Full and final settlement help thread

frugalliving

Well hopefully I will have cleared another cc by this time next week! just agreed a F&F with Nationwide for 1200 of a 3350 balance 36%, just waiting for the offical agreement in writing before I send the big ones!!

Has anyone had any dealings with the Post Office Credit card? I have wrote a few letters but never get a response, can't call them myself as it's DH cc but he doesn't lke dealing with this over the phone, hey ho just keep plodding on

moohound

frugalliving wrote: »

Well hopefully I will have cleared another cc by this time next week! just agreed a F&F with Nationwide for 1200 of a 3350 balance 36%, just waiting for the offical agreement in writing before I send the big ones!!

Has anyone had any dealings with the Post Office Credit card? I have wrote a few letters but never get a response, can't call them myself as it's DH cc but he doesn't lke dealing with this over the phone, hey ho just keep plodding on

Well done in getting the nationwide one settled at 36%

I had post office cc, they took 80% agreed over the phone then confirmed in writing before I sent them the cheque, they are Bank of Ireland based in Belfast, and were really pleasant and polite on the phone, not at all traumatic, my defaults were not very old I don't know if that might make a difference. I don't think they replied to my original letter offering 40%.

frugalliving

moohound wrote: »

Well done in getting the nationwide one settled at 36%

I had post office cc, they took 80% agreed over the phone then confirmed in writing before I sent them the cheque, they are Bank of Ireland based in Belfast, and were really pleasant and polite on the phone, not at all traumatic, my defaults were not very old I don't know if that might make a difference. I don't think they replied to my original letter offering 40%.

Thanks, I will try again with the letter but will have to try and get dh to call them if still no reply, we only started a reduced payment plan in Feb this year so pretty new. What with dh made redundant in Dec last year and ds1 seriously ill I just want to get these debts cleared to get my stress levels down!:(

LaRouge

I have managed to settle one of my debts with Lloyds, I owed 2300 and offered 500 as a FF, they have agreed to this, but will mark my credit file at partial, is there anything I can do?

I wrote to another collections agency, I owe 1800 and offered them 500 and they said no, they wanted 1500, I pay them 5 per month and they said carry on paying it...again, any advice on how to deal with this one?

DOes anyone have any advice on how I should deal with the business debt (see further up). As I would like to settle, but don't have the full amount, i hope to settle at 50%, is this possible?

Thanks in advance.

frugalliving

Yay! Another two f&f ´s agreed! Both nationwide cc settled for 1200 for 3300 bal and 1500 on a 4400 bal! Three to go, Barclaycard being stubborn and no replies from post office
Still pleased with progress so far will keep plodding on

ShopaholicNumber1_2

I have been paying a DMP for the last 3 years (almost) and have another 2 to go at the current rate. My personal circumstances are about to change and I may well find it difficult to maintain the current rate of repayment to my 4 remaining creditors. 2 have defaulted in 2011 (both Moorgate, £5851 and £3613) with the 2 smaller amounts not yet defaulted with Barclaycard £3342 and Cahoot £1072. I can probably rustle up around £2000 - who should I offer a F&F to? Should I try and get rid of the two that haven't yet defaulted me to avoid adding another 6 years to my poor credit record? Or should I go for the biggest? Not at all sure what to do for the best. Thanks

fatbelly

ShopaholicNumber1 wrote: »

I have been paying a DMP for the last 3 years (almost) and have another 2 to go at the current rate. My personal circumstances are about to change and I may well find it difficult to maintain the current rate of repayment to my 4 remaining creditors. 2 have defaulted in 2011 (both Moorgate, £5851 and £3613) with the 2 smaller amounts not yet defaulted with Barclaycard £3342 and Cahoot £1072. I can probably rustle up around £2000 - who should I offer a F&F to? Should I try and get rid of the two that haven't yet defaulted me to avoid adding another 6 years to my poor credit record? Or should I go for the biggest? Not at all sure what to do for the best. Thanks

At the present rate of payment they will think that their debt is going to be cleared in 2 years.

Also the two that haven't defaulted you are presumably getting above the contractual payment and so won't be interested.

You need to revamp your dmp according to your new surplus income, and then look at the situation again. To clear 13k of debt you will need maybe 4k.

And your credit file is pretty much shot already. If I were you I'd just concentrate on getting debt free.

J_Tizzle

Have all the creditors frozen interest? The general rule of thumb being to pay off the debts with the highest interest rate first.

lindsloo

I have been in debt my entire adult life and I'm sick of it. I have a loan I took out at the age of 22, 10 years on 3k of it is still hanging around. I took it out in 2003, defaulted 2004 and went on dmp, took over my own finances in 2007, in 9 years I've only paid off 1k.

I need to get rid of it which will never happen as I'm currently paying £12pm, 17 years left lol. I'm struggling to make that payment so today have sent off and i&e reducing payments to £1pm and offering 10% as f&f. They probably won't accept it but I can scrape together up to 25% from friends and selling anything that's not nailed down. Will be the best feeling ever if I can get rid of it.

Fingers crossed.

frugalliving

moohound wrote: »

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

Hi Moo, just had a letter from mercers (barclaycard) looks like they are chasing now! would it be a good time to try for a F&F with them do you think? how long did you deal with mercer before you agreed F&F with them and were they reasonable to deal with? both myself and dh have barclay cc but only mine has gone to mercer so far! thanks