Full & Final offers, help please

homer_simpson_2

Hi, right, i have been with cccs for about a year now but the amount i owe has actually gone up!! so i decided to swallow my pride, and confess all to good 'ol mum, and she offered to lend me the money to get out of this mess:T

So the mess currently looks like this

HSBC ( now been delt with by Metropolitan collection servs) £17863 exact
Capital one £ 7233 (cccs guesstimate)
RBS £5133 (cccs guesstimate)

Im currently paying cccs £210/month on this

Good old mum has offered to lend me £15000 to pay this off, and from a bit of reaserch on here it appears that debts with collection services dealing with them seem to get away with offers as low as 30% being accepted, so i was thinking offering:-

MCS 40%
Cap 1 50%
RBS 50%

Problem is i spoke to MCS today about another matter and i suggested my intended 40% and i got "no way!!" the minimum they wanted was £14000!!

Sooo, im i being a bit optomistic with these figures?
has anyone made any offers to any of theses companys?
If i make a offer and it is refused, can i make another? or dosent it work that way..
How long is a normal time for a reply after making a offer?

One more thing, slightly on topic, the debt with MCS from HSBC is actually 3 debts, a loan, overdraft, and a flexiloan, funny thing is it has been consolidated into one loan when passed on to MCS, but the account number is one i have never had, so could this be an unenforcable loan? as i have never agreed to it, or signed anything under this account number??:think:

any thought much appreciated

Goodfellas

I owe roughly the same amount with HSBC between three accounts and they have been passed on to MCS. it has been about 6 months I think they have had it but MCS are actually another department within HSBC not another company.

The most discount they are offerring me is 50% and that has taken since MCS have the debt. my overdraft was passed to DG solicitors which I believe is part of HSBC and now gone to another company who has the same address as mcs.

Deep_In_Debt

Nope, start low. DCA's buy the debts for peanuts so they will be making a lot of dosh on what you offer, so keep negotiating.

It's hard work but keep going. One thing you could say is that you've been lent this money purely for paying your debts and that is your final offer which will last for 2 weeks and if they don't accept you will offer it to someone else. They might bite your arm off!

98jdougl

Would suggest at going in offering 30% to all rather than the 40% and 50% as this will give you some wiggle room to negotiate

fatbelly

homer_simpson wrote: »

Good old mum has offered to lend me £15000 to pay this off, and from a bit of reaserch on here it appears that debts with collection services dealing with them seem to get away with offers as low as 30% being accepted, so i was thinking offering:-

MCS 40%
Cap 1 50%
RBS 50%

If you think 30% might be accepted, why are you starting at 40/50%. Why are you offering MCS less than the other two.

Start at maybe 25%, do it in writing and be persistant.

National Debtline factsheet is essential reading but no need to head your letter 'without prejudice'

Factsheet | Full & Final Settlement offers

Goodtimesahead

Yes that's far to high % in these troubled times, if they know you are starting at that level they know you are an amateur, not a pro so they will hold out for amuch higher figure. Remember these DCA buy between 3-17p in the £! Also never say you are paying the money,say a friend maybe able to give me some money to help me out but they ain't giving me much, hence my low offer, its all I got, without their help you would get nothing from me, so at least I'm offering you something.

Also my friend is giving me the money only for Full & Final Settlement deals, not monthly payments plans.

Play hard ball, you will suceed, I know many you have settled for very low % no more that 15-25% max

Also as part of the deal ask them if they are the legal owner of the data, and if they will reset the status payment history to 0000's and remove any default, especailly if you end up paying a higher % They can do that legally if they so wish barter man! & Good Luck!

andys15

Goodtimesahead wrote: »

Yes that's far to high % in these troubled times, if they know you are starting at that level they know you are an amateur, not a pro so they will hold out for amuch higher figure. Remember these DCA buy between 3-17p in the £! Also never say you are paying the money,say a friend maybe able to give me some money to help me out but they ain't giving me much, hence my low offer, its all I got, without their help you would get nothing from me, so at least I'm offering you something.

Also my friend is giving me the money only for Full & Final Settlement deals, not monthly payments plans.

Play hard ball, you will suceed, I know many you have settled for very low % no more that 15-25% max

Also as part of the deal ask them if they are the legal owner of the data, and if they will reset the status payment history to 0000's and remove any default, especailly if you end up paying a higher % They can do that legally if they so wish barter man! & Good Luck!

SO if a company accept a final offer they can also have the fact they were a risk scrubbed off there credit report? Why dont we all just do this. What are the ramifications of going down this line.

workingatit

I think they can only say that it is satisfied on the CRA, don`t think they can remove defaults and reset past payments can they? someone will let you know for sure soon.

Goodtimesahead

They are the legal owner of the data so they can do as they wish. Best if you are trying to reach a settlement to incorporate a deal for them to either remove a default or tidy up the status history, its not against the law for them to do that. May not work with some lenders , depends on who you speak to.

homer_simpson_2

Hi again, thanks for all the post, just a quick update, i have posted letters off today with offers around 33%, i copied the letter stright from NDL website, as seen below!

Me
1 The Road
Townsville
AS1 2CB
03/08/2009

People I Owe Money To
There Office
Somewhere
Over There
HE1 1LO

WITHOUT PREJUDICE

Dear Sir/Madam
Re: Reference No: 1234565

I write with reference to the money which you are claiming on the above account.
I can confirm that I am unable to offer to pay the money which I owe in full due as i have financial difficulties after my employer has now put us on reduced hours, due to shortage of work, with the possiblities of redundency within the next few months, However, I can raise £xxx and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you or any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.
I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.
Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.
I look forward to receiving your reply.
Yours faithfully
Me








What do you think? i wanted to put a bit in stating how i am getting the money,and CCCS reccomend adding a list of creditors, but i couldnt see what difference it would make,
To be honest i dont really hold much hope of any accepting this offer, so if or when i get a "no" letter back i was thinking of having my mum reply stating she is lending me the money, this is all i have to lend, take it or leave it (possibly upping offer to 40%)
Is this a good idea, any thoughts of adding anything else to the letter? i know this has been covered a million times on here, and beleave me i know! i have spent a few nights reading posts before i sent the letters out, but at the end of the day it seems peoples success or lack of it seems to come down to there indivdual surcumstances, ie employed or not, homeowner, status of the paticular debt, i think i seem to fall in the middle, so i guess that gives me a 50/50 chance of success!!

well any comments would be appreciated

Thanks!