No Response to Full and Final Settlement Offers

winner12

In that case you could try again in about 3 months time bearing in mind the interest added will be knocked off with a F&F anyway little steps is your best bet if you go in too high they will sit it out

TheLostSheep

Thanks Winner - I have a reply actually drafted, that is basically the same letter as before with a couple of amended paragraphs. The debt is £2570 now. I was to offer them £1100.

Pott5y

That is just a standard fob off reply from Barclaycard. Have you defaulted or missed any payments with them.

As previously said it may well be worth waiting a while before going in with a higher offer.

Re-offer the same amount first. If you push the offer up too quickly it gives the impression you have more to give still.

Don't forget you are trying to tell them you have no money to give ;)

TheLostSheep

I've had about two missed payments in the past 18 months.

Would you advise offering the same amount then? I had thought a marginal increase would show negotiation on my part.

Pott5y

I would just try the same amount.

But

I think you may really struggle to get them to settle any lower than about 75% if you have only missed 2 payments in 18 months. In their eyes you will not be too much of a risk at present as you are making minimum payments. Full and finals only normally work when you have continuely made lower than minimum payments and the creditor has marked a default against your account.

TheLostSheep

I'll weigh up what you have said.

On one hand offering a slightly higher amount by £200 or so gets nearer to the outstanding balance but that may see them just keep trying to get more. Such a response may be best to wait for a few months.

A quicker response where I reiterate that £790 is my best offer is what I think I'll do.

TheLostSheep

I wrote back to Barclaycard with identical offer. Further stressing my circumstances.

Lloyds TSb are being a bit of a nightmare. No reply from my letter. Tried to contact them twice yesterday by phone but straight through to Indian call centre who gave conflicting information as usual. I've sent off another Full and Final offer to another address. I'll paste in the addresses I was advised in a moment.

ILW

Why would they accept a reduced settlement if you are keeping up payments, what is in it for them?

TheLostSheep

ILW wrote: »

Why would they accept a reduced settlement if you are keeping up payments, what is in it for them?

Where do I start:

-I've been advised by Lloyds TSB to make an offer
-Account is with collections
-Account is in a repayment plan citing financial difficulties
-A couple of previous defaults/late payments
-I have had to complain on two occassions about the running off the account
- I am out of work so situation may worsen. Offer of settlement now better than further problems down the line.

Just a few ideas there.

ILW

cg81 wrote: »

Where do I start:

-I've been advised by Lloyds TSB to make an offer
-Account is with collections
-Account is in a repayment plan citing financial difficulties
-A couple of previous defaults/late payments
-I have had to complain on two occassions about the running off the account
- I am out of work so situation may worsen. Offer of settlement now better than further problems down the line.

Just a few ideas there.

Did you tell them all that when you offered the settlement?