Full and final settlement offers

jimbojones777

Hi all,

I'm looking to make some full and final settlement offers to my creditors and I would really like to know what they are likely to accept?

I currently have a payment plan in place with CCCS but my parents are offering to loan me some money to pay off my creditors.

I currenly owe 7k to Egg, 5k to Natwest and 1k to Barclaycard. I won't be able to get 13k so I was wondering if anyone had some info on what Natwest and Egg are likely to accept. The lower the better.

Thanks in advance,

Jim

GeorgeUK

It will vary between the various creditors, but may also depend on when you defaulted and have been paying the reduced payments. As you have listed the original creditors, you may get 50%-75%, but this may depend on the above.

jimbojones777

I defaulted in Sept 2007 and I have been paying reduced payments since then. Currently I pay Egg = £82, Natwest = £100, Barclaycard = £16. I haven't missed a payment since then so maybe they might be happier with me continuing the current payments?

GeorgeUK

If it has been 3 years, they may look at a settlement. You have nothing to lose by making the offer. If they don't like it, they may come back with a counteroffer. Just make sure you are not agreeing to a partial or short settlement. You need confirmation that it is a full and final settlement and that you will be absolved from any further liability.

brightonman123

i trust you have done the charge reclaim thing first, covered elsewhere on MSE..

best send a letter by recorded del (KEEP A COPY!), asking for lowest figure they would accept, as F/F..

if they call to discuss it, get anything they 'agree' in writing first, before you pay anything!

and for heaens sake, dont mention what ££ you may be able to pay, they may expect the full lot!

mufc689908

I just stopped paying my credit cards.

Wasnt going to use them again and they make big enough profits anyway.

alona1

I spoke to Barclaycard today re my DMP - they 'suggested' offering a full and final of 50%. Good luck. F&F's are proving a pain for me x

king100

jimbojones777 wrote: »

Hi all,

I'm looking to make some full and final settlement offers to my creditors and I would really like to know what they are likely to accept?

I currently have a payment plan in place with CCCS but my parents are offering to loan me some money to pay off my creditors.

I currenly owe 7k to Egg, 5k to Natwest and 1k to Barclaycard. I won't be able to get 13k so I was wondering if anyone had some info on what Natwest and Egg are likely to accept. The lower the better.

Thanks in advance,

Jim

What are these for

credit cards
loans

was agreement pre 2007? Very important.

jimbojones777

The debt to Egg is from a personal loan that I took out in 2007 to
amalgamate a credit card and a smaller loan from them. The Barclaycard is a credit card and taken out late 2006 or early 2007 I believe and the Natwest debt is from 2 overdrafts I had with them. they were opened in 2000 and 2004 but they went into arrears in 2007.

Thanks in advance

jimbojones777

Well, it turns out my debt with Natwest is 3.7k not 5k! I've just spoken to someone in collections and they offered me the option of paying 2k and then they would clear the debt. I did ask how this would show up on my credit file and he said it would be marked as 'partially' settled and I was wondering if this is any good? I would of course get it all in writing, ensure that the remaining debt is not sold on and that the payment clears the debt but would I be better just be better continuing my payments and settling the debt fully? I understand that a 'partial payment' will stay on my record for 6 years.

Broken_hearted

Always offer less than you have, get it in writing as a full and final before paying nothing else. My best deal was £1,000 on a £6,000 debt, the largest debt we had.