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Full and Final Settlements
Jono2375
Posts: 3 Newbie
in Credit cards
Hi Everyone
I have a question relating to full and final settlements.
I am currently in 17k worth of debt and my outgoings exceed my income by quite a bit. I have spoken to all my creditors and provided them with an income and expenditure, some credit card companies have been most helpful and agreed a very low payment and a nominal 1% interest rate, whilst others have said they can't work within my budget and referred me to payplan.
My question is that now all my creditors know my financial situation as I supplied my income and expenditure and some are in payment plans, can I start approaching them for F&F offers ? My mum is giving me some cash to do this but it will only work if they accept 50% or less. I have seen a lot on here about the accounts having to be in arrears with defualts etc. I am not currently in arrears as god knows I have managed to keep above water, but they know my sitaution and with overtime ceasing etc my financial circumstances are likely not to imoprove. Should I write to them now with an offer or wait until I am in arreas or the debt is sold off ? I just want it sorted and my mum can't offer this money forever. FYI - some debts are older than 3 years and some are around 1 and some 2 years. The sainsbutys debt is the oldesta nd they can't even find the cca, but I have started a new thread for that.
Any help , successes on this would be really appreciated.
Many thanks
Jono
I have a question relating to full and final settlements.
I am currently in 17k worth of debt and my outgoings exceed my income by quite a bit. I have spoken to all my creditors and provided them with an income and expenditure, some credit card companies have been most helpful and agreed a very low payment and a nominal 1% interest rate, whilst others have said they can't work within my budget and referred me to payplan.
My question is that now all my creditors know my financial situation as I supplied my income and expenditure and some are in payment plans, can I start approaching them for F&F offers ? My mum is giving me some cash to do this but it will only work if they accept 50% or less. I have seen a lot on here about the accounts having to be in arrears with defualts etc. I am not currently in arrears as god knows I have managed to keep above water, but they know my sitaution and with overtime ceasing etc my financial circumstances are likely not to imoprove. Should I write to them now with an offer or wait until I am in arreas or the debt is sold off ? I just want it sorted and my mum can't offer this money forever. FYI - some debts are older than 3 years and some are around 1 and some 2 years. The sainsbutys debt is the oldesta nd they can't even find the cca, but I have started a new thread for that.
Any help , successes on this would be really appreciated.
Many thanks
Jono
0
Comments
-
F&F will only be accepted by companies if you have been delinquent in your payments and have defaulted. As a result your credit will be trashed for 6 years0
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Thank you for your response but can I ask on what basis this advise is given ? Personal circumstances, why would it be trashed for 6 years ? I thought they quoted satisfied on your credit record rather than settled, is it that what trashes it for 6 years ? I only ask this as I want constructive advise/suggestions, your response was quite dampening, and could do with expanding upon.
Thanks0 -
Still 6 years. A satisfied default is as good as a open default0
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