Full & final settlement %

brainfreeze

Hi everyone

Long time - no post:o but I have been quietly hammering away at our debts - which were about £65k at our LBM on 7th April 2007 and are currently about £53k.

I am just writing to make F&F offers to clear our credit cards.

Does anyone have any experience of offering settlement figures and (most importantly) what sort of percentage they are likely to accept. We are going to offer 68% as we have been left £30k (mentioned it on here a few months ago but the money has finally come through now and I am itching to clear things). We've got the figure of 68% using the pro rata calculator given of the national debtline webpage (total owed is £44.2k x 68% = £30k)

I don't hold out much hope of them accepting as we have been meeting payments (just) on all of them (6:eek:) except one - but I can only try. If not at least this will clear a fair whack of the debts.

So....do you think a 68% offer sounds reasonable

I will update my SOA and signature asap.

LilacPixie

To be honest I think you will struggle to get them to accept a F&F if you are up to date with payments.

I would however advise that you offer something around the 30% mark first and see what they say. You might strike lucky and someone will counter offer at less than the 68%.

stebiz

LilacPixie wrote: »

To be honest I think you will struggle to get them to accept a F&F if you are up to date with payments.

I would however advise that you offer something around the 30% mark first and see what they say. You might strike lucky and someone will counter offer at less than the 68%.

Yes sounds wrong but I've had a f&f as low as 15%. This is after ignoring all phone calls. Returning letters and basically making a complete nuisance of myself. Not suggesting you do this but if you are upto date then it may not be in their interest.

Stebiz

brainfreeze

Hi

Thanks for that. I agree we are unlikely to get them to accept.

My friend suggested we put the money aside in my mum's account for a few months and missed the payments and then they are more likely to accept but I couldn't stomach the phone calls, letters and stress that would bring. I would rather plod away and keep paying them.

Still if only one accepts it will be worth it. I don't know if i would have the b*lls to offer 30% though....will think about that one.

stebiz

brainfreeze wrote: »

Hi

Thanks for that. I agree we are unlikely to get them to accept.

My friend suggested we put the money aside in my mum's account for a few months and missed the payments and then they are more likely to accept but I couldn't stomach the phone calls, letters and stress that would bring. I would rather plod away and keep paying them.

Still if only one accepts it will be worth it. I don't know if i would have the b*lls to offer 30% though....will think about that one.

Have you tried asking the copies of the CCA's.?

Stebiz

brainfreeze

stebiz wrote: »

Have you tried asking the copies of the CCA's.?

Stebiz

What are CCAs and why would I want (need?) them? Sorry if this is a thickie type question but it's late and brain is frozen (often happens - hence the user ID)

stebiz

brainfreeze wrote: »

What are CCAs and why would I want (need?) them? Sorry if this is a thickie type question but it's late and brain is frozen (often happens - hence the user ID)

Consumer Credit Agreement.

If the creditor does not have a copy of your consumer credit agreement they can't pursue the debt. Even a court cannot award a judgement under the consumer credit act. It will cost you a £1 to each creditor to find out.

At one stage I had 12 credit cards. 5 were paid off in 2000 with no more than 35% f&f. Out of the other 7. Five could not find a copy of the credit agreement and one did not have the prescribed terms. I spent days and days reading up on it. One of the judges praised me on my knowledge. All 6 are unenforceable by law.

Stebiz