So disappointed re: F&F settlement

DarkConvict

Given you missed no repayments and have not defaulted most people will not accept less than 90-100% for full settlement of the debt. This should have been explained to you as we all know it on the forums.


I am surprised they have even made an offer of less than 100% for the debt. But do not consider defaulting/missing payments now. Missed payments last 3 years and defaults last 6 years on a credit file. You would be doing significant damage to your file and thus costing you more in the long run trying to lower their settlement offers.

Now you have sold the car, I agree you must not do the spend it on myself because I feel like crap scenario. Its commonly done and right about now that £3300 sounds like your main asset so you need it. Clear the debt that is at the highest APR, so your monthly interest is lower then tackle the 2nd debt.

lollyhop

That's for all the advice! There is no APR on either debt because they were frozxen back 8/9 years ago. I figured Halifax was the best one to pay off first because it is the highest. I am looking at all of this in a much more positive light now and will write to Blair Olier and Scott offering the £2000 for 14 days etc and see if I can negotiate to somewhere between that and the 2600 that they offered. If I have to pay the 2600 then as people have said, at least that's one debt cleared and I can pay the money i save each month in to the other debt and clear it more quickly.

I think after all these years I thought I may finally be rid of this and it was like a big slap in the face when I realised I had longer to go!

*norfolkjim* I did giggle at your suggestion of getting my partner to help me find a car But I apreciate the advice about a car being a depreciating asset which made me feel less foolish about selling it.

lollyhop

Oops 'thanks' for all the advice.

JasX

Won't an F&F offer trash your credit rating anyway?

GeorgeUK

Hi Lollyhop :hello:

Must admit, i was a little confused about exactly the state of your accounts before. Seems clearer now and you have done nothing wrong by offering the F&F amounts.

When you said you have not missed any payments, i thought you meant that the accounts were still with the original creditor and you had not misssed any payments. I understand now that the debts are with a DCA (the default has probably dropped off your credit file now along with the account) and you have not missed any payments to them for probably 8/9 years.

Making a F&F offer will not trash your credit rating unless the accounts are with the original creditor and you have never had a default. To be sure it may be worth checking your credit file to see if the accounts appear there. As i said above, the accounts would drop off 6 years after a default was issued as the account would be classed as closed at that point.

As you are paying a DCA, you can make any offer you want. Just because you have made payments on time in the past does not mean you will always do so - this would be one reason why they may be willing to accept. Inform them that you are willing to offer 2000 but it will only be available for 14 days - if you do not receive written acknowledgement that the amount is accepted and you will be absolved from any further liability, you will offer the money to your other creditors instead.

It might also be worth pointing out to them how long it would take to repay this amount at your current rate (if it's years) and inform them about your reason for wanting it paid off as soon as possible - if you are concerned about cuts being made at work etc.

Sorry if some of the posts seem to be saying slightly different things, but i think quite a few of us thought that these were debts that had never had a payment missed (to the original creditor) and the accounts had not been defaulted.

Can you clarify that my assumptions above are correct?

lollyhop

Thanks so much George, Yes you are right. They are with DCAs, and have been since 8/9 years ago. Thank you so much for all the advice. I am writing the letter now and will include the suggestions you have made.

Slimming-world

lollyhop wrote: »

Thanks so much George, Yes you are right. They are with DCAs, and have been since 8/9 years ago. Thank you so much for all the advice. I am writing the letter now and will include the suggestions you have made.

Hi Lollyhop

I have been look through some old threads and I came across yours, I was wondering how you got on with your F&F offers?

I am only asking as I am hoping to be in position to be able to offer F&F to some of my smaller debts

Hope you dont mind me being nose :rotfl:

Many thanks