Credit Card settlement discounts

costaerer

i am trying to negotiate full and final settlements on my cc at the moment.

lloyds and barclaycard have accepted 70%
vanquis 50%
capital one 60%
and halifax supposedly dont accept f&f.

just call them and ask them, then get them to send it in writing that its full and final etc etc etc....

Ivor_Nowt_09

Hi Costaerer
Thanks for your info, I have yet to hear from both Barclaycard and Lloyds with regards to my initial offer (52%) so interesting to hear you say that they accepted 70%. Didi you need to call anybody particular at the CC companies or just a standard customer service agent? - how long did it take them to offer this amount?
thanks again

never-in-doubt

Hi

Sorry to but in but whatever you do DO NOT RING you must get these things in writing. Verbal means nothing...... writing is proof. But before just making an offer, you ought to insist that they remove all trace of account from CRA's as part of the deal, certainly removal of any late payment markers and or defaults.

I'd be looking to offer a minimum of 50% threatening that as a full and final settlement mentioning that your next move will be to utilise those funds to pay for bankruptcy in which case they will receive nothing. They will struggle to CCj you cos the courts will look at the offer and may overrule any CCj petition. Anyway, its worth haggling but you can only actually do this when the account is in arrears - best to do it when it's gone to the DCA as they will accept as little as 10p to the pound!

I'd consider using a text similar to this so you both know where you stand: Obviously delete/amend the bullets as you see fit.....





To confirm, I am more than happy to make an immediate payment of £XX.XX as full and final settlement of the account in exchange for total account closure with your agreement and, subsequently ensuring, that the following actions will be carried out;

• The Default Notice will be removed
• The Status of the account will change from “Defaulted” to “Settled”
• The Current Balance will appear as £0.00
• The Default / Delinquent Balance will be set to £0.00
• There will be no date in the “Defaulted Date” field (as it will be removed)
• There will be no date in the “Date Last Delinquent” field on the report
• This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

never-in-doubt

costaerer wrote: »

i am trying to negotiate full and final settlements on my cc at the moment.

lloyds and barclaycard have accepted 70%
vanquis 50%
capital one 60%
and halifax supposedly dont accept f&f.

just call them and ask them, then get them to send it in writing that its full and final etc etc etc....

Mate Lloyds & Barclays will - thats an amazing offer! I'd have been prone to go as far as 50% before defaulting then offering the DCA a 30% F&F with removal of default as part of the deal - they'd jump at the chance.... remember a DCA buys debt for as little as £4 in every £100 so you can see why paying a third would be amazing for them!

As for Halifax, then let it default and argue with BOS (blair oliver and skank) who will accept a smaller offer than 70%! If you've not paid the other 2 yet then you know what i'd do......

costaerer

i called them all and if i was speaking to dca they pressured me into paying then and there and then they would send in writing. i was very adament i wasnt doing that and so ive made them write to me and then i will pay. still waiting for some of the letters.

btw, capital one basically accepted 80% but i dont think i will proceed with that one as i think they can reduce the amount abit.


also im considering not doing f&f anymore at all and just waiting to see if i can reclaim any charges back!?

never-in-doubt

costaerer wrote: »

i called them all and if i was speaking to dca they pressured me into paying then and there and then they would send in writing. i was very adament i wasnt doing that and so ive made them write to me and then i will pay. still waiting for some of the letters.

btw, capital one basically accepted 80% but i dont think i will proceed with that one as i think they can reduce the amount abit.


also im considering not doing f&f anymore at all and just waiting to see if i can reclaim any charges back!?

Right, what i'd be doing (only my advice) from here would be to write to all four and revoke any previous offers made due to your formally placing the account into dispute whilst you seek redress for unlawful charges.

There is a risk (shouldn't happen but it does unfortunately) that the account will get defaulted but so long as you send account in dispute letter and a CCA request (do the whole letter as one) they cannot put a default on or chase you for repayment. This buys you some time until they default you at which point you can negotiate with the DCA's who will accept a lot less...... Plus assuming they did default you whilst the account was in dispute they'd have to remove it as it'd been placed unlawfully.... the CRA would even remove it if you could prove account was in disputewhen it was added....

Loads of scenarios but you can only do what you think is right for you but whetever you decide, you must make sure before paying a penny that you have a letter confirming no derogatory info will be recorded against you. They will trick you into saying we'll mark the account as settled - yea that's good but a settled default is as bad as an unpaid default so you have to get it right!

costaerer

ive already sent the letters about the charges on my accounts, and i sent them to the cc companies not the dca!

costaerer

oh and just to add im doing a dmp atm!!! its all a bit confusing, im trying to do a million things at once....

i think i will write to all creditors saying i am withdrawing my offer of f&f, i wont be paying it and i will be going forward with a dmp whilst i am awaiting a list of my charges and trying to claim them???!!!

never-in-doubt

costaerer wrote: »

oh and just to add im doing a dmp atm!!! its all a bit confusing, im trying to do a million things at once....

i think i will write to all creditors saying i am withdrawing my offer of f&f, i wont be paying it and i will be going forward with a dmp whilst i am awaiting a list of my charges and trying to claim them???!!!

fair point do that - seems a good way forward to start with..... good luck, keep us posted. :beer:

costaerer

do u think i should send the letters to the dca and creditors??