Not much success with debt managers f and f, need some help!

fieryleo1984

Hi Everyone, i sent a letter to debt managers last week offering them 650.00 as a full and final settlemt forf £1992.52 debt, tehy have written back saying they will only accept £1394.06. I havent got this amount to offer them. Im on maternity leave so money is tight anyways.

They also write that they wont offer it as full and final.

Where do i go from here?

Thanks Emma

fieryleo1984

just bumping as i could do with advice x

DevonGirl

Hi there fieryleo1984

So in other words they will accept 70% and they won't offer it as a Full & Final? You have currently offered the £650 which is approx 32.6%. Are you able to up your offer, or 'meet them half way'?

I recently had F&F offers rejected by HSBC and CitiBank for 60% - when I upped it to 70%, CitiBank accepted AND allowed it as a F&F so it may be worth a try. I think CCCS say not to go ahead unless you get it in writing that it is F&F as you may as well not bother as you could still be liable for the remaining amount, which obviously defeats the point of offering a F&F and being let off the rest.

Do you have another creditor who may accept this amount? Make it clear that this is a one off offer (perhaps given to you by a relative) and if they don't take you up on it, you will offer it to other creditors.

If not (and others may disagree with the Debts vs Savings idea) why not keep the money for the proverbial rainy day - if you have a baby on the way you may need that money soon. I think a lot of it depends if you are in a DMP or not, how many creditors you have etc.

Hope this helps
DG

Tixy

Hi Emma

Sorry you have had no replies

If they have said they won't accept this level then unless you can afford to up it there is probably not much more you can do at the moment.

Are you paying token payments/ DMP payments to them at the moment? You might need to carry on with these for a bit and try again in a few months.
Have you dropped your payments to them since you went on Maternity leave? If not then it would be reasonable to tell them you can't afford your current payment and lower it. Then after a couple of months they may be more open to a F&F.

Oh and the deal is it must be F&F or there is no point you paying it.

fieryleo1984

Thanks for your replys. Im on a dmp and have been for the past 4 years.

I have 4 creditors now

debt managers £1991.52
Cabot financial £196.28
egg loan £828.93
lloyds tsb credit card (they havent stopped there interest and refuse to) £3788.17

Ive tried to offer f an f to egg and lloyds but they will not accept because they havent been sold on. I have reduced my payments becuase being on maternity leave (my dd is 18 weeks now) and it is a struggle..i wrote this when offering the f and f. I basically have £1000 that i have recieved in a will so i want to try and clear things off. Technically i could clear the egg loan and cabot but it would be nice to clear off one of the bigger ones.

Em

fieryleo1984

just bumping again for more advice :-)

fieryleo1984

bumptey bump!

thepedestrian

might be best to tell them if they wont take the £650 you will use it to pay off your 2 smaller ones - and if they refuse , pay off the 2 smaller ones - at least it would cut your creditors down by 50% ( if not the sum owed ! )

gonzo127

i know what you mean about clearing the bigger ones however if you can clear the smaller ones that should free up some more money each month to increase payments to the bigger ones (or save up for a rainy day)

i would probably write off to Cabot and Egg for full and finals probably £100 to Cabot and about £500 to Egg, both offers are above 50% so they might take them, make sure you say that if they do not replay within 14 days thet the offer will be withdrawn and the money offered to another of your creditors (they dont have to know one has already refused)

other than that if all except Lloyds have frozen interest it might just be worth while sticking it in a savings account for a couple of months gaining a small amount of interest and then re-trying with your full and final offers again

DevonGirl

I agree - I'd be tempted to pay off the 2 smaller ones. You can then throw your DMP payment at the remaining two. Speak to you DMP provider (if you're not doing your own plan) if you want reassurance - they're used to people doing this all the time.
Best wishes, DG

riquelme

hi fiery

i too wrote to my creditors re: F & F, ive heard from 1 but not 3 others, im hoping to by the end of this week.
the one i did hear from refused my 35% offer and want close to 70% i have some room for manouevre but will wait until you hear from the others.

some good advice above for you and its been helpful for me too, so thanks