Full and final settlement help thread

fatbelly

gemnomnom wrote: »

Hi all,

Not sure if this is the right place to post my question. My OH currently has a debt of £233 which is with Lowell. We do not have any paperwork relating to the original debt, which is to EE/T-Mobile. Am I correct in thinking the first step is to write to Lowell for proof of the debt?

And secondly, I want to get a 50% F&F settlement offer. Am I being unreasonable to request that amount, plus agreement that they will mark his CRF as satisfied, and not partially satisfied?

We need it as satisfied and not partially satisfied as we are hoping to get a mortgage next year. I've read that banks will only consider fully satisfied debts, and not partial ones!

Thanks

First step is to get a copy of his credit file. If it's on there (and it's likely to be) then it should have a default marker on it - exactly what you don't want if you are trying to get a mortgage.

Negotiations with Lowell would then be over them removing the default (which they may well refuse to do) rather than saving £116 on settling the debt.

If there are other defaults on his file then you will have more work to do or may even have to delay plans for a bit.

A prove-it is a good starting point for negotiations with Lowell.

Nc016163

Been reading through so many posts here and want to ask my own question.

I have a £35k outstanding loan debt with Sainsbury's (Ouch) I have been paying a reduced payment of £50 per month for around 2 years, which means the debt has been increasing by about £200 per month.

I am leaving the UK and my family have offered to settle my debt, not contribute to it, but settle it.

They have offered me £8'000 which I want to give to Sainsburys.

My question is, is this likely to be accepted? and are they likely to say we want 8'000 plus x a month - as my family will not lend me the money on this basis as I then have 2 people to pay!

I really want to just settle this and move on, I have filled out a template letter but its a bit wordy...

fatbelly

Nc016163 wrote: »

Been reading through so many posts here and want to ask my own question.

I have a £35k outstanding loan debt with Sainsbury's (Ouch) I have been paying a reduced payment of £50 per month for around 2 years, which means the debt has been increasing by about £200 per month.

I am leaving the UK and my family have offered to settle my debt, not contribute to it, but settle it.

They have offered me £8'000 which I want to give to Sainsburys.

My question is, is this likely to be accepted? and are they likely to say we want 8'000 plus x a month - as my family will not lend me the money on this basis as I then have 2 people to pay!

I really want to just settle this and move on, I have filled out a template letter but its a bit wordy...

I didn't think they lent that much! Was it a staff loan or something?

Well all you can do is put it to them. It's 8k now or 35k over 700 months(!) IF they freeze interest.

If you think your letter is a bit wordy we can help you prune it but it probably doesn't matter too much.

Nc016163

fatbelly wrote: »

I didn't think they lent that much! Was it a staff loan or something?

Well all you can do is put it to them. It's 8k now or 35k over 700 months(!) IF they freeze interest.

If you think your letter is a bit wordy we can help you prune it but it probably doesn't matter too much.

OK, thanks for your help! I will put it to them, where should I post my letter information?

fatbelly

Nc016163 wrote: »

OK, thanks for your help! I will put it to them, where should I post my letter information?

Here

But delete details specific to you

darwins_mum

Hello folks, I am sure this question has been asked a gazillion times before, but here goes.
I owe a debt to Apex for £2085 and Cabot £11,827.
What percentages should I really be offering as F&F? I was thinking of offering Apex £700 and £3k to Cabot. I currently pay £7 a month on each and have done for several years.
I have seen a couple of mentions of the National Debtline template letter. Could someone post a link please.
Also, if they do accept, will my credit report show as satisfied, and not partly satisfied? Will I have to negotiate this seperately?

I am desperate to get this shifted now, so that I can move my mortgage. Thanks in advance
DM

fatbelly

Template letter at the end of the Factsheet

Full and final settlement offers

You are suggesting 25% to Cabot - I'd suggest starting with Apex at the same point, so £530. If you eventually settle at 30-40% you have done well.

darwins_mum

fatbelly wrote: »

Template letter at the end of the Factsheet

Full and final settlement offers

You are suggesting 25% to Cabot - I'd suggest starting with Apex at the same point, so £530. If you eventually settle at 30-40% you have done well.

I luv ya Fatbelly :j

Nuttymut

Hi,

I'm very nervous about posting here. As we age we all gather some baggage. Nothing wrong with that. However, I've managed to gather some baggage which I feel somewhat ashamed of.

I've been ill. Depression.

I've not worked from January 2011 to June 2014. My (now ex) partner and I ran up some debts during that period. They aren't anything I cannot deal with now I am back at work. I've cleared a few up already.

My depression has been lifelong. From about the age of 11. I wasn't diagnosed until February 2000. Diagnosis didn't bring cure.

My GP accepted in May this year that I have a rare sleep disorder. She prescribed additional meds for that and I am now left to come to terms with the real cost of it all.

I am absolutely devastated to have lost my partner of some 28 years. About three weeks ago and totally to my surprise I was told I had something called Adult Attachment Disorder. I am getting help for that in the New Year.

I wanted to explain this to you all before you all jump to judge me. I initially thought that my depression and my sleep deprivation had been the root cause of my unsociable behaviour in the past.Some of that is correct. However, the attachment disorder (and please forgive me for using the term as it's the only way I can describe it) has been at the root of my troubles.

When we are born the front of our brain is still forming. Over the first 3 years of our life we lay down neural pathways in our hypothalamus (the front of our brain) based upon our experiences.

If we have good relationship with out care giver we will form maps in our brain of how a "healthy" relationship looks.The best example I can give you is that you imagine a child (of less than 3 years of age) in a room with its care giver. The care giver leaves the room and the child becomes distressed. In this simple example the child is seen to have"attached" to its care giver. A child that doesn't seem at all bothered by the lack of a care giver is effectively unattached.

When I have been judging my partner (in real life) I have been subconsciously referring to my map of how a relationship should look. However, my map isn't correct. So I constantly struggle to trust not only my partner but others close to me. I have been possessive and behaved jealously.

Regardless of all the efforts made by my counsellor to convince me not to feel ashamed of my past behaviour I still do. It's a terrible weight and it's one I was struggling with until about a month ago. I was losing my personal battle.

Please be assured I do have a 24hr contact number which I can use in the event of a crisis.

It's important to me that you know I am not a bad person. I have done some things which others looking in on me may feel are bad.

In 2006 I ran up some credit card debts in my partners name. She has been paying extremely small amounts on those for the last 7 years whilst I have been trying to work but really failing quite miserably.

The total amount still owed is about £33K. I have paid some off in 2009-10 when I was managing some work. My ex’s salary will not stretch to paying this off in her lifetime. I would like to know if I should write to the companies and make an offer based upon information I’ve talked about above and my ability to pay.

All I have said is completely true. In January 2011 no matter how hard I tried I couldn’t go on. I was exhausted. I slept for the next three years.

Although I am in work currently it’s in a Freelance capacity and I am not earning good money. It’s a start but I am along way off restoring my career to anything like it was.

I would welcome any advice anyone is willing to give me please.

I do feel I am mentally strong enough to deal with this now. I have only really been in that position in the last month.

Thank you for listening this hasn't been easy

sickasachip13

Hi Nuttymut,

Welcome to the forum. If you spend some time reading through some of the threads on the forum you will quickly realise that you're far from alone. Myself, I made some bad decisions and racked up debt that was manageable until I was made redundant; mine is just one story, as is yours, but there are thousands and thousands of people with debt and each has a different story but there are similarities and these include: overly easy access to credit; redundancy; relationship breakdown; various mental health challenges. In short, don't use this as a stick to beat yourself with - you're doing the right thing in thinking about how to sort it out.

If the debts aren't in your name then this may change some of the options open to you. For me, I went on a debt management plan with Stepchange and we've more than halved our significant debts. I don't know whether this is an option that's viable but I would strongly recommend talking to Stepchange - they are brilliant and completely non-judgemental, are a charity and are free to use. There's also the National Debtline website, which is great and has hundreds of template letters you can use for all sorts of situations.

It may help you to start a thread on the forum, as others with more expertise than me will be able to advise; because your post is on this thread, it will limit the number of people who will pick this up.

All the best,

SAAC x