Full and final settlement help thread

cottage_retreatist

Hey Guys!

I have been busy with full & final offers but didn't want to mention names until it had all cleared on my credit files - which it has now done!!!

So - just to say -

F&F with Mack Hall for a QQuid debt defaulted in 2012 - did 2 letters to them, first offering 320.00 on a debt of 1262.00.

Their first response was to accept 1000.00 which was a joke!!!!!

So wrote again offering 540.00 and they replied 750.00 - getting better!
So rang them up and OH (who made the payment) forced them down to accept 640.00 basically by saying you get this or you get nothing! It worked and the account is now marked as settled on my credit file and we have the confirmation letter (did have to phone to request this as it didn't arrive first time round)! SUCCESS!

Other one was F&F with Ruthbridge for a Payday UK loan defaulted in 2012 for 990.00. Called them up - not recommended but has worked for us - and they accepted 658.00 to settle the account. Did have to contact PayDay UK though as they only cleared the payment form the account so it was left as owing 270 on the credit file - a few letters and phone calls and they have sent a letter also marking the account as settled!!

Now to do Lowell with our very account.

Has anyone tried Sainsburys CCard for full and finals? Mine defaulted also in 2012 (bad year) and it was passed to Mack Hall but I think is now back with Sainsbugs so I think they would accept an offer.

This thread has been invaluable in giving me the confidence to write these letters!!!

heatherks

cottage_retreatist wrote: »

Now to do Lowell with our very account.

well done on getting low full and finals ...i had emailed lowell a few weeks ago if i could have a settlement figure as according to my figures i had just under £100 left on my very account to repay

they wrote back with the balance i still had to pay and said that was what they would accept

i have been paying it for 5 years & lucky if i get a statement once a year and have never missed it ..

let us know how you get on then ill phone them this time

cottage_retreatist

thanks heatherks!!

I am paying back 30 quid a month but thought i'll give it a go by stating otherwise i'll just keep paying 30 for the next 4 years!!!

hopefully they'll take it! Mine is still over 1000 with them :eek: !! I also only get 1 statement a year! otherwise it's that email saying we'll take the payment soon!!

I'll let y'all know how it gets on!!

witch1479

Hi everyone

Was just after some advice.

I have debts which total £28000 with 4 companies. 2 of them have been sold to dca's.

I have managed to successfully agree f&f settlements with 2 so far Santander and Cabot both have been quite straight forward and helpful to deal with.

The other 2 however have not, capital one and moorcroft.

The debt I owe to moorcroft is £9000 and the are impossible to negotiate with and extremely rude and aggressive on the phone. This debt is over 6 years old so is no longer on my credit file. Dies anyone have any suggestions on how to deal with this company. I currently pay them £1.24 per month on my Dma.

The debt I owe capital one is £10000. This is on my credit file as default and had been for almost 6 years (sept 14). Should I wait to agree an f&f offer with them after set 14 when it has fell off my credit file or if I do agree a f&f offer and it is marked as partial settled will it still fall off in sept or would I have to wait 6 years again from this date? Also what do you think us a reasonable amount to offer capital one?

Thanks all for your help:)

Stewart_78

Maybe you could CCA them and stop paying altogether if they can't come up with a valid and enforceable credit agreement. Just forget about it.

witch1479

Hi Stewart_78

I cca'd them last week just waiting a response. If they can't produce my agreement I might just do that as they are just so rude

MOOLA_2

Would some kind soul with experience in this matter offer some guidance please.
I have 8 creditors so far three have written back
Creditor 8 has accepted my offer the irony it is the smallest of the lot.
Creditor 3 whom I owe approx £4300 has said they would accept £3900 I offered approx £2200 (the debt was sold to them)

When I wrote to each creditor I listed a sum of money I had which equated to about 51% of my total debts.
I worked out the amount to pay each debtor based on the size of the debt to make it fair to each one and I made it clear to them I didn't specify to the other creditors who the other ones were however I listed them in debt size order so each creditor could see where they were in relation to the other.
I have now decided to counter offer creditor 3 as I feel they are offering too little a discount (I have made a lot of sacrifices to be in a situation to have a sum of money to get debt free)
I can add an extra £1500 to my overall pot of money however this will be broken down and shared with all creditors so at the moment I can offer approx an extra £210 to creditor 3 this pushes the percentage from about 51% to 55%

Now my big question is how do I word the letter does anyone have a template or wording of how they succeeded in this situation.

A separate question I have is regarding Cabot I wrote to them about 10 days ago at the same time as the rest, all recorded mail naturally in people's experience how long did it take to hear back.
Thanks in advance for help

witch1479

Hi moola

When I wrote to Cabot it took between 2-3 weeks to get a response. I ended up ringing them in the end and they were pleasant to speak to and not aggressive or Rude at all.

I agreed a f&f settlement over the phone and they emailed me the agreed terms and I then called back and paid the same day it was all very quick and simple.

Hope that helps

MOOLA_2

Thanks Witch
So without your phone call Cabot wrote to you after 3 weeks anyway is that my understanding? In my letters I kept it simple no mention of source of funds nor income and expenditure however when you spoke to Cabot were you asked re source of income and were you forced to detail your income and expenditure.

witch1479

Hi moola

Yes without call it was about 3 weeks for a response by letter.
A relative called on my behalf who paid the settlement and they were asked if my circumstances had changed and a few basic questions about my current situation but the answers were kept very vague or told they didn't know. Cabot did not put any pressure on my relative or ask excessive questions and was all agreed within a few minutes.
They never asked for a detailed income or expenditure but i don't know if that was because the debt was so old approx 5 years