Full and final settlements - egg, barclaycard and LLoyds

BigCraigJohn

dice wrote: »

Thanks for your replies - they will probably turn us down on £3,000 on a £9,000 debt but we could probably manage £5,000 with the help of his Dad but it doesnt look as if many people have had any luck with lloyds,although someone I know had a letter off them Xmas time asking if she wanted to settle (it was half her debt).
Unfortunately Ive just tracked Royal Mail as we paid 1st class recorded and it looks as if our letter has been lost in the system so we will have to send another one today. (Royal Mail were most unhelpful I may add!):mad:

Complain in writing and you'll get a book of stamps
Im sure they will of received it, ive had a lot of instances especially with compsnies where they dont sign for things yet they are delivered.

dice

Thanks Barbie Doll

I have passed this info onto my Partner and as we have a lot of direct debits going out he said he would rather wait until they have had his proposal as i re sent it yesterday and await their response first. Fingers crossed

dice

Thanks BigCraigJohn

I have resent it just in case (basically recorded delivery is not worth it, girl in post office even admitted it yesterday, so ive send special delivery letter at a cost of £5.05!!!!!!!!

Also due to Royal Mail not delivering my letter, I think my partner will have to ring them as although we have paid the £5.00 for this month, the payment is due around the 12th of this month and as our mortgage is due to come out on the 15th we are both worried they will take £200.00 out and then therefore not leaving enough in the account to pay the mortgage.

dice

Hi
They rejected the £3,000 which was no surprise - any thoughts as to what we do next please?

bottleofred

Hi Dice,

Did they not make a counteroffer? If not, don't go crazy with the offers and go up in steady increments. For example, they refused £3000 and perhaps you should try offering £3250 to see what happens. They may then make a counteroffer of say £6000 at which point you may offer £3500 for example. DON'T however pay anything until you have received the offer in writing and it includes the words "as full and final settlement in payment of the debt" to ensure they or another DCA cannot come after you later for the remaining balance.

Good luck in getting sorted

dice

bottleofred wrote: »

Hi Dice,

Did they not make a counteroffer? If not, don't go crazy with the offers and go up in steady increments. For example, they refused £3000 and perhaps you should try offering £3250 to see what happens. They may then make a counteroffer of say £6000 at which point you may offer £3500 for example. DON'T however pay anything until you have received the offer in writing and it includes the words "as full and final settlement in payment of the debt" to ensure they or another DCA cannot come after you later for the remaining balance.

Good luck in getting sorted

Hi
My partner rang up tonight and spoke to someone who said he can see on his system that his offer had been rejected and there was a letter on its way and in his experience they settle on 75 to 80 %.
Depending if the letter says anything else, do we then write and ask them for a counter offer or do we just offer a higher amount.

Thanks

mobile48

InDeepDebt wrote: »

I keep on seeing on threads where people say to demand Full and Final. However, surely even that will stay on your credit file for six years - and do potential future creditors just see that you've got a useless credit record and know that with some companies a full and final could likely be a payment of 50%?
Jim

I make it a condition of any full and final settlements that they mark any entry on a credit reference agency file relating to the account as "satisfied" in full.

Goodtimesahead

Unless any of these debts are enforceable, no point in paying them, just tell them to whistle in the wind. Especially if they have already defaulted you! If you are insistant on paying them, make sure you don't get shafted on your credit file where they often leave you with a default amount or a partial settlement which is just as bad, read the unenforceability thread created by NID, gives you all the ammo to do the whole thing yourself and probably save you a shed load of wonga too!

Good luck, never agree anything on the phone, all has to be in writing!

dice

How do i search nid's post please?

mobile48

I found them by searching for unenforceability keyword and selecting search title only - on the advance forum search.