Full and Final Settlement Query

richestorags_2

Hi,

I have searched all of the old threads but cannot seem to find the answer so hopefully someone can help me....

I have a couple of old credit cards that I am in the (slow) process of paying off. Due to financial difficulties (am self employed) in the last 6 months or so, I have been late with a few payments with them.....so.......

Do you think that the companies concerned (HFC and Capital One) would accept a full and final settlement if I could offer it to them? I am not on a DMP and don't wish to go onto one but may have some funds coming to me shortly. I just wonder how they view these requests if you aren't on a DMP?

Any help would be appreciated.

stebiz

richestorags wrote: »

Hi,

I have searched all of the old threads but cannot seem to find the answer so hopefully someone can help me....

I have a couple of old credit cards that I am in the (slow) process of paying off. Due to financial difficulties (am self employed) in the last 6 months or so, I have been late with a few payments with them.....so.......

Do you think that the companies concerned (HFC and Capital One) would accept a full and final settlement if I could offer it to them? I am not on a DMP and don't wish to go onto one but may have some funds coming to me shortly. I just wonder how they view these requests if you aren't on a DMP?

Any help would be appreciated.

I have had a f&f accepted by both of these companies. I was not on a DMP but had previously had interest frozen and were paying a token payment each month.

Stebiz

chevalier

I guess the answer is if you don't ask you don't get. Worth stressing that is it a one time offer, ie only this time you will have the funds. Also if you accept the settlement, then get them to agree in writing that it has settled the debt, and that it will be marked settled on your credit file. Otherwise it has been know for debt collection companies to buy the rest of the debt (that the original lender had wiped out), and then chase you for it...
chev

SuzySu

I have a similar query.....I have a small debt of £82 and the DCA concerned have said they will accept £62 in F&F settlement. However, I must write to them asking for a "letter of satisfaction" stating that the debt is now settled and that the OC will write off the remaining £20.

However they have said that my credit file will only show this debt as "partially settled". Is this right? I don't want to jeopardise any future credit for the sake of £20.

richestorags_2

Thank you all very much for your help. I will give it a go using the template on the website.

richestorags_2

I owe - HFC - £2,900 and Capital One - £4,000. Any idea where I should pitch my request in order to maximise my chances without having to pay too much?!