Full and Final Settlement Letter

Hodgehappy

Thanks Deep in Debt guess them saying 10k is around 45% anyway but like you say it would be nice to try a few % less after all there would be nothing to lose. Just wish I had it as its a steal of a deal, they even offered me to pay it over 6mths too so should I want to pay £500 a mth for the first 5 mths then the final payment being the remaining balance....I have a few weeks left to ponder on it till they said they would assign the full debt over to a Collection agency, hopefully in the future I can negotiate with the DCA on a deal like that (should my luck change!!!)

GeorgeUK

As they may only get between 10%-15% from a DCA, you may be lucky if you write to them again stating the amount you can pay (maybe 30%). That way they are getting it rather than a DCA.

good luck

Hodgehappy

The 23k owed to MBNA has now been offered to me at 40% tonight £9210 and they are to put it in writing to me. Ref what GeorgeUK says above, they said if they could do 30-35% it would have to go to a manager. I have a few wks to think about it (I haven't got the money though unfortunately for me) but they did say if I do only have 30-35% when I do get back to them this will be looked into for me. I think like GeorgeUK said, if they sold it to a DCAgency they would get less so probably are prepared to take what they can. Oh it would be nice if I could pay it but good luck to others if they want to put offers on the table.

LilacPixie

MBNA seem to be offering deals like this to alot of people. I think they may well be in the sticky stuff and are desperatly trying to shift some debt.

Hodgehappy

The 23k owed to MBNA tonight has now been offered to me for £8100 to settle it all, seems they have reduced it a further 1k from 4 wks ago. I am trying to scrape what I can together and had mentioned to them a figure of around 5.5k may be all I might be able to do (seems this could be up for consideration on there part at Director level they tell me?) Nevertheless have asked them to put it all in writing to me just in case. Really want to do all I can to settle it (& at such a good offer) as dont want to have a Debt collection agency on my back & at the full amount which it will go to soon now otherwise!

Victor_jebb

Hi
I wonder some one help meor advised. I wonder whether it is possible to phone the creditors to accept the final settlement or write to them to accept.
MBNA. I am just paying the minimum amount for few months and the rate increased to zero to 27.7%.
I have to surrender one of the life insurance to pay some of the creditors.
Now should I phone to MBNA for a reduced payment or write them and explain the financial difficulties ask for a solution.
or offer 50% off final settlement.
Please advise

GeorgeUK

NEVER do this on the phone. If they agree to it, you have no proof.

Only do this in writing and only send payment after you have received WRITTEN confirmation that it will be a full and final settlement and you will not be liable for the remainder. Partial settlements and short settlements are of little use. Also if it is a joint account, make sure the letter is from both of you.

If you are struggling and finding it difficult to maintain payments, would a new 0% card be of use? Have you tried applying for another or are things just too tight to continue?

I would strongly advise starting a new thread to ask for advice as this is about 16 months old.