Full & Final Settlement Questions..........

Floating_2

Hi Everyone,

As some of you will know I have successfully made two F&F's with MBNA, since then I have written to my other creditors Mint came back very quickly refusing settlement and stating that full payment will be required. Has anyone had any dealings with them regarding F&F's? I will keep making offers to them, although I know that they don't have to accept a lower offer, I'm just wondering if they have accepted for any of you?

I wrote to HSBC about 6 weeks ago, or at least the advocate collecting the money on their behalf, as yet I have not heard anything back from them and am just wondering if there are any guidelines for the creditors relating to response time. I wouldn't be surprised if there isn't, but it would be good to know.

Many thanks

Floating xx

aimingforadebtfreelife

Full and finals can be hit and miss a lot if the time, heres my advice from once working for a debt collection firm:

Make an offer at the end of the month - reason being is that debt collection agencies have to report at end of each month to their clients what they have collected. If the figures collected that month are down they will accept lower offers to get the ££££s in.

Generally firms wont accept F&F's if the debt is still with them. Once it has defaulted and passed to a debt collection agency that is when you can start to make offers. I have successfully settled for 20% on an Abbey debt of £1840 (£368). Keep sending them a F&F each month. One day they will bite....

suewiththeblues

i am curious how you dealt with mbna? as all i can get so far is a partial settlement thing, and got a notice of default the other day. i have sent them so many letters asking to confirm it is full and final but keep getting the partial settlement offer back

GeorgeUK

Partial settlement is usually all most creditors will put on the credit file for the debt, but as long as they agree that you are not liable for the debt, then you could agree to the payment.

You just need to watch how the letter is worded as i'm sure you're aware. A partial settlement of the debt is no use and you need to make sure that if they agree you are no longer liable for payment, that it is not only to thum but also any other party.

Tricky !!!!!!s them banks.

Floating_2

suewiththeblues wrote: »

i am curious how you dealt with mbna? as all i can get so far is a partial settlement thing, and got a notice of default the other day. i have sent them so many letters asking to confirm it is full and final but keep getting the partial settlement offer back

Hi Sue, here is the link to my other posts regarding this, which include copies of the letters sent to and from MBNA. I hope this is some help to you.

http://forums.moneysavingexpert.com/showthread.html?t=1445479

If you look at post #24 that is word for word what I sent them, to which they agreed in writing. I am away from home at the moment otherwise I would post a copy of their reply, but post #27 gives the jist of it.

Good luck

Floating xx

carlos700

Hi could you tell me when they accept F & F offers do you have to pay that payment all at once or can you spread the amount over say 3 or 6 months ?

Floating_2

Hi Carlos,

On the loan account they gave me until the end of Feb, so approx 4 weeks and on the cc account they gave me until the end of March which was approx 9 weeks. Originally for the cc account they did mention giving me 3 months to pay, but I informed them that if they accepted the offer of 25% they could have it immediately (once I'd received written confirmation of course), but that if they didn't accept, then they would have to give me longer. As my relative could only afford the 25%, and had those funds available.

Hope this helps, good luck.

Floating xx

St0lli

Well done at getting F&F with MBNA!!!:T

I've read your other thread with great interest. MBNA have just refused the amount CCCS have offered as part of my DMP so this information may come in very handy if they will agree to a F&F .... almost there, just need to do a bit more ebaying!

Floating_2

Hi St0lli,

Good luck with MBNA, I was on a DMP for a couple of years before making the F&F offers which I think helped in a way because they knew that I was struggling and was making very reduced payments through the DMP. This also showing them that I was willing to pay what I could afford.

Good luck again.

Floating xx

carlos700

Thanks for your reply thats great well done im dealing with Lloyds so i cant imagine they will accept low settlements .

Just another question - i am not sure what figure to start with i have a £5000 debt , do they tell you what figure they want or do i have to make an offer ? also did you phone them or write

SolicitorMidlands

I phoned for a family member but got it in writing before they made the payment.

i negotiated 40% with Aktiv Kapital and 50% with HFO. I think I could have negotiated lower with HFO but family member was going to pay in full to them anyway so at least I saved them something.

I have used the national debt line website for their standard letter to Barclay card simply because I was on hold for so long but so far, no response.