Full and Final Settlement Sucesses

lornz23

Hi All,

I have made some offers to my creditors for full and final settlements (using the template). I have offered 40% to each of them as I have been leant some money from a third party.

What I really wanted to hear was people's sucess stories with F&F offers to give me some hope in clearing my debt and people having offers accepted.

Many thanks in advance

ITtim

We found that all my wifes creditors settled for a great deal less. Only tesco credit card insisted on the full amount.

Skylark74

Well done you, I'm just starting on that road, and funnily enough Tesco's are the first to respond, with a settlement for the full amount only. I hope like you two some of the others will settle. Great to hear! Thanks!

lvm

I am yet to settle any of my debts because I'm in a bit of a debate over wording of the letters but:

Halifax (debt being pursued by Wescot) - agreed £1000 on £2400 balance
Equidebt - 50% offered without being asked. I then offered about 30% and they declined
Lowell Portfolio - I offered about 20% and they've come back saying 90%. I then told them I was now unemployed and would be halving my DD which has now been done.

Good luck on your settlements!

fellwalker09

Blackhorse accepted my first F&F offer -£1200 to settle a £4800 loan, but it has been ongoing for 15 years! (making token payments until I got the money) Unfortunately now having to chase them again as the entry on the credit file regarding this is not quite right. Hopefully will get it sorted out.

pure_dead_dopey

If the debts are with DCAs, start at 18/19%, you can always go up a touch but you can never come down. Remember DCAs buy debts for pennies.

loopy.magic

Wow, I had no idea some F&F settlements could be so low. From other posts on the forum it looked more like 40% was the low end of the scale. Good to know, I'm starting on a DMP now and hopefully I'll have some money in the next 18-24 months to begin offering F&F amounts.

Might I suggest that any other new posts mention the length of time debts have been ongoing before F&F amounts are discussed and accepted, this would be very useful info.

Skint_but_Optimistic

Hi there, here are mine, which were settled yesterday, one was with paragon for an 8400 outstanding balance, settled for 3500, the other was with Lloyds which had a 13500 balance and settled for 5070. These are full and final removing joint liability, case closed. Good luck with yours!

rdchick

Skint_but_Optimistic wrote: »

Hi there, here are mine, which were settled yesterday, one was with paragon for an 8400 outstanding balance, settled for 3500, the other was with Lloyds which had a 13500 balance and settled for 5070. These are full and final removing joint liability, case closed. Good luck with yours!

Wowser SbO you're doing so well - less than £4k to hit off now and you'll have your £30k smashed!! That is amazing!

Skint_but_Optimistic

cheers!! I really couldnt have been so focussed if I wasnt coming on here, would have had no idea what to offer for a start _ was a slow process, included income and expenditure proof, offers and counter offers, but had to keep plugging away... Im going to exceed the target now... but by how much?? Haha! Ive been very lucky having the lump sum though, and it wasnt certain to come through for a long time, so I just tried keeping them sweet, being honest, always making a payment no matter how small and limiting damages! Next debt to tackle, Vodafone!!!

Skylark74

Skint_but_Optimistic wrote: »

was a slow process, included income and expenditure proof, offers and counter offers, but had to keep plugging away...

Well done... How long have you been plugging away at this?

I sent some letters off last month but have only had one no (Tesco CC) so far. (My debts have became a problem 2 1/2 yrs ago.)