F & F Settlement Offers

Miss_Piggy_2

Hello all

I've seen a bit about people offering their creditors f & f settlements. I'm interested in doing this as, if I can save enough money, I could pay off a couple of smaller creditors.

Was wondering though if this is likely to affect your current DMP in any way. Ie will the creditors think you suddenly have money and start chasing you for the full amounts?

My DMP is currently going swimmingly so don't want to mess it up in any way but, on the other hand, would love to be able to pay off debts quicker if I can.

If any of you could let me know about your experiences I would be grateful.:D

Thanks

Miss P
xx

Miss_Piggy_2

Just bumping my own thread in case theres anyone on here tonight who can help.
Cheers
Miss P
xx

Suze4Dan2007

id be interested in knowing this aswell if anyone knows. x

Deep_In_Debt

Hi

This is my experience. I'm on a dmp with CCCS at the moment and managed to clear a couple of my smaller debts through f&f earlier this year.

However, I found it easier when the debts were passed to DCA's. The original creditors would not accept anything less than 70% whilst the DCA's accepted 45% and 55%.

It hasn't jeopardised my dmp at all - just means that my other creditors get more money each month.

Good luck.

Suze4Dan2007

I have a store card with a balance of 300pounds. Do you think if i rang up the DCA they would accept 200pounds to pay off the debt in full? I have no experience with talking to them on the phone. x

Miss_Piggy_2

Suze4Dan2007 wrote: »

I have a store card with a balance of 300pounds. Do you think if i rang up the DCA they would accept 200pounds to pay off the debt in full? I have no experience with talking to them on the phone. x

I think theres a template letter on here somewhere. Its best to have anything agreed in writing. I'm sure someone will locate it for you. Its certainly worth a go though.

Miss P
xx

Deep_In_Debt

Suze4Dan2007 wrote: »

I have a store card with a balance of 300pounds. Do you think if i rang up the DCA they would accept 200pounds to pay off the debt in full? I have no experience with talking to them on the phone. x

Certainly worth a try but a word of caution - have had my fingers burnt with this before.

Do not send any money until you have the offer in writing and that your credit file will be marked as "satisfied" and neither they, nor any associate or 3rd party will chase you for the rest in the future and you are released from any liability. I made the mistake of paying over the phone and got hounded some years later for the remainder of the debt.

National Debtline website has a good letter you could use rather than ringing them. I'd suggest giving that a whirl rather than ring them otherwise they will spout all sorts of stuff about how they can't accept it in F&F etc.

Good luck and let us know how you get on.

catwoman150

Suze4Dan2007 wrote: »

I have a store card with a balance of 300pounds. Do you think if i rang up the DCA they would accept 200pounds to pay off the debt in full? I have no experience with talking to them on the phone. x

I would write to them instead of phoning them so you have a copy of the info that you have sent and always get a letter back from them accepting the offer before you send any payments.


there are some letters on the national debtline

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Suze4Dan2007

thank you very much guys!

Miss_Piggy_2

Thanks everyone....just got to build up some savings to make some offers now!

Deep_In_Debt

Miss_Piggy wrote: »

Thanks everyone....just got to build up some savings to make some offers now!

Amazing how quickly you can. I got a high interest savings account and also saved up all my loose change and £2.00 coins. Within a few months I had over £400 saved plus interest.

Knowing that you can clear some debts this way gets you very motivated. Good luck with it, I'm sure you'll have success very soon.