Full & final Offer - Barclaycard

Toastie1

Hi, Has anyone ever had a full and final settlement offer agreed with Barclaycard? If so, how much was it agreed for? (%).
Many thanks
T

bottleofred

Hi,

I've never had a f&f settlement with Barclaycard, however, I've settled with other loan companies and credit cards. Typically, it's all about making an offer as low as possible (I usually started around 20%) and they may have come back with a counteroffer of say 60%. I then made another offer of about 25% and this went on until an agreement was reached. Typically for 3k I'd pay 35-50%, but definately no more than 50%! Prior to paying any money, if you reach an agreement with them, make sure you get written confirmation of the agreed amount and don't pay anything until this letter has the words "full and final settlement" to ensure that they or another debt collector can't come after you for more money later down the road.

Pott5y

Hi Toastie,

I am also in negotiations with Barclaycard for a full and final. I have offered them 40% which they have declined but have asked me to call them to discuss a higher settlement. I have not called them (the worst thing you can do) but just sent another letter off saying that is my only offer as the money is coming from my family and if they do not except then I will just carry on with my DMP payments.

So far I have had 2 companies settle at this offer and 7 decline.

In addition to bottleofred's comments you also need to ensure that they or none of their associate companies will chase you for any oustanding monies and that you will be released from all liabilty for the loan/credit card. National debt line have a great template letter. All the clauses are there for a reason so do not send any money until they are accepted. Also make sure all comminication is in writing.

Good luck.

graciebo

barclaycard rang me yesterday and offered me 65% settlement which I could just about manage however they wont put it in writing - the reason - they never do. when i said i couldnt trust them as far as i could throw them they said we are a reputable company and all their calls were recorded!

Pott5y

Why don't you write to them with the NDL letter template wording and put there offer ( or you could try a little less just to be cheeky) and see what happens.

Definately do not accept unless they put it in writing

C_Mababejive

Who pays the other 30/40% that the card holder doesnt pay?

amiehall

C_Mababejive wrote: »

Who pays the other 30/40% that the card holder doesnt pay?

No-one. The company decide that they'd rather have a lump sum towards what is owed rather than take £1 a month for the rest of eternity. The rest is written off.

WRINKLES

C_Mababejive wrote: »

Who pays the other 30/40% that the card holder doesnt pay?

the other 30 or 40% usually made up of charges for late payment , unbelievablly high interest rates, or some other cooked up way of robbing their customers, A well , Se la vie.

nogoodwithmoney11111

It is written off by the CC company as a bad debt - so technically everyone pays in the end through increased interest rates/charges etc to cover the losses, ie make more profits.

To quote a well known TV advert "you've got to have bubbly at the shareholders meetings":rotfl:

C_Mababejive

Truth is,all the charges are in the T&Cs when you sign up. The loss doesnt evaporate. Other people pay for it. There..you see..i knew the answer after all !

WRINKLES

C_Mababejive wrote: »

Truth is,all the charges are in the T&Cs when you sign up. The loss doesnt evaporate. Other people pay for it. There..you see..i knew the answer after all !

What loss , they increase the interest rate when you are having problems so the debt increases , they add charge after charge , the debt is now mostly made up of charges, they write this of as a tax loss, then sell to a DCA thus getting paid twice , i think this could be fraudulent . there you see , i new the answer all along too.