Full and Final Settlements

EEK!!!

I'm sorry if this has already been asked but;

Does anyone have any good advice regarding Full and Final Settlements. I'm not in a postion to offer any at the moment but am on a mission to save as much as possible in the next 6 months so I may be in a position to do so. Has anyone had any experience on having F&FS accepted and approx what percentages are being accepted etc.

All advice would be appreciated.

Broken_hearted

Most settle for 75% but I would offer 50% to see what they come back with.

1mmaker

most of them all start off very high but if you keep on and on usually you get around 50% Final Settlement,

Best one i ever had was a £1250 overdraft from RBS, it went to a company Called Apex Credit Management.

i ended up clearing that one for £480 by basically just saying i didnt have it and theat i could pay £600,

Thenon the day i was meant to pay i did have the money but i said i only had £500 the guy said he would phone me back.

After a cuppa, i recieve the phone call and they have accepted the £500 for me to think hey why not, i said i had just checked my online banking and i only have £480 avaliable.

I was just taking the !!!!, and trying my luck.

They ended up settling it off for that amount and would recomend going for around %50 mate.

Gav

bobbadog

50% is the norm i reckon. I cleared a defaulted old £600 capital one account with £300.

Saying that, have noticed it's down as 'part settled' on my credit file. Is that right?:(

Broken_hearted

Make sure you get it in writing before you pay.

Karma67

bobbadog wrote:

50% is the norm i reckon. I cleared a defaulted old £600 capital one account with £300.

Saying that, have noticed it's down as 'part settled' on my credit file. Is that right?:(

Yes that is correct i had the same with an old Nationwide account ...made an offer...owed £80 ...they accepted £60 and marked it as partial settlement..if i had known i would have paid the extra £20:mad:

Oh well u live and learn..the default is on my file now til '08

bobbadog

Karma67 wrote:

Yes that is correct i had the same with an old Nationwide account ...made an offer...owed £80 ...they accepted £60 and marked it as partial settlement..if i had known i would have paid the extra £20:mad:

Oh well u live and learn..the default is on my file now til '08

It sucks - i actually cleared over £500 of it anyway, as i was paying £20 here and there when I could in the meantime. Oh well, am attempting to get nasty fees off them anyway, and default removal. They've offered £156 so far, but say I still owe them £160 so it'd come off my 'money owing'. Pfft. xx

1mmaker

Yeah thats tru, OH had £400 to pay to NCo for her capital one account.

She paid £200 after a conversation over the phone which the guy ststed FINAL SETTLEMENT.

She then recieved a letter a few days later saying tahnk you for your paymen and for setting up a payment plan to pay the remainder of your balance.

she went crazy and they said nothing will be done and she would need to pay the rest.

Anyways after a while speaking to CAB, they sent a letter to NCO and now they have accepted the settlement but this was after 3 months and a barrage of more charges.

All happy now though

EEK!!!

All really useful information thank you all very much :-)

Dr.Shoe_2

You must always get it in writing.

When you compose your letter make sure that you state that it is a full and final settlement and that you expect it to be noted as such in your credit file. Enclose a cheque for the offered amount stating that encashment of the enclosed cheque implies acceptance of your offer.

The chances are that they will send the cheque down for banking before reading the letter... LOL.

topsy1973

Go to the National debtline Scottish website - There are sample letters there for all sorts of financial situations.

I was hoping to do the same sort of thing with my CC but was told in an earlier post that if I had not defaulted on any of my debts

So not to sure where I stand....

Sharon