full & final settlement

susieanne

Not sure if any one has read my other post but Lloyds CC have been a pain at accepting my DMP the only creditors to not accept my plan .I sent them an offer for full & final settlement of my account but they refused it ,the offer was quite low so i didnt expect them to accept .
Lloyds now say they will accept half of my balance as full & final settlement .I just wondered do you think this offer is ok ,i dont think im going to get them to come down any more .Wondered what other peoples experiences are of Lloyds when it comes to full & final offers .

homealone_2

susieanne wrote: »

Not sure if any one has read my other post but Lloyds CC have been a pain at accepting my DMP the only creditors to not accept my plan .I sent them an offer for full & final settlement of my account but they refused it ,the offer was quite low so i didnt expect them to accept .
Lloyds now say they will accept half of my balance as full & final settlement .I just wondered do you think this offer is ok ,i dont think im going to get them to come down any more .Wondered what other peoples experiences are of Lloyds when it comes to full & final offers .

hope you wont mind me tagging along on this post but i too am dealing with lloyds cc so any tips would be great. so far i am only 3 months behind, am paying £10 now and then. offered them a f and f a few weeks ago and i also offered them quite a small amount so was expecting them to turn me down, which they did. i was then adviced to sent them a sar request to confirm they actually held a signature from me for agreement. i am still waiting for the outcome of this as they are dragging their feet saying they need to see a signature from me! i have been adviced by some to give and others have said no. am wondering how long it took before the were happy to expect half on a f and f as i would be happy to do this?

GeorgeUK

Susie, this is only okay of they agree in writing that the payment will be a full and final settlement and that you are released from any further liability for the debt (from both them and any other party). You probably won't be able to get it marked on your credit file as satisfied, only partially settled, but this is pretty standard.

Homealone, have you made space in your PM box yet?

susieanne

HOMEALONE - i have been on DMP for 12 months with CCCS but i am considering going it alone .Lloyds CC did accept my plan at first for 6 months and were fine about my DMP but after the six months they wanted me to up my payments .I have sent a request for a CCA its been 17 days now but i have not heard a thing about this from lloyds, so i am going to send the 12+2 letter soon .I only asked for my CCA because im annoyed that they wont accept my plan .I wrote them a letter using the template ones on here my balance is £5000 i offered them £1200 but they wrote back to me saying no so i rang them and offered £1700 but they said they would only accept £2500 and they would write off the other £2500 so they will settle at half my balance .Im not sure yet whether i can get the extra money they said they would give me 4 weeks to get the money .
So in answer to your question its been 12 months hope that helps .

averageguy11

50% reduction seems a gd deal to me....from posts ive read on here MBAN r the only ones who will accept lower...I tried a f/f with Lloyds on a small balance but they wudnt play ball...as regards to my dmp..i hav found lloyds to b the most difficult to deal with.

Mr_Nice_Guy_2

Hi all,

Just tagged onto this thread as it is same as what we have.

Could anybody let me know what Lloyds usually take as F&F on CC's please?

Our situation it due to goto their Debt Recovery Department, who are then supposed to set up a year payment plan, is it too early to be trying to get a good F&F at this stage? Not sure if to pay for a bit then ask?

On the phone they said its usually 80% they want, but maybe because its not at the right stage?

Thanks for any help!

itsalongroad

i think subject to the paperwork you should bite their hand off...

been on DMP with CCCS for 18 months, for the past 6 they have reverted to standard interest which is killing us.....sent off f+f offer of 57% in december, aand got flat decline

phoned up and they said they are quite happy to accept our monthly payments, and when pointed out to them it will take 10yrs = becuase of the interest was simply told a full payment will stop all interest!:mad:

Mr_Nice_Guy_2

Did they start off on frozen interest then?