Full and final settlement help thread

Tixy

ali.rtw.traveller wrote: »

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 think if you pay the 30% then they will deduct this from your balance and continue to chase/collect the remaining 70%.

DevCoder

Tixy is , as always, correct.

ali.rtw.traveller

Tixy wrote: »

I think if you pay the 30% then they will deduct this from your balance and continue to chase/collect the remaining 70%.

Thank you Tixy, I think my mum will pay the 75% but just wanted to check all angles. I will write to them tomorrow just asking them to confirm if this payment is made this will close the account and mark the account as settled with the credit agencies, is there anything else I need them to put in writing to me prior to making the final payment?

Thanks

Tixy

ali.rtw.traveller wrote: »

Thank you Tixy, I think my mum will pay the 75% but just wanted to check all angles. I will write to them tomorrow just asking them to confirm if this payment is made this will close the account and mark the account as settled with the credit agencies, is there anything else I need them to put in writing to me prior to making the final payment?

Thanks

You might want to try writing back to them and saying a relative is prepared to lend you a bit more money and you are now in a position to offer 50% of the debt (or an £ that is just over that amount) but that is a high an offer as you can make at this time.
I guess it depends on the amount of the debt whether its worth trying to haggle further.

ali.rtw.traveller

Tixy wrote: »

You might want to try writing back to them and saying a relative is prepared to lend you a bit more money and you are now in a position to offer 50% of the debt (or an £ that is just over that amount) but that is a high an offer as you can make at this time.
I guess it depends on the amount of the debt whether its worth trying to haggle further.

In your opinion do you think it'd be likely that they'd go lower but still with it being marked as settled. The original balance is £990, that 25% discount they are offering is cutting my dfd by 6 months which I am please with but obviously any more discount would be fab.

Thanks

J_Tizzle

I see this as a haggling process but it seems creditors handle it slightly differently.

I am hoping to be able to clear my debts very soon thanks to a bonus at work and have sent out letters offering 30% as F&F.

I wrote to Smile (Co-op) first to see how the process would go, and they telephoned me to refuse my offers of 30% and 40% although they would not say what they WERE willing to accept. It turned out that they wrote to me to accept a settlement of 50% when I offered that by letter. (I should mention that this was for a small, former overdraft debt of about £120.)

It seems that some creditors (as mentioned above) will say what percentage they are willing to accept, although I wonder whether this is a final offer of theirs, or are they simply haggling and trying to get the highest amount possible? I would guess the latter.

Yesterday I sent 30% F&F letters to Link (MBNA), LTSB, and Tesco for credit card debts of between £2000 - £6000. I'm not expecting them to accept straight away but am interested to see what I can "get away with"...

I will keep you all posted, but any advice or tales of similar experiences would be most appreciated.

J_Tizzle

Just to update my previous post, in case it helps anyone...

I had a response from Link: they rejected my offer of 30% and asked for 70%. I've replied saying that's not possible, and offered 40%.

LTSB rejected my offer of 30% but did not ask for any particular amount. I have written back to them offering 40%.

No response yet from Tesco.

I can probably afford to pay 50% of my debt off in the next month so am hoping for some very generous creditors!

frugalliving

Yay just spoken to Barclaycard and they have agreed a settlement of £7000 on a £12500 credit card at last!! 56% not too bad just one more to go.... post office won't budget much from actual balance so will wait alittle longer before I try them again.....but feeling another weight lifted and a step nearer to debt free whoo hoo!

shinner

Have you got it in writing off barclaycard? Did you negotiate over phone? I was just wondering as hoping to settle next month with them. If you did over phone are they sending you confirmation did they expect money straight away?

averageguy11

J_Tizzle wrote: »

Just to update my previous post, in case it helps anyone...

I had a response from Link: they rejected my offer of 30% and asked for 70%. I've replied saying that's not possible, and offered 40%.

LTSB rejected my offer of 30% but did not ask for any particular amount. I have written back to them offering 40%.

No response yet from Tesco.

I can probably afford to pay 50% of my debt off in the next month so am hoping for some very generous creditors!

i'll be very interested on how u get on with lloydstsb...they r my last remaining creditor..i made them an offer of about 40% last year which thy rejected ...i rang and they wanted nearer 80% which was beyond my means...i am close to going back to them again..i would be grateful if u cud post wen u get a response