.
I will be doing nothing until I see it in writing though. So to say they don't take less is rubbish, sometimes I think they will tell you anything. This was offered yesterday(18/4/2013) What % did you offer?
In my letter I offered 40% but I expected it to be rejected, it was just a starting point really.

Can't comment on the too soon/not too soon thing, sorry

I paid off my MBNA card at 38% yesterday - so well done us both:T was surprised, no one else has gone that low.(£2000 for a £5000+ debt not bad)

Apologies to those who want to pay back every penny, and think everyone should, but I want my toddler to have a holiday before he goes to University.:o

my starting point was at 35% with MBNA but they wouldn't accept this but accepted 40% settlement and with 12k written off I was very pleased!

I started with 35% for all my creditors but will wait a bit longer with BC (tranferred from egg) as only paid reduced payments for two months so not been threatened with default yet.:( just want to get it sorted though!

moohound

frugalliving wrote: »

I started with 35% for all my creditors but will wait a bit longer with BC (tranferred from egg) as only paid reduced payments for two months so not been threatened with default yet.:( just want to get it sorted though!

mine was Egg to start with as well

frugalliving

Lulee36 wrote: »

BCW Group
Barclays Bank Plc
Co-operative Bank Plc .
Connaught Collections
Egg Prudential
First Direct Leeds
CL Finance (HSBC & HFC)
MBNA International Ltd A&L Cards/MBNA
Mint VISA
Direct Line Card
Mastercard Affinity 543482
Hi
Does anyone have experience of offering full and final settlements to any of the above copmanies ? my total debt totals approx 10k and i was just wondering who is good to deal with and what percentarges I should start by offering to each company
Thanks
Lulee

Hi I have just settled with MBNA for £8k of a £20K debt 40%, I originally offered 35% £7k but got a letter rejecting that but saying to ring if I wanted settle which I did and they offered me £8k to settle and close the account. I had been making agreed reduced payments since oct 2012 paying £100 per month instead of £600 and they had frozen interest and charges. I can honestly say that they were great to deal with, they are definately worth talking to to help with your situation. I have just tried with Barclaycard but they say no settlements for less than is owed:( but only started a reduced payment in feb 2013 so will try again when I have made more reduced payments in a few months time but at least for the moment they have frozen interest and charges good luck

D3btfr33

Anyone got advice on whether to use my DMP for !!!!!!?