Full and final settlement help thread

frugalliving

Rang mercers today 're Barclaycard but because I am on an informal arrangement not a formal one they will not entertain a settlement unless I pay the whole balance which I can't! I would need to pay more on a formal arrangement but that's not an option either, they would rather me continue to pay a fraction of my normal monthly payment than receive a few thousand as settlement! Mad but oh well will try again in another few months

lindsloo

Creditor (don't want to say who yet) has rejected the 10% offer and put 50% on the table. I knew they would reject it but didn't want to work up to a too high figure, I'm going back with 25% as my last f&f offer.

Lets see what they come back with. Wish me luck.

catandy

Hi

just wondered has anyone any experience of Aqua credit card and a F&F?

thanks in advance!

Smithfield

Has anyone any experience of Fredpay/Fredrickson Intl?

My capital one debt was sold to them at £976, Which I have paid down to £720. It will be £684 by the end of the month.

Without me asking at £760 they offered me a F&F of £600.

That's approx 80%, I pay 36.10 a month so at that rate it would be 20 months to clear the £720. I start a new job after being unemployed this month, so by the time im able to deal with them it will be 684.

80% would be £547, which isn't really worth it to me, has anyone dealt with this company and what are the usual f+f discount? If I could get it down to 60% that would be £410, which would be worth it to me.

is this do-able?

also will this impact on my credit rating further, its already a default? does that matter?

fatbelly

Tell them (in writing) you can't pay 80% but you could do 40%. See what the response is and then negotiate.

I've no experience with Frederickson but they would have bought at less than 20%

Your file will be marked partial settlement which should be better than an unsettled default, but each lender makes up their own scoring.

Smithfield

would a "settled" default be much different in terms of scoring to a partial settled default?

Could I make a "settled" default a condition of any F+F payment?

Th3_W12ar6

If you make a "Full & Final payment" will the debt disappear from your Credit Record after 6 years (like a Bankruptcy) or will it disappear sooner?

niamhtra66

Hi,
Just looking for some advise, i have a debt with Natwesticon. it is made up from overdrafticon, visa and loan. They have an enforcement order on my house which was done around 4 years ago, i paid £100 per month for a year then (long story) payments stopped.
No payment or correspondence has been made from me for 3 years
I start uni in september and plan to use some of my bursary to pay of the debt.
i owe £5100.
How much should i offer them, bearing in mind my bursary is £2K and with no other income for the next 3 years this is there only chance of getting anything from me in the foreseeable future.

Any thoughts?

snuppet

Just read the whole thread and have picked up on quite a few things but one or two things are worrying me. I had a 4 grand mbna credit card which they agreed I could pay a certain amount per month but they may still sell the debt on. Well thats what they did so now Link Financial have agreed £100 per month. Ive never failed to make a payment. Whats worrying me is from what ive read that they wont entertain a F&F unless I default with them. As it was defaulting with mnba that got me here in the first place im a tad worried that if I do that theres no guarantee theyll accept an F&F and before I know it things have got a whole lot worse and Im in arrears again. Am I worrying about nothing or should I just stop paying them and see what happens.

ali.rtw.traveller

Can I please ask for a bit of advice, I have written to cap 1 and santander offering 30% as f&f payment.

I have had a letter back from santander stating they won't accept my 30% in f&f settlement of my account, the min they can accept is 75%. The letter then goes on to say
" if you wish to make this payment please advise us accordingly so that we may make the necessary arrangements to remove the remainder of the balance. However if you are unable to pay this payment we will be pleased to accept the offer as partial payment of the outstanding balance"

So am i reading this right, they will accept 75% as f&f and presumably be marked as settled, otherwise if i pay the 30% i originally offered they will take this and mark as partially settled or do you think they will just want this as part payment to then continue with my regular payments?

I have been on a self managed dmp since Jan 2011 and got defaulted in around April 2011.

Thanks in advance