Full and final settlement help thread

shinner

Well awaiting letter for my last credit card they are settling for 1300. I would like to say thank you to all on this site who have given me advice and knowledge for me to be able to get this far.

sickasachip13

Well done Shinner :-)

I sent some offers out to some of the DCAs on my list, before I decided to do the CCA request, and while none of the DCAs have accepted our 10-15% offer, all have asked us to phone them to discuss further..... better than a straight out 'no' I reckon. Instead though, I'm going to whack them with a CCA request :rotfl:

harveybobbles

Weggy wrote: »

Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........

They probably paid a penny for each pound for the account which is why they accepted it. Or it was a duff account and easy money.

harveybobbles

I got one thicko DCA - CARS Ltd to accept 0.01p per month for three months. They gave up when I asked them to send a paying in slip.

thewhiteavenger

harveybobbles wrote: »

They probably paid a penny for each pound for the account which is why they accepted it. Or it was a duff account and easy money.

That post you quoted is nearly nine years old!

smiddi84

hi guys. Ive been in default with a loan since. 2009/2010. The original amount was £17500. I now owe (est) £11200. I got into trouble about 9-10 months into the loan. I had a debt management company for a while who had interest and charges frozen. I took it upon myself to negotiate the debt myself putting the debt companies charge into my payments. The debt was passed from Lloyds to bls collections in october 2010 and i have made payments of £130pm since this time and do not get hassled through phone or mail to pay back arrears. I just receive my 6 monthly default and balance letters. I have been thinking about making a full and final offer after reading previous post and details of setting out the letter. I have been offered by a family member a lumpsum to pay towards the settlement. I expect it to be around 45% of the remaining balance. Should this be what i offer or maybe less first. Any advice and help would be greatly appreciated. Thanks.

happy_bunny_2

smiddi84 wrote: »

hi guys. Ive been in default with a loan since. 2009/2010. The original amount was £17500. I now owe (est) £11200. I got into trouble about 9-10 months into the loan. I had a debt management company for a while who had interest and charges frozen. I took it upon myself to negotiate the debt myself putting the debt companies charge into my payments. The debt was passed from Lloyds to bls collections in october 2010 and i have made payments of £130pm since this time and do not get hassled through phone or mail to pay back arrears. I just receive my 6 monthly default and balance letters. I have been thinking about making a full and final offer after reading previous post and details of setting out the letter. I have been offered by a family member a lumpsum to pay towards the settlement. I expect it to be around 45% of the remaining balance. Should this be what i offer or maybe less first. Any advice and help would be greatly appreciated. Thanks.

Start low, 15-20%.

What's the default date on your credit report?

Have a read of this:
https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

Always get it in writing before paying.

smiddi84

thanks happy bunny. Not sure what date the default was on my credit report as i haven't viewed it within last 2 years. IM guessing it would of been late 2009 start 2010. As this is when i first ran into trouble with keeping to my agreement. Ive read this thread quite alot and took onboard everthing that is agreed must be in black and white and credit score adjusted etc before paying anything. I thought around 15% of £11000 would just be laughed at and dismissed but i suppose i need a figure to negotiate off. I just wondered with then gettings usual payments of £130pm for last 3-4 years they might not be so willing to settle. Thanks.

happy_bunny_2

smiddi84 wrote: »

thanks happy bunny. Not sure what date the default was on my credit report as i haven't viewed it within last 2 years. IM guessing it would of been late 2009 start 2010. As this is when i first ran into trouble with keeping to my agreement. Ive read this thread quite alot and took onboard everthing that is agreed must be in black and white and credit score adjusted etc before paying anything. I thought around 15% of £11000 would just be laughed at and dismissed but i suppose i need a figure to negotiate off. I just wondered with then gettings usual payments of £130pm for last 3-4 years they might not be so willing to settle. Thanks.

You can ask for 15%, see what they say.

The default drops off after 6 years from the default date, paid or not, but there is still a chance they could take you to court.

£130 is quite a bit, but still going to take a while to pay that back and they have no guarantee you are going to keep up those payments so may accept a higher amount, like 40%. Trouble is, if you start at 40%, they will try and push you up to 60+.

HB

Lostmyremote

Hi all. First time poster so go easy on me
I had a credit card default 4 years ago for 10k I am with Robinson Way paying off £10-50 a month and the figure is now at 9300.


I have been offered some money from a family member to pay off some of my debts so recently I tried a full and final offer letter of 30% to begin with. They have finally responded to me (after 2 repeat letters and 2 months) asking for a financial statement of outgoings etc which I am in the process of filling in.


The main thing I was wondering though is they are asking for the amount that is available in the lump sum but I am unwilling to tell them so should I just refuse to say? I have also recently become home owner after an inheritance and was wondering if telling them this will affect any negotiations?
Thanks in advance