F&F offers – who's likely to say yes?

topbadger

DH is in a position to make F&F offers. Does anyone have any ideas which of these companies might say yes, and any ideas of the % they might accept?

Barclays, Barclaycard, Creation, Link Financial (MBNA credit card), Moorcroft (Egg card), Blair Oliver & Scott (Halifax credit card), Lombard credit card, Fenwicks storecard.

Any info would be much appreciated!

topbadger

Shameless bump...

Anyone?

fairydiamond

Moorcroft accepted a F+F offer for my partner's old catalogue. They knocked £200 off the balance, which was only £600 so quite a large saving. I was prepared to pay the whole amount, so I was very happy.

Paulgonnabedebtfree

topbadger wrote: »

DH is in a position to make F&F offers. Does anyone have any ideas which of these companies might say yes, and any ideas of the % they might accept?

Barclays, Barclaycard, Creation, Link Financial (MBNA credit card), Moorcroft (Egg card), Blair Oliver & Scott (Halifax credit card), Lombard credit card, Fenwicks storecard.

Any info would be much appreciated!

I only know what I've read on here about these matters. The general opinion seems to be that companies that have bought debts from other companies are usually more open to talking a deal. This is because they have bought the debts for a fraction of their actual values so can settle up lowish and still turn a profit.
It's important to get the F & F part in writing and that they won't pursue the remainder of the debt or have anyone else pursue it for them.
However, as I say, I've no personal experience of this so not the best person to respond to this.
Maybe phone them up and ask what, in theory (of course), they would settle for?
I've read that some settle around a third of the debt. Maybe offer 20% and see what happens as this stuff is supposed to be negotiable.

Deep_In_Debt

BOS were pants for F&F on my Sainsburys. They would only accept 70% and partial settlement. I told them I'd offer the money to someone else. Hopefully BOS will come back with a better offer but I doubt it.

It's generally best to wait until the debts are sold on to DCA's as they buy debts for pennies in the £ and are easier to negotiate with. Start low 20% and see what happens. It has been known for a DCA to accept a low offer especially if they have no CCA.

National Debtline has a very good template letter for you to use - make sure you get the offer in writing before paying any money.

fatbelly

You can only try it and see.

MBNA are pretty good if they still own the debt. I've seen a couple of good deals from Barclays (22% sticks in my mind).

Good advice above - start low cos you can always go up.

And if their position is contestable in court (e.g. no cca) then you are likely to get a better deal.