F&F Settlement Offers

LisaLash

Hi,

After my last thread regarding the debt companies turning down every settlement offer I make to them, I got a hold of my credit report and I can see the defaulted amounts on these accounts are much lower than the full balance that they are demanding from me. e.g. Full amount £214, defaulted amount £108...

Can I argue the point that if I offer to settle the defaulted amount on the account then they have to accept this offer as F&F?

I'm so frustrated and fed up with the constant rejections and I'm getting no where with them.

Thanks for the advice in advance!

LisaLash

Any one??? Maybe I haven't made it clear enough...??

Tixy

Hi Lisa

They are entitled to keep adding on charges & interest in accordance with your original agreement if they wish, so it may be perfectly reasonable that the debt is higher than it was at default and you cannot make them accept the default amount. That said you could certainly ask for a breakdown of the balance and check that any charges levied are in accordance with the original agreement..

You cannot make them accept any reduced F&Fs unfortunately. Whether they do will depend on a number of things, including how long they think it will take to recover the whole balance. Some creditors will rarely accept reduced F&Fs.

Once(if) your debts get sold to a third party DCA then they are the ones who are most likely to accept a reduced settlement. Until then you may just need to keep on as you are, or possibly increase your F&F percentage offer.

LisaLash

Hi Tixy,

It is actually the DCA that are chasing me for these debts. I keep hoping that they will accept some sort of reduced settlement figure as it has been dragging on for months now.