Full and final settlement help thread

happy_bunny_2

BlueIsTheColour wrote: »

Thanks, I am hopeful as they are relatively near to not showing on my credit report and they have been on token payments for 5 years they might be more willing to offer a low settlement...

I know 2 definitely have CCA issues...

Will definitely only deal via letter, no phone calls from me ever, it does amuse me when I see in my phone call a missed call from Cabot, as all their numbers are blocked on my phone.

Thanks again

I would start lower with the ones with CCA issues, making sure they know you know the deficiencies severely limit their ability to collect the debt.

HB

sickasachip13

Hi there,

I would definitely start lower - like 10% of what is owed. And point out the CCA issue in the letter (I'd suggest tweaking the National Debtline template letter). Quite a few people around here have settled for lower than 30% when there has not been CCA issues so I reckon it's worth a try!

Let us know how you get on; knowledge is power:j
SAAC

BlueIsTheColour

happy_bunny wrote: »

I would start lower with the ones with CCA issues, making sure they know you know the deficiencies severely limit their ability to collect the debt.

HB

Thanks ever so, I will have to think how best to word the letter so as to make them realise accepting my offer is the best news they've heard that day

BlueIsTheColour

sickasachip13 wrote: »

Hi there,

I would definitely start lower - like 10% of what is owed. And point out the CCA issue in the letter (I'd suggest tweaking the National Debtline template letter). Quite a few people around here have settled for lower than 30% when there has not been CCA issues so I reckon it's worth a try!

Let us know how you get on; knowledge is power:j
SAAC

Thanks ever so, I had thought about 10% with a view to settling a little higher, but wasn't sure if it would be too cheeky and therefore dismissed out of hand. I'm sure this will all be a negotation as opposed to an acceptance. I need to find my paperwork to remember which are the ones with the issues and then go from there.

The one thing I had forgotten from dealing with my debts (since they have all just ticked along at a £1 a month) is just how long it takes to deal with and how on the ball you have to be. It's a challenge but I'm thinking of the feeling of satisfaction to finally be debt free and have a clean slate and never to be in debt again

sickasachip13

Hi,

Yes, view it as a negotiation and go low - you never know if you don't ask :rotfl:

SAAC

giggmann

My partner currently owes £5k to MKRR ( which I think is Milton Keynes Rapid Recovery) for a credit card debt , the current agreement is to repay £20 a month which will take almost 21 years.

Completely out of the blue they have offered a 50% settlement , which can be paid as three monthly payments (16.66% each month).

This is quite tempting and just about affordable now with assistance from relatives but I can't help but think that they might accept lower. Is it worth making a 10% /20% settlement offer to them?

happy_bunny_2

giggmann wrote: »

My partner currently owes £5k to MKRR ( which I think is Milton Keynes Rapid Recovery) for a credit card debt , the current agreement is to repay £20 a month which will take almost 21 years.

Completely out of the blue they have offered a 50% settlement , which can be paid as three monthly payments (16.66% each month).

This is quite tempting and just about affordable now with assistance from relatives but I can't help but think that they might accept lower. Is it worth making a 10% /20% settlement offer to them?

It depends on how valid their paperwork is. They could take you to court. If its old, missing agreement etc, they may settle for less as less likely to succeed the court route.

Unlikely to get that low, maybe say can't afford 50% and say but with help from family you can scrape together 25%. They might settle for somewhere in between or they may stick to 50.

How old is the account?

giggmann

happy_bunny wrote: »

It depends on how valid their paperwork is. They could take you to court. If its old, missing agreement etc, they may settle for less as less likely to succeed the court route.

Unlikely to get that low, maybe say can't afford 50% and say but with help from family you can scrape together 25%. They might settle for somewhere in between or they may stick to 50.

How old is the account?

Thanks. The debt is about two years old

happy_bunny_2

In that case, start at 25%.

I would say that family will be paying, so they don't think you have that amount of cash and try the court route.

Good luck

HB

sickasachip13

Hi,

Make sure you use the template letter from National Debtline and make sure you get the DCA's written confirmation of the terms - particularly guaranteeing that they, and no one else, will pursue the rest (there's some horror stories about people not doing this and then the debt re-emerging :-( )

Let us know how you get on.

SAAC