Full and final settlement help thread

Nuttymut

sickasachip13 wrote: »

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

Hi Saac,

Thank you so much for your kind words and your advice. I have read Stepchange's website and also looked at the National Debt Helpline sites to. Following on from what you have said I think I will go down the root of contacting Stepchange and or National Debt Helpline.

I will start a new thread too. Although I do feel very conscious about that. I don't want anyone to think I am trying to avoid my responsibilities. Today it all feels a little more heavy

It's sooo difficult to keep positive in the face of constant bad news and I live in a constant state of anxiety which totally wears me out. I think the upcoming psycotherapy will help me.

I am very grateful you took the time to offer your advice. Thank you

Nuttymut :-)

sickasachip13

Honestly Nuttymut, there are so many of us here that would identify with those feelings of guilt and fearing people would think we're trying to shirk our responsibilities - around here, it's simply not the case. We're here precisely because we're trying to sort things out - just like you :-D

Go on, jump in with a thread of your own!

SAAC

fatbelly

darwins_mum wrote: »

I luv ya Fatbelly :j

Nuttymut wrote: »

Hi Saac,

Thank you so much for your kind words and your advice. I have read Stepchange's website and also looked at the National Debt Helpline sites to. Following on from what you have said I think I will go down the root of contacting Stepchange and or National Debt Helpline.

I will start a new thread too. Although I do feel very conscious about that. I don't want anyone to think I am trying to avoid my responsibilities. Today it all feels a little more heavy

It's sooo difficult to keep positive in the face of constant bad news and I live in a constant state of anxiety which totally wears me out. I think the upcoming psycotherapy will help me.

I am very grateful you took the time to offer your advice. Thank you

Nuttymut :-)

Everyone's nice on this board.

Honest.

lindsloo

Nuttymut.


You're not the only adult with attachment disorder, I also have this, as does my mother and my first born. There is an fb group for those with it and carers, drop me a pm if you would like to know the group name. You can do it, I've been debt free for 6 weeks, the first time in my life since I turned 18 (15 and a half). Wanting to change is half the battle, good luck).

Naf

Hello everyone, just wondering if anyone could have a quick peek at my accounts and see if there's likely to be any point making offers? None of them shows on my credit report any more as they're all so old, and I've been paying them by SO for a few years now.
Halifax, now with Lowell: £267.03 owing, £30pm payments.
Halifax, with Connaught Collections: £448.57 owing, £20pm payments.
Welcome Finance, with MKRR: £2318.05 owing, £20pm payments.
Vanquis, with Ruthbridge: £327.41 owing, not currently acknowledged.

I also owe £332.90 to eOn as my old supplier, paying £30pm.

Are any of these likely to accept offers under £150? And how low might I be able to work the Welcome Finance one down to?
TIA

thewhiteavenger

Naf wrote: »

Hello everyone, just wondering if anyone could have a quick peek at my accounts and see if there's likely to be any point making offers? None of them shows on my credit report any more as they're all so old, and I've been paying them by SO for a few years now.
Halifax, now with Lowell: £267.03 owing, £30pm payments.
Halifax, with Connaught Collections: £448.57 owing, £20pm payments.
Welcome Finance, with MKRR: £2318.05 owing, £20pm payments.
Vanquis, with Ruthbridge: £327.41 owing, not currently acknowledged.

I also owe £332.90 to eOn as my old supplier, paying £30pm.

Are any of these likely to accept offers under £150? And how low might I be able to work the Welcome Finance one down to?
TIA

Try £600 to Welcome?

The others are going to clear in a reasonable time anyway.

B0B

New year, new me, trying to take control and get everything cleared this year if possible. Currently on a StepChange DMP


Halifax CC is £3500 paying £60 currently on 0%
Barclay CC £750 paying £35 currently about 18%
IDEM Capital CC (old Virgin CC) £700 paying £70
Santander Loan (was alliance and Leicester ) £2500 paying £50 currently on 0% (defaulted July 2009)


They are all Pre 2007 debts so going do a CCA to see what I get back. Only loan has defaulted.


My main priority is the Santander one and Halifax. As they are largest amounts, the two smaller ones are not really a concern.


Will they accept F&F if they can produce the CCA ?


Also if I do a F&F to Santander, can I then do a PPI claim ? or should I do that after the CCA but before the F&F ?

irishabroad

Hi, like many of us on here me and my wife ran up stupid debts many years ago and are now in a debt management plan which still owes roughly £48000.
Here is the creditors we owe (all debts have been sold on to collection agency's),what we owe and how much per month we currently pay.

Wescot Credit Services £31,500 paying £245 pm
Blair Oliver Scott £12,800 paying £201 pm
Marlin Finacial Services £2,800 paying £100 pm
Direct Legal Collections £1500 paying £50 pm
Marlin Financial Services (2nd debt) paying £31 pm

We are paying £630 pm in total and not scheduled to have everything paid off until close to 2022!!

We were hoping to try and make a settlement as we can get a lump sum (about £15000) from family but not sure what type of figure to offer or how much of the debts this would clear?

One point worth making is that the Wescot loan that sits at £31,500 was originally a £25,000 loan but with interest included it was sitting at £42,000 when we had to go on the DMP so I'm presuming it would have been sold on at a fraction of the price?

Any advice or experience with similar companies/situations would be welcomed!
P.S An IVA has been investigated but wouldn't be suitable for us.

strawberryblonde

Hi All
Happy New Year to you all

So 2015 is the year that my hubby and I are going to sort our debts once and for all.

We have unsecured debt of almost £64000 and just before Christmas were turned down for an IVA because our largest creditor who we owe £28900 to (mortgage shortfall) rejected it. We have been paying into a DMP at £100 per month for 4 years. Our income recently increased and Payplan calculated that we could pay £215 into an IVA. Our largest creditor felt that they would get more money at this higher amount through a DMP in 3 years than they would via the IVA over 5 years, due to the IVA fees. The only other 2 creditors who voted, voted to accept. The settlement would have been for 12% of our debts.

A family member has offered to help us out by lending us £10,000 to negotiate !!!!!!. Using the National Debtline calculation they would get 15.6% of what we owe which would amount to approx £4500 and this equates to about 4 years of payments via the DMP at the higher rate If we are unable to negotiate !!!!!! then we would have no choice but to go bankrupt and then they would effectively get nothing as we have no assets.

Has anyone had a similar experience or could offer some advice as to the best approach. Payplan suggested that we appraoch our largest creditor first to see if they will settle and then work from there.
Any advice/shared experiences would be gratefully received.

fatbelly

B0B wrote: »

New year, new me, trying to take control and get everything cleared this year if possible. Currently on a StepChange DMP


Halifax CC is £3500 paying £60 currently on 0%
Barclay CC £750 paying £35 currently about 18%
IDEM Capital CC (old Virgin CC) £700 paying £70
Santander Loan (was alliance and Leicester ) £2500 paying £50 currently on 0% (defaulted July 2009)


They are all Pre 2007 debts so going do a CCA to see what I get back. Only loan has defaulted.


My main priority is the Santander one and Halifax. As they are largest amounts, the two smaller ones are not really a concern.


Will they accept F&F if they can produce the CCA ?


Also if I do a F&F to Santander, can I then do a PPI claim ? or should I do that after the CCA but before the F&F ?

If you are still making above the contractual minimum payments on the cards they will not accept an offer. Maybe do a cca on them then post on dfw to say what comes back.

On the Santander loan, you can do a cca request. You can also reclaim ppi. I would suggest doing both before starting f&f discussions.