Full and Final

gems3286

Hi All,

Needing a little help with Full and Finals.

I am being lent some money from my family to help me clear my debts. I have sent letter to all my debt companys that i owe and only 1 of them has come back and agreed.

Thing is i have sent 2 letters to each of the following companys (all record del) Barclaycard, Natwest and Capital One and i have not had a response back to my letters at all.
I did but in the second letter that they had 14 days to get back to me or i would offer the money to other debt companys.
Now the 14 days is nearly up and i was wondering what the next step should be for me to do?

Any help would be great.

Gem

Arfhurdaly

Write back to them and reiterate your offer(s)

Who did you get accepted with and what % of the debt?

milliemonster

Have you been meeting the minimum payments on these debts? have any of your creditors issue defaults yet and are all the debts still with the original creditors or have some been passed on?

If you have been meeting your payments, you will probably find that your creditors will not respond to a F&F request as there is no incentive for them to do so, usually they will only accept once you have missed a few payments and start defaulting.

If you have been missing regular payments, then yes I would send the letter again, if you don't get anywhere, continue to pay what you can afford, you will probably find at some stage they will sell your debt on and you will then be able to negotiate a F&F more easily

gems3286

I got an offer excepted at 30% with the orignal debt company which didn't think was to bad.

I was wondering wether to ring the companys and try and get a full and final figure on the phone.

milliemonster

gems3286 wrote: »

I got an offer excepted at 30% with the orignal debt company which didn't think was to bad.

I was wondering wether to ring the companys and try and get a full and final figure on the phone.

They won't agree to it over the phone I wouldn't have thought (unless they have called you to suggest it, even then it would more likely be a partial settlement offer rather than a F&F), also you need it in wiritn from them that it is without prejudice and a F&F settlement that they will not pursue you for any more

gems3286

milliemonster wrote: »

Have you been meeting the minimum payments on these debts? have any of your creditors issue defaults yet and are all the debts still with the original creditors or have some been passed on?

If you have been meeting your payments, you will probably find that your creditors will not respond to a F&F request as there is no incentive for them to do so, usually they will only accept once you have missed a few payments and start defaulting.

If you have been missing regular payments, then yes I would send the letter again, if you don't get anywhere, continue to pay what you can afford, you will probably find at some stage they will sell your debt on and you will then be able to negotiate a F&F more easily

I have been in a DMP Plan to last three years so only been making the payments what i can afford through them.

The capital one has been defaulted not sure on the natwest one i think that has as well. I know that the barclaycard debt is still with them. I did give barclaycard a call on saturday and the bloke i spoke to on the phone said barclaycard don't do full and finals.

Tixy

Gems

Have you seen this post http://forums.moneysavingexpert.com/showpost.html?p=30824139&postcount=15 from yesterday? evidently someone has managed to get BC to accept a F&F., so wouldn't pay too much attention to the person you spoke to, usually the people you spoke to are just minions who have no idea or authority to discuss deals like F&Fs.

Sometimes creditors/DCAs just are not interested in F&Fs so ignore any offers. How long will it take to pay off these debts at your current payment rate?

You could try again in a few months, or you could try upping your offers.

If you gave them 14days I would be tempted to wait for at least 21 before you make any further move (or higher offer) just in case they are late in responding and you miss out on an acceptance.

gems3286

Tixy wrote: »

Gems

Have you seen this post http://forums.moneysavingexpert.com/showpost.html?p=30824139&postcount=15 from yesterday? evidently someone has managed to get BC to accept a F&F., so wouldn't pay too much attention to the person you spoke to, usually the people you spoke to are just minions who have no idea or authority to discuss deals like F&Fs.

Sometimes creditors/DCAs just are not interested in F&Fs so ignore any offers. How long will it take to pay off these debts at your current payment rate?

You could try again in a few months, or you could try upping your offers.

If you gave them 14days I would be tempted to wait for at least 21 before you make any further move (or higher offer) just in case they are late in responding and you miss out on an acceptance.

At my current payment rate i'm looking at least 8 years. But i have just found out as well that i could be losing my job at the end of the month and i'm only a temp therefore i will get no pay out if i lose it. So therefore wanting to offer this money that i am being lent to pay these people off.
And i can't up my offers as this is all i have got what i am already offering them.

Gem

Tixy

Did you actually tell them you were losing your job Gem (sorry to hear that by the way).

If you don't get any response you may find you get further if you wait until you have no income, then write to offer £1 token payments and say that you are not currently working.

Then a couple of weeks later try the F&Fs again. Its a pain if you have to take this longwinded route but you may have a bit more success this way.

Have you looked at whether any of the debts could be unenforcable?

gems3286

No i didn't tell them i might be losing my job as i only found out that i might be happing last week. I might to do the £1 token if i ldo ose my job.

Thing is with having this money now i just really wanted to try and get it all sorted incase i do lose my job.

Yeah looked to see if they are unenforcable but they are so no go there.

gem