Full and final experience with Metropolitan

moneymakestheworldgoround

Hi

Has anyone had an experience with getting a full and final accepted by Metropolitan?

About 1-2 year ago, I advised a friend to offer 45% of his debt with them. This didnt go to plan as their balance was £1000 more than it should have been. HSBC had agreed to refund bank charges the previous year, but the payment had got lost in the system.

This was rectified after much confusion and last week the balance was finally corrected.

Now he would like to offer another full and final. From memory, the minute he started discussing f&fs with them, they became very demanding and it made him ill ! I would suggest 45% again, but from memory they had a percentage they would not go below at all.

Does anyone know what this is from experience?

He has been paying regularly for 3 years, token weekly payments, balance of just over £3k, and it will take 5 years to clear.

Thanks in advance

moneymakestheworldgoround

Hi

He was told today Metro will not accept less than 65% for a full and final.

His balance is £3200 and he pays £12 a week and has done for years. Think he will have the debt for at least another 5 years at current payments.

He offered £1500 as a f&f.

Anyone got any experience of Metro and f&f?

Thanks

GeorgeUK

They're looking for 2,080
He pays 624 a year

It would take him 3 years and 4 months to pay that amount.

Did he make the offer in writing or over the phone?

If he made the offer in writing, he may want to resend his offer pointing out how long it would take him to pay the 2080 let alone the outstanding 3200. He is offering about 2.5 years worth of payments in one lump sum. Although this is just under 50%, i think this is a very good offer.

I have no experience with sending out F&F's but reitterating the offer may be the only thing he can do. I would make it very clear to them what they are turning down though.

thefoolonthehill

i think this is them "bartering" and hoping he will come back with a higher offer. In my opinion an F&F should be a lot lower than 45% (around 20%) this then gives you lots of room for manouver.

I agree with George though. Point out how long it will take to clear and re iterate the offer

moneymakestheworldgoround

They refused the offer today :mad:

Said they will accept £2,000 only.

Think I will get him to write it out as you both suggested and see if he can get them to accept it.

I used to work in debt recovery and our norm was 50%, lower in cases that would take over 3 yrs to pay.

Wonder if the advisers have targets to meet. Might be worth trying to arrange a f&f towards the end of a month ?? Not sure if it works like that though :rolleyes:

We used to have incentive days where we would need to drum up promise to pays, or reschedules, or full and finals, but I know car garages will offer better deals towards the end of a month when they want their bonuses ! Worth a go.

Goodfellas

They agreed 50% in writing with my two debts both around £8,000.

I ignored them for a few months and then went back with my original offers and they accepted them.Dont get me wrong it wasnt without a struggle. Originally I was told they wouldnt accept less than 75%.

Unfortunately I was not able to get all of the money to pay them off and now they have passed to DG Solicitors who are also part of HSBC. I am hoping they will sell it on so I can offer 40% which is the amount I have.

moneymakestheworldgoround

Thanks Goodfellas

Good luck

SuzySu

Will watch this thread with interest too as I am currently in communications with them.