Full and Final settlement offer?

HannaB

Hi,

We've approached a DCA with an F&F offer on an outstanding debt. They have responded with the below:

"The figure our clients will consider accepting in settlement of the above debt is £850.00 which has to be accompanied by your income and expediture details. Please note that without this information our clients will not be able to consider a settlement offer."

Been thinking of sending them a bank statement which shows all the itemised incomings and outgoings. However, I'm just s bit cautious of the above, as it isn't an ACTUAL acceptance of the offer.

Please can you let me know what you think? Shall I write to them again and if so what do I say?

Thanks

Tixy

Hi Hanna

I've not heard of anyone needing to send I&E details for a F&F settlement before. It sounds a bit strange to me.

The wording on their letter does not sound sufficent for a F&F settlement, it sounds like a way to get you to make a large payment that won't be F&F. How did you approach them originally to do a F&F? by phone or by letter? Compared to the £850 what did you offer? What is the current balance?

I don't think I'd be happy sending them a bank statement. Which DCA are you dealing with? Have you been paying the DCA for a while? Have you done a request for the CCA to check they hold it and its enforceable?

For a F&F offer I would use a letter like this (if you haven't already done so) - http://www.nationaldebtline.co.uk/england_wales/temp/5881_70611.pdf (although I would also add a paragraph to say the offer is only available until X date (say 2 - 3 weeks from the date of the letter to focus their minds)

HannaB

Hi Tixy,

Thanks for the reply. Debt is with Rockwell. Outstanding amount is around £2,800, offered £600, but they came back with £850 (as per the letter). Have been making small payments since 2006 where the debt started out at around £4,200.

I did send the National Debt Line letter template and this was the reply from Rockwell. I thought it sounded a bit iffy too.

I'm not sure what to do next. Shall I write to them again to ask them to confirm that this £850 would be the "Full and Final Settlement"? I don't trust that they aren't trying something on. I guess I was expecting this to be too easy, eh?

GeorgeUK

The only people you are required to provide bank statements to is a court. You could try sending them a SOA instead - it should be quite detailed if you use the SOA calculator.

You are under no obligation to provide the details they have requested, but likewise they are not required to offer a settlement, so it's swings and roundabouts. I would not give them a bank statement though.

You are quite correct that their letter is not an actual offer so it may be better to get confirmation of an offer before sending anyting to them - they may just be looking to see what your expendable income is to try to get more money out of you.

aimingforadebtfreelife

When I have dealt with my F+F's its a standard letter companies seem to be handing out.

Firstly send them an I+E form - remember..... they will never check the details on the form so as long as they are reasonable you can inflate them to show a lesser surplus. They hate seeing SKY TV but you can put in car road tax split over 12 months, car servicing costs.

Add to the form you offer the £850 and to write to confirm this. Good luck

HannaB

Thanks. I've just put together the SOA. Thanks for the heads-up about Sky.

Joys of living in the South, there's no need to inflate the rent figures!

I'll let you know if they come back with anything else.

Many thanks as always.