Full & final settlement - any experience of these people?

Helen302

Hi,

I'm with Payplan and just queried them about making a full and final settlement early next year (list below with agency/original creditor). Payplan said to expect to pay about 80% to them all. Does anyone have any experience of those below, who are the worst to deal with? What percentages have Payplan agreed for you?

Thanks very much,
Helen

Agency Dealing / Original Creditor

Abbey PLC / Abbey PLC
Bank of Scotland / Sainsburys
Cahoot / Cahoot
Capital One Bank / Capital One Bank
MBNA / Virgin
Monument / Monument Credit Services
Moorcroft / Egg
Morgan Stanley / Morgan Stanley Bank International Ltd
RBS - CMS / Tesco Personal Finance

immoral_angeluk

My DH has a debt with Capital one and was offered a £380 settlement on a £580 debt.

Xbigman

The original creditors are the hardest to deal with as far as F&F's are concerned. They will nearly all hand you over to debt collectors over the next year. Debt collectors are usually much easier to deal with on F&F's but it depends on a number of factors. How much you are paying each month relative to the debt (IE if you are paying a decent amount there is no incentive to let you off). How long have you paid the agreed amount for (IE defaulting and offering a F&F a few months later makes them suspicious).
Also, some companies will simply not do an F&F.

What are Payplan proposing to offer? Personally I would want to do it myself and start with a low 20%-30%, building up to 80% and taking my time over it.
Regards



X

welshcakes

I have a £5k Charge against my property from a private company my ex and I owed some years ago.

My divorce Barrister's final words (when I bought ex out of house, Charges and all) was to offer a lump sum F&F of around £2k mentiioning that I was now a single parent on a low income. ALternatively to offer them £1 a month token payment and sit back to wait which they found a more lucrative option.