Full and final settlement help thread

shinner

Well they phoned back today. Told them not possible to raise enough for all 3 but i can 2. She was a lovely lady said you need in writing don't you. It will go on file as a partial but when i settled with virgin this is what happened.
Letters in the post will be sent 2nd class mum away from wed to mon so SHE will pay when she gets back.
Thought it will help cover me coming from her account.
Told them i will continue with my token payment for the other account. Lady said she couldn't do any better today but ring back in a few months may change.
Thanks for the advice Fatbelly

National_Debtline

shinner wrote: »

Thought it will help cover me coming from her account.

It's absolutely better to come out of your mothers account, it makes the settlement more binding from legal perspective.

Best wishes,

David @ NDL.

Monkeyballs

Monkeyballs wrote: »

Hi all,

Oddly quite exciting!

I've been doing some reading and have just emailed a couple of F&F offers to two of my creditors, they're only small but my brother is willing to give me £250 at the end of Jan from his annual bonus so long as I can prove to him that it is being used to repay off a (or several) debts in their entirety...

I have offered Capquest £100 against an outstanding balance of £280 and Welcome Finance £80 against a balance of £170 and with the remainder I can repay my Barclays overdraft...

I've only been on my DMP for 7 (or 8 by the time the payment is made if accepted) and have around another 2 1/2 years to go before the end!

From experience do you think that these creditors are likely to accept? I probably have another £20 wiggle room if needed...

Thanks,

MB

Evening all!

Ok so (and apologies if you have already on the DMP Support thread) Capquest and Welcome Finance both fell flat on their face so I'm going to continue to pay monthly for the time being...

In the meantime, I sent a copy of the F&F letter to Cheque Centre asking if they would accept £230 to settle my account which has a balance of £949.35 and I got a call accepting the offer! I'm over the moon but obviously asked for it in writing and the guy has emailed a copy of the letter and has agreed to posted a snail mail copy on headed paper on Monday.

The text of the letter excluding all the account references and the like reads;

Please accept this letter as confirmation of a full and final settlement offer. As you can see above your current balance stands at £949.35. Cheque Centre will be happy to close your account with a one off payment of £230.00. If this payment is made before 31/01/2014 the remaining balance will be written off and the account (*******) will be closed.

Having no experience of anyone accepting an offer until now I was wondering if this is enough to ensure that the remainder is not sold on and this is the last I will hear if it?

Could someone with more experience take a look and advise either way?

Muchas gracias!

MB

fatbelly

The letter is fine. More than that actually. If only the big banks could be as clear.

Monkeyballs

fatbelly wrote: »

The letter is fine. More than that actually. If only the big banks could be as clear.

Lovely jubbly, cheers Fatbelly

It's funny, despite all the furor about PDL's I personally have never had any complaints service wise (just the fact I was stuck in the PDL trap) and all accepted my DMP without quibble and on the one occasion they did send a text asking for payment I got another seconds later apologising and telling me to ignore the first!

Not that I'd ever consider using a PDL again - lesson learned!

Thanks again,

MB

shinner

Posted this on another post got one reply saying it sounded good.
this is what letter reads.

Thank you for contacting us
We are prepared, without prejudice, to accept #### in full and final settlement of the debt, provided that the first payment and all subsequent payments are received each month by the date(s) shown. Please allow sufficient time for payments to be received.
. #### to reach us by 31 Jan 14

How to pay.
.
.

Please ensure you keep to this settlement arrangement to avoid any further recoveries action. If you are experiencing difficulties in making any of these payments please contact this office on ...........

Would you say it is ok to settle ? Mam is going to settle these in the morning. Please let me know if you don't think this is ok.

fatbelly

Looks OK to me. I didn't understand the 'first payment and all subsequent payments' bit - it's just one payment isn't it?

shinner

Yeah just one payment and that is all that it shows on the letter i wasn't sure if it was a standard letter that they send.

Smithfield

ok so I had £970 referred to Frericksons and have a current balance of £472.12 after paying £36.10pm. I would like to clear this, this month with a final payment of £300. This would be 80% of the original amount referred by capital one.

How is this?

(Your home address)
______________________
______________________
Date:__________________

To: _____________________
________________________
Dear Sir/Madam

Without Prejudice

Account No: _____________________________
I write with reference to the money which you are claiming on the above account.

I have previously been offered by your company a full and final settlement figure (via telephone) with a discount being given for clearing the outstanding balance in one payment.

In order to have the account settled as soon as possible and to start rebuilding my credit rating a relative has offered to lend me £300 on the basis that this would clear the outstanding balance of £472.34 in full.

I want to offer this as an ex-gratia payment in full and final settlement of the account. This payment amount to approx 80% of the original debt of £970 referred to your company by Capital One.

This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.

In addition if this offer is accepted, you will make an entry on a credit reference agency file relating to the above account as having been "settled" and show a zero remaining balance and the account closed.

Payment can be made within 30 days of receiving your written agreement of this offer by cheque.

Should these terms not be agreed by your company in writing in advance of any payment my relative will withdraw the offer to loan me this money and I will be forced to continue to pay the £36.10 per month as per our current agreement.

Yours faithfully
(Your signature)

erskineman

Has anyone done a F&F with NatWest?