Making Full & Final Payment Offer?

Esoog

Greetings all,

I won't go into too many details because no doubt people from various debt collection agencies etc read these boards (sneaky !!!!!!s!)

Background info;

My partners ex-husband went bankrupt earlier this year, this instantly had an effect on their joint bank account (which has an o/d of £3k maxed), the bank wrote to her asking for full payment of the account by XX. Obviously she can't just conjure up that money, especially whilst he's off enjoying himself getting drunk and going out (good old facebook stalking) after having all his debts written off.

After speaking to the consumer credit people (or similar charity) they advised her to let the bank run their course of asking for money etc and then eventually make an offer to settle it.

So now the banks in-house collection agency (who have obviously been told off by Ombudsman or such like since their letters now make it clear they are a trading name of the bank!) have started bombarding us with phone calls at home & work. My girlfriend is actually in hospital at the moment so luckily they aren't actually harrassing her, just me! :mad: - I am aware of the templates for telephone harrassment etc btw.

The collection agency (bank) have sent a letter today stating that to avoid further action and costs payment must be sent TODAY. It also says an offer of monthly instalments may be considered too etc. The back of the letter is set out for giving all kinds of info like how much you earn/pay out etc.

I'm keen to get this sorted, especially as she's in hospital and doesn't need the stress. Luckily because of the way her ex has left her with all this crap (incurred mainly by him) her parents are willing to lend her some money. She wants to offer them £1.5k since half of the joint account was hers, (shes not trying to wriggle out of paying, but just not for all of it when hes off scot free)

What's the best way to go about this? Is there a draft letter format somewhere on here to say "look, I can afford £1.5k now up front and thats your lot or you can have £5 a month for the next fifty million years"

Anyone got any experience, I believe its called a full and final offer?

Many thanks for any help, apologies for the rambling nature

Tixy

Hi

Have a look here for a guide and template letter - we recommend you add in a date your offer is valid until (say 2-3weeks).
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Does she know if they have placed a default on her credit file yet? Is she aware that if they do/have this will affect her credit file for the next 6years?

Esoog

No they haven't yet I don't think. Her credit file is screwed anyway thanks to Bankrupt Ex methinks, a cleanup and dissociation run is on the list of things to do. Luckily she doesn't really have any need to apply for any credit in the near future (here's hoping)

Esoog

Anyone got any experience with full & final, do you think they will be likely to accept?

gonzo127

well here is a ROUGH guide on what companies have been known to accept,

please remember some people get lower amounts other have to pay much more than this,

these things depend on so many variables including what side of the bed the person in the company got out off

anyways rough guide is below

Debt still with original creditor NO default = 90% or more
Debt with original creditor but with a default = 75% or more
Debt with 'in house' debt collectors of the original creditor = 60% or more
Debt with external debt collector however still property of original credit = 40% or more
Debt owned(purchased) by external debt collectors = 25% or more

Esoog

Just to update, sent the offer off on 29th may via recorded deliv. (its still showing as being processed for deliv, although another one sent same day was delivered already; I wonder if they refused to sign for it?)

Just had another letter dated 2nd June saying we haven't responded to their original letter (dated 18th May but didnt arrive until 27th, funny that) and we should ring them to discuss the matter so I'm sending them a letter back saying I have responded, here's a copy of my original letter anyway in case you've lost it.

Sarsie

gonzo127 wrote: »

Debt owned(purchased) by external debt collectors = 25% or more

Gonzo you have just made my day/week/month/year/decade even....

Woooo Hoooooo

*Wanders off to punch a hole in a jar and get saving*

gonzo127

Sarsie wrote: »

Gonzo you have just made my day/week/month/year/decade even....

Woooo Hoooooo

*Wanders off to punch a hole in a jar and get saving*

please please please remember that this is just a rough guide on what companies have been known to accept and nothing is garenteed, for example one person on these forums has reported getting a F&F as low as 18% however someone else in a simular situation could only get 45% it really does depends on so many variables

anyways i wish you luck on your offer

Esoog

This letter says failure to contact them TODAY will result in Legal Action being taken against us by their client.


This is only the second letter we've had and er, their client is themselves! Silly bank trying to pretend to be a nasty debt collection agency.

Esoog

Hmm, I've sent two letters now by Recorded Deliv. neither of which have arrived (still showing as being progressed through the system for delivery)

now I'm assuming they've either got them but refused to sign for them, or just ignored them, either way it doesn't help me out much. Although I do have the proof of posting etc so when they say I've ignored their letters I can prove I haven't.

What do you think I should do? Im thinking about sending them both again via Special Delivery as the postman is unlikely to just let them have that without a signature.
I'm certainly not going to talk to these pirates via the phone.

Tixy

Hi esoog

Have you sent them to PO box addresses? I think I am right in saying that these never actually show as signed for. If you can find a real address you could try that instead, otherwise I am not sure.