Full and final settlement help thread

fatbelly

The plan is good. Except that there is no need to give a full (untruthful) explanation of where the money is coming from, just give a partial truth.

You can truthfully say that the money is coming from a third party family member. They don't need to know how that person acquired the cash - only that it is available for a short period to settle your debts on favourable terms.

I think the 30-50% bracket is realistic given that there is around 4 years left on your plan. If they request further info on your assets etc, post again for advice.

sickasachip13

Hi all,
Another quick update from me: just negotiated a 50% settlement on my CapOne balance. Not as jaw-dropping as some settlements but as it's still with the original creditor, I'm pretty chuffed with it tbh. Paperwork en route. But we've done a previous settlement with CapOne and it was all fine.
SAAC

moohound

sickasachip13 wrote: »

Hi all,
Another quick update from me: just negotiated a 50% settlement on my CapOne balance. Not as jaw-dropping as some settlements but as it's still with the original creditor, I'm pretty chuffed with it tbh. Paperwork en route. But we've done a previous settlement with CapOne and it was all fine.
SAAC

Well done , 50% is pretty good going and better than most of mine.

I'm waiting for letters from my final 2 lloyds AMEX who have accepted 70% which I was pleased with and 1st credit who have accepted 90% ( annoyingly)

D3btfr33

Thanks FB

What should I do with the Cards once paid off - presume they're better off cancelled rather than leaving with 0 balance

I've also realised I had PPI on an old loan from Lloyds and have now submitted a claim - will this have any impact on a request for !!!!!! or could I use this as part of negotiations?

Why would they ask about assetts??

moohound

Having come to almost the end of making full and final payments, just waiting for 2 letters to come, I cant help wondering if PayPlan could have got me lower settlements than I got myself, I have had a quick look through the posts on this thread and most people seem to have done it themselves like me.

Has anyone used their DMP providers team to get them good settlements?

fatbelly

D3btfr33 wrote: »

Thanks FB

What should I do with the Cards once paid off - presume they're better off cancelled rather than leaving with 0 balance

I've also realised I had PPI on an old loan from Lloyds and have now submitted a claim - will this have any impact on a request for !!!!!! or could I use this as part of negotiations?

Why would they ask about assetts??

I'd cancel the cards. There might be a case for keeping one going, but pay it off in full each month.

Do the ppi reclaim separately from these negotiations if the loan is already paid off.

They might see what info they can get from you in case a ccj would be a better option for them. In most case the prospect of cash up front is attractive to them and things go smoothly though it can take a longtime to actually reach agreement on a figure.

frugalliving

Has anyone had any luck with F&F with Nationwide CC? I have asked for a settlement, wrote on 5th May and had no reply as yet? should I write again?

moohound

frugalliving wrote: »

Has anyone had any luck with F&F with Nationwide CC? I have asked for a settlement, wrote on 5th May and had no reply as yet? should I write again?

Didn't have nationwide, sorry. How much did you offer, did you go for 35%?

Lloyds did not reply to my letters, even to say no ,so I rang them to see if they got the letters, they had, and they agreed to 70 and 75 % over the phone, I paid them by cheque after I got it in writing for the loan, and I am waiting for the letter for the CC. Everyone says not to ring but they were fine, the recorded message while you wait to get through says " ask about the benefits of making a settlement offer "

I was happy with that figure, we had budgeted to pay 80% (about £28000) for the whole lot and anything else was a bonus. I think if I could have negotiated more in writing the % might have been better for some of them. All my initial offers were for about 40%.

I have to ask, frugalliving, what is the Pm on your signature?

frugalliving

moohound wrote: »

Didn't have nationwide, sorry. How much did you offer, did you go for 35%?

Lloyds did not reply to my letters, even to say no ,so I rang them to see if they got the letters, they had, and they agreed to 70 and 75 % over the phone, I paid them by cheque after I got it in writing for the loan, and I am waiting for the letter for the CC. Everyone says not to ring but they were fine, the recorded message while you wait to get through says " ask about the benefits of making a settlement offer "

I was happy with that figure, we had budgeted to pay 80% (about £28000) for the whole lot and anything else was a bonus. I think if I could have negotiated more in writing the % might have been better for some of them. All my initial offers were for about 40%.

I have to ask, frugalliving, what is the Pm on your signature?

Hi
I have offered 1.2k on a 3.3k CC approx 36%!
I have reposted the letter today, hopefully they will respond soon, I have even emailed a message asking if they had received the first letter but had no response to that either, they were quick enough to get in touch when the reduced payments started!!

i have a budget of about 50% for my remaining debts, hopefully I will do this

the pm is premier man/ jacamo! lol

moohound

I got a letter today dated 13th May for a full and final for the Lloyds amex account, and it said, payment must be made by the 13th of May!

So I got in my time machine.........

I rang them and they said its OK but you must send the cheque today, which I was going to anyway. This was after a maddening ten minute discussion about the date on the letter. AAAAAAAAAAAAAAARRRRRRRRRRGGGGGGGGGGGGGG.


Also the address on the letter is not where they wanted me to send the cheque. Neither was the Sainsbury's one or the BOI one, which was really unhelpful.

So I got out my mind reader............

I will be so glad when I don't have to do this anymore.

Would it be so hard to put on the letter, please send cheques to.....