Full and final settlement help thread

sickasachip13

moohound wrote: »

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)

Yeah, thanks, I'm happy with it. The variance across the creditors, in terms of what they'll accept, is remarkable. Because we have so many of them :-( when we do manage to pull a little bit of cash together, I do the rounds of them to see who'll take what. There's one of mine which, if we continue paying at the current rate, will take 28 years to pay off, but they won't take a settlement....I guess paying it off will be one way of celebrating my 70th birthday ;-)

Good luck with yours x - aha, just caught your update; you've got some proper skillz moohound ;-)

SAAC

moohound

sickasachip13 wrote: »

Yeah, thanks, I'm happy with it. The variance across the creditors, in terms of what they'll accept, is remarkable. Because we have so many of them :-( when we do manage to pull a little bit of cash together, I do the rounds of them to see who'll take what. There's one of mine which, if we continue paying at the current rate, will take 28 years to pay off, but they won't take a settlement....I guess paying it off will be one way of celebrating my 70th birthday ;-)

Good luck with yours x - aha, just caught your update; you've got some proper skillz moohound ;-)

SAAC

I know! MBNA took 38% no problem, some of the others have been really stubborn. My signature got too long with listing then all but I paid off just under £36000 with just over £24000 (including the last one yet to pay) so better than the £28000 we budgeted for.

Who is it that won't take a settlement out of interest?

sickasachip13

Hi Moo,
It's blimmin' Barclays. I have to say they've been the worst of ours to deal with full stop. But, some of the others have been absolutely fine and reasonable.
Once I complete this F&F with CapOne then I am going to try and get some money together to offer MBNA - can I ask, was your debt with Moorgate or was MBNA still managing it?
Well done on your successes xx

LaRouge

I've enjoyed reading about your successes and on the advice given, and need some for myself.

I've just sold my business, didn't get as much as I had hoped for and I have a lot of debts to pay, including the business loan. There is not enough money to pay everything off and the TAX man is a priority. What are the chances of asking for a reduced settlement settlement figure, can anyone give me any advice on how to best tackle this?

Thanks in advance.

moohound

sickasachip13 wrote: »

Hi Moo,
It's blimmin' Barclays. I have to say they've been the worst of ours to deal with full stop. But, some of the others have been absolutely fine and reasonable.
Once I complete this F&F with CapOne then I am going to try and get some money together to offer MBNA - can I ask, was your debt with Moorgate or was MBNA still managing it?
Well done on your successes xx

Barclaycard took 68 or 70% I can't remember which now( I deleted my Signature with them on as it was getting too long), it was through Mercers.

MBNA was still with them, from other posts I have read they routinely take 35 to 40%

Halifax was with Moorgate, they were OK took 75%

Is your Barclays one a CC, loan or OD?

Good luck with it xx

moohound

LaRouge wrote: »

I've enjoyed reading about your successes and on the advice given, and need some for myself.

I've just sold my business, didn't get as much as I had hoped for and I have a lot of debts to pay, including the business loan. There is not enough money to pay everything off and the TAX man is a priority. What are the chances of asking for a reduced settlement settlement figure, can anyone give me any advice on how to best tackle this?

Thanks in advance.

Don't think I can help really, typically consumer debts can sometimes be paid off with a reduced settlement only after they have been defaulted and the debtor has been on reduced payments for a period of time. I don't have any experience of business debts, but maybe someone else can help, good luck with it anyway.

LaRouge

Thank you for your response.

I have defaulted on one payment which I am attempting to pay back, and been harassed by the bank, was under so much pressure and support rapidly reduced once I began struggling financially, leaving myself on the verge of bankruptcy.

Has anyone had this kind of experience and is it possible to have a reduced settlement accepted for a business loan?

pleaseurself

Hi all,

I'm about to attempt F&Fs with my creditors. I thought you had to offer them all a pro-rata amount based on the sum you had before you started? Is it acceptable to offer them one at a time?

Thanks

Stewart_78

I think thats a lot of hot air to be honest. When my lenders all treat me in the same way, I will return the favour. As it is, there are some I feel more obliged to than others......

moohound

pleaseurself wrote: »

Hi all,

I'm about to attempt F&Fs with my creditors. I thought you had to offer them all a pro-rata amount based on the sum you had before you started? Is it acceptable to offer them one at a time?

Thanks

I sent the whole lot off with a cheeky offer of 40% ( rounded up or down a bit to be honest), my defaults were not very old and I didn't expect it to be accepted, but one was, I spent the next two weeks agreeing figures. and most got 68%-80%.

The amount I had to offer was a bit vague, as it was from (a very kind) relative and was essentially the whole amount (£36000) but if we can do it for less then that would be good, and we did it for just over £24000.

Other posters save up any spare money and then 'do a round' of making offers to get rid of a creditor, and pay off whoever takes it. I see this as perfectly fair, if you offer it they can take it or not its up to them.

I suppose it depend on the amounts you owe to each if this was possible.

If you are on a DMP and some were charging interest still I would make them your target. If you can get rid of one, preferably for a reduced amount, then the remaining ones get a bigger share of what you pay each month, so as I see it everyone wins.