Full and final settlement success with Next Directory anyone?!

gargrave50

Hi all,

I've decided to get back in the saddle again after taking major control of my finances last year and then letting things slip since starting my new job in October.

Anyway, my outstanding balance with Next Directory is currently £976 and they have been accepting reduced payments of £6.52 per week since Jan 2009 without adding charges or interest. I'm planning on making a F&F but would only be able to afford £500. Has anyone had any success with Next. If so, at what level?

Just wondering whether its worth making the offer or trying to save another bit before making an offer and hoping for the best

gargrave50

The lack of response kind of answers my question then:rotfl::rotfl::rotfl::rotfl::rotfl:

3Dogs

No experience of Next but £500 seems a very good offer for a F&FS - generally start around 40% and then you can up it a bit if they refuse but when you got to a level you feel is your max, make sure you tell them you can't go any higher. They may comeback with their figure after your initial offer, just take it from there. It costs nothing to ask, however, the may start to wonder how you have £500 when you can only afford to pay them £6-odd a week - tell them a relative has offered yout he money to clear this debt
Good luck with it

gargrave50

Thanks 3Dogs thats the plan. The only reason I will be able to come up with the money is that I've been offered 2 x overtime shifts from work and plan to use the money to clear one of my debts. Will of course mention the loan from a relative

Ames

also mention the other debts - that you offer is time limited and if they refuse then you'll offer it to someone else.

gargrave50

Ames wrote: »

also mention the other debts - that you offer is time limited and if they refuse then you'll offer it to someone else.

Thanks Ames thats the plan - have downloaded the template letter in preparation

3Dogs

Let us know how you get on Gargrave - it is always good to follow it through

gargrave50

3Dogs wrote: »

Let us know how you get on Gargrave - it is always good to follow it through

You know me - I love to follow things through - right to the death (of me or them - whichever comes first!!!:rotfl::rotfl:)

My plan is to write to them on Wednesday when I have my lie in

gargrave50

I offered them £270 on a balance of £1100 in December 2009, and they rejected it - shocker. Cross your fingers I have better luck this time. I'm planning on starting at an offer of 30%. Will of course, keep you all informed

gargrave50

Just fired off a F&F settlement offer letter to Next Directory. Current outstanding balance £976 and have offered £300. I have of course put a time limit of 14 days on the offer before it is withdrawn. Will wait and see, and of course let you know if this is accepted or not

gargrave50

Forgot to say - I've included in the template letter that my current arrangement to pay of £6.52 per week will take around 3 years to repay, hoping that this will sway them to accept a lump sum - who knows?!