Full and final settlement help thread

happy_bunny_2

mrsdiy wrote: »

Hi wondered if anyone has managed to get moorcroft and wescot to agree to a reduced settlement?ive sent them both a letter today hoping they will agree to full and final settlement. offered £800 for a £3000 balance which i know is alot less but thought if dont ask dont get.any tips or info would be great

Sounds a bit low unless there are unenforceable issues or you have no reasonable chance of paying it off due to limited income.

dipsy

sorry if this has all been asked before :-(

Natwest have accepted 30% (loan and overdraft)
MBNA 20% (Credit card)
and Postoffice 30% (Creditcard)

Natwest have confirmed it is F&FS, in writing and that my credit file will say partially settled and £0.00


I am awaiting the letter from MBNA

Post Office (Bank of Ireland) say they will accept the payment and they will not pursue me for the balance, I am a little confused with that, I have asked them to confirm it will be partially settled with zero balance

What am I missing, want to make sure my credit is restored on the way

The payments are coming via my parents as I read this protects you through a 3rd party is that correct|?

thanks

sourcrates

dipsy wrote: »

Post Office (Bank of Ireland) say they will accept the payment and they will not pursue me for the balance, I am a little confused with that, I have asked them to confirm it will be partially settled with zero balance

Hi,
They are just referring to the fact that as you are settling the account, for less than the amount outstanding, they, or there agents, will not pursue you for the difference between what you settle for, and the amount outstanding on the account.

That portion of the debt should now be written off.

The account should show as partially settled, and a balance of 0.00.

Cant help with your last question, have not heard of evidence either way.

dipsy

Hi thanks

they are saying they won't pursue me for the remaining amount but the difference between the balance and the F&FS will remain on my account....

Surely that can't be right, it is obvious I didn't pay the whole amount as it will say PS (partially settled), but I thought the balance would then go to zero and the account closed?

sourcrates

dipsy wrote: »

Hi thanks

they are saying they won't pursue me for the remaining amount but the difference between the balance and the F&FS will remain on my account....

Surely that can't be right, it is obvious I didn't pay the whole amount as it will say PS (partially settled), but I thought the balance would then go to zero and the account closed?

I think the person that wrote that letter needs to go back to school.

Its either settled with zero balance, or it isn't,

there is no in-between.

I would not pay anything until you get it in writing, that the balance of the account will show as zero, as they could still, potentially, sell that remaining balance on to a DCA.

City1

Hi,
I am looking to send some f and f letters in the next few days. Specifically on a few debts that are no more than £90 each, currently I am paying £1.00 to these, what do people think would be a realistic offer they may accept.

Cheers

B0B

Any experience of a F&F with alliance and Leicester\Santander UK


Its on a DMP paying £49 a month, with £2000 left. (Being on DMP for just under 7 years) and £500 arreras ?


It defaulted in September 2009 so falls of my file soon.


Is it with offering say £500 and see what they come back with ? Already tried the CCA route.

sourcrates

B0B wrote: »

Any experience of a F&F with alliance and Leicester\Santander UK


Its on a DMP paying £49 a month, with £2000 left. (Being on DMP for just under 7 years) and £500 arreras ?


It defaulted in September 2009 so falls of my file soon.


Is it with offering say £500 and see what they come back with ? Already tried the CCA route.

It may be worth a try, but if the debt is still with the original creditor, it's unlikley they will settle for such a low offer, especially as you appear to have tried the CCA route, with no success.

But if you don't ask, you don't get.

sourcrates

City1 wrote: »

Hi,
I am looking to send some f and f letters in the next few days. Specifically on a few debts that are no more than £90 each, currently I am paying £1.00 to these, what do people think would be a realistic offer they may accept.

Cheers

Start at £30 and see what they come back to you with.

dipsy

This is from Post office:

Thank you for your email.

If you make the payment to partially settle your account your credit file will update as follows.

Where it reads the “Current Balance” on your credit file this will be marked as PS, there will be no figure here. It will not show a balance.

Your credit file will show the default date and the balance on this date.

It will show a breakdown of the last twelve months payments/balance’s. When the partial settlement is paid this space will be left blank.

It will not give that months balance but it does still show the previous 12 months. It does not update as 0.00. It is a blank space. All lenders who view your credit file will be aware this was partially settled and we will not pursue you for the remaining debt.



Hopefully this clears up the confusion.


Is this ok. or am I leaving myself vulnerable?

thanks