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My first Full & Final offer!
speedycat
Posts: 57 Forumite
Hi everyone
Just looking for a bit of reassurance I s'pose
I've just made my first (of 4) settlement offer to a DCA! It was the proper, without prejudice letter from the national debt helpline website.
The company are Phoenix credit and they were chasing £1500 which is all interest from an old out of use credit card. They offered us £500 to settle in June last year which we couldn't pay at the time.
I've been paying them £30 a month since last June so that's £300. The debt is now £1200 and I have just sent them a settlement offer of £350.
Does that seem reasonable? It's a bit more than 30% I think.
Of course, now my husband has been harrassed by one of them on the phone trying to pressure him into making a settlement over the phone. I've told him, if they phone again to just say he doesn't want to speak to them on the phone, only by letter and hang up.
Just checking I'm doing the right things. Without this brilliant site I wouldn't even be in this position yet I don't think
Just looking for a bit of reassurance I s'pose
I've just made my first (of 4) settlement offer to a DCA! It was the proper, without prejudice letter from the national debt helpline website.
The company are Phoenix credit and they were chasing £1500 which is all interest from an old out of use credit card. They offered us £500 to settle in June last year which we couldn't pay at the time.
I've been paying them £30 a month since last June so that's £300. The debt is now £1200 and I have just sent them a settlement offer of £350.
Does that seem reasonable? It's a bit more than 30% I think.
Of course, now my husband has been harrassed by one of them on the phone trying to pressure him into making a settlement over the phone. I've told him, if they phone again to just say he doesn't want to speak to them on the phone, only by letter and hang up.
Just checking I'm doing the right things. Without this brilliant site I wouldn't even be in this position yet I don't think
Debt Free Day - November 1st 2011 - would be a fantastic Christmas that year ((Fingers crossed I can do it)):D
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A
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Comments
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Just wanted to say well done for taking the step to offer them a settlement figure. Not sure of how reasonable it is or not (sounds ok to me) but you can only ask
Good luck, I hope they agree - if they try to haggle more out of you, just haggle back? It is interest afterall, and from there point of view, some money is better than no money.
Best wishes,
Az0 -
Your just going to have to wait and see, it will depend on how they see you internally as your ability to repay, current business strategy is get cash in short or long term, how much did they pay for the debt is £350 + £300 going to turn a profit.
If they give you a counter offer, counter them back.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
ok. Thanks for that.
It felt right to offer £350 seeing as they offered us £500 to settle 10 months ago and we've paid them £300 in that time.
If they refuse or ask for more then we'll just have to go back to £30 a month as I don't have anymore for them!Debt Free Day - November 1st 2011 - would be a fantastic Christmas that year ((Fingers crossed I can do it)):D
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A0 -
It's actually a bit less. But it is in the right ball park.
Oh yeah! :rotfl:
Well - here's hoping Debt Free Day - November 1st 2011 - would be a fantastic Christmas that year ((Fingers crossed I can do it)):D
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A0 -
so they said they would only accept £1100!
I got into a telephone conversation with them so it's my fault I guess.
So what they've done is refused our offer and reset our £30 a month repayment up for another 12 months.
I feel a bit stoopid
Debt Free Day - November 1st 2011 - would be a fantastic Christmas that year ((Fingers crossed I can do it)):D
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A0 -
so they said they would only accept £1100!
I got into a telephone conversation with them so it's my fault I guess.
So what they've done is refused our offer and reset our £30 a month repayment up for another 12 months.
I feel a bit stoopid
Speedycat, you win some you lose some, no need to feel stupid - as I said before, you can only ask. For all you know they may contact you further down the line with a settlement, then you can haggle all you like
Chin up
Az0 -
Give it another 3-6 months and try again,Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Thanks guys.
They said something about the fact that because we've been really good in paying them every month then they couldn't accept such a low offer ??
Which has worried me a bit because I have 2 other debts that we've been 'really good' at paying each month. One with Roxburghe of £850 currently repaying at £30 a month which I was going to offer £300 to and a £5600 debt with 1st credit currently paying £100 a month to which I was going to offer £2000.
I really want these gone but that is all the money I have at the mo.
Haven't offered the other 2 yet.Debt Free Day - November 1st 2011 - would be a fantastic Christmas that year ((Fingers crossed I can do it)):D
If we all stood together and threw our problems up in the air - we would rather catch our own again than somebody elses :A0 -
Yes, F&F offers are made on the basis of debt size, how much they paid for it, how long it will take for you to pay it back, odds of you paying it all back, etc.
Good payers won't get discounts Reason been it is business sense dont cut your losses if you dont need to Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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