Full and final settlement help thread

fatbelly

J_Tizzle wrote: »

Just a quick update on trying to settle my accounts...

MBNA (Link Financial): they said they would accept a settlement of 70% on a debt of almost £4k. I wrote a few letters working my way up from 30/40% but they wouldn't budge so I've paid the 70%.

LTSB: I've written a few letters offering various amounts from 30% to 60% on a £5k debt but they have told me that they won't accept any discount.

Tesco: as above with LTSB but, as the balance wasn't too high (£1700), I've paid it in full.

It seems that my relatively favourable circumstances have counted against me in trying to secure good discounts, which is fair enough I suppose. I've been told that, because I'm quite young (have many employable years ahead) and have a good, permanent job, that they're not too worred that they'll get their money from me EVENTUALLY.

I think you were making quite chunky payments via a debt management plan. They have to take a commercial decision and so you did not get spectacular deals.

When MBNA decide to sell a debt because it is not producing much income they are usually quite open about it and offer the debtor the chance to settle at 30-40%.

In your case it seems that they weren't even contemplating that.

Yes it would have been different had you been a single parent on income support paying £1 per month

J_Tizzle

Yes, I suppose my DMP payments were relatively large. Just to clarify, I wasn't moaning about not getting enough of a discount on my settlements - I was happy to get any - I was simply sharing my experience in case it helps anyone else going through a similar experience.

Stewart_78

J_Tizzle wrote: »

Yes, I suppose my DMP payments were relatively large. Just to clarify, I wasn't moaning about not getting enough of a discount on my settlements - I was happy to get any - I was simply sharing my experience in case it helps anyone else going through a similar experience.

Thanks for sharing and ignore the trolling. All experiences are helpful here. A person drowning in debt is not a productive member of society . Some people just want to punish but they are generally in the 'can't happen to me' club. Hopefully it won't, but it can, regardless of their position or what they believe at their young age.

frugalliving

Well finally agreed a f&f with the post office cc, £5k on a £7k balance 70% approx not bad I suppose almost there now, can see the light at the end of the tunnel!

averageguy11

J_Tizzle wrote: »

Just a quick update on trying to settle my accounts...

MBNA (Link Financial): they said they would accept a settlement of 70% on a debt of almost £4k. I wrote a few letters working my way up from 30/40% but they wouldn't budge so I've paid the 70%.

LTSB: I've written a few letters offering various amounts from 30% to 60% on a £5k debt but they have told me that they won't accept any discount.

Tesco: as above with LTSB but, as the balance wasn't too high (£1700), I've paid it in full.

It seems that my relatively favourable circumstances have counted against me in trying to secure good discounts, which is fair enough I suppose. I've been told that, because I'm quite young (have many employable years ahead) and have a good, permanent job, that they're not too worred that they'll get their money from me EVENTUALLY.

Interesting that Lloyds have said no discount...my offer of 50% was rejected and they asked me to make another.ive written back suggesting they tell me a figure..we will see..i might try the unenforceable route if i get no joy

averageguy11

frugalliving wrote: »

Well finally agreed a f&f with the post office cc, £5k on a £7k balance 70% approx not bad I suppose almost there now, can see the light at the end of the tunnel!

Good for you.

J_Tizzle

averageguy11 wrote: »

i might try the unenforceable route if i get no joy

...what does this mean please?

averageguy11

J_Tizzle wrote: »

...what does this mean please?

CCA request etc

averageguy11

Twizzle gave lloyds another go...negotiated them down to 65%

Florish

averageguy11 wrote: »

Twizzle gave lloyds another go...negotiated them down to 65%

In January 2010 Lloyd's accepted £700 from me for a debt of £3,000.
That was a discount of around 77%
It still remained on my credit file showing as satisfied -? Partial Settlement. It's due to drop off in January when the default is 6 years old.