Full & Final

tommytynan123

Grateful for advice before I hit the final furlong.


I have 6 creditors (High St bank / High St retailer loan / Store card / Mobile / Catalogue / Credit card) with total owed of about £20K. We have an arrangement with all and these have been paid on-time for at least 18 months. I have no hassle from any of them. 4 are via DCA. (Mobile/Catalogue/Credit card are now small sums all below £100)


I will soon have the ability to clear all the debts in full but I would rather pay them all a F & F sum that is below the actual debt. I read on this site that if you settle on F & F then the credit reference entry will say ''partial''. In another case the poster discussed that when they went for F & F they insisted on an added clause that the file will just say 'satisfied' Just checking for any potholes:


1. What % would you start at with F & F if you can pay immediately?
2. Are my thoughts regarding ''satisfied'' correct?
3. Is the added clause regarding ''satisfied'' when trying for F & F the norm or a real exception.
4. Can the organisations concerned start to ask Qs about how much you have behind you.?

I'm aware of the advice on this site of ''pay nothing until you see the F & F letter''
I'm confused also that last week, I had stumbled into £80 ish (4 numbers on lotto) and I contacted the Credit Card in question (owe £65) to offer a F & F of £45. Reply was ''we don't do F & F''


Thanks guys

Asiacat

If you will have the money to pay your debts in full why should you be allowed to pay less than you owe.

Face up to your responsibilities and the consequences of your actions and pay them the money you owe. You borrowed the money and you should repay it if you can.

You can find the money to buy lottery tickets but not to pay your creditors!

How would you like it if someone borrowed money from you then decided to try and get away with paying you 50% of the total back?

There is a world of differences between debtors who are unable to pay and those who are simply unwilling. You most definitely fall into the second category.

thefoolonthehill

Asiacat wrote: »

If you will have the money to pay your debts in full why should you be allowed to pay less than you owe.

Face up to your responsibilities and the consequences of your actions and pay them the money you owe. You borrowed the money and you should repay it if you can.

You can find the money to buy lottery tickets but not to pay your creditors!

How would you like it if someone borrowed money from you then decided to try and get away with paying you 50% of the total back?

There is a world of differences between debtors who are unable to pay and those who are simply unwilling. You most definitely fall into the second category.

i am not sure it is for you or anyone else to judge. you could argue that with interest (and charges no doubt) the OP has probably paid more than the original sum.

I also do not see the banks scrambling to pay back all the money they were given by the government. They would much rather spend it on bonuses

fatbelly

tommytynan123 wrote: »

1. What % would you start at with F & F if you can pay immediately?
2. Are my thoughts regarding ''satisfied'' correct?
3. Is the added clause regarding ''satisfied'' when trying for F & F the norm or a real exception.
4. Can the organisations concerned start to ask Qs about how much you have behind you.?

I'm aware of the advice on this site of ''pay nothing until you see the F & F letter''
I'm confused also that last week, I had stumbled into £80 ish (4 numbers on lotto) and I contacted the Credit Card in question (owe £65) to offer a F & F of £45. Reply was ''we don't do F & F''

Make the offer in writing. If it's a small balance (£100) you're probably not going to get a lot of interest. If it's several thoousand then look to settle at 30-50%, so start at the bottom of that range.

Partial settlement is the correct mark according to the ICO. I am aware
that some posters have insisted on settled but frankly what's the point if you already have multiple defaults etc on your file? Most creditors won't do it and why should they?

How the file is marked and what your confirmation letter says are two different things. The confirmation letter needs to be unambiguous so you are looking for things like balance to zero, will not pursue...

If they will use the phrase 'full & final' then you're OK. I've never understood their reluctance to say that in those words.

FireWyrm

Asiacat wrote: »

If you will have the money to pay your debts in full why should you be allowed to pay less than you owe.

Face up to your responsibilities and the consequences of your actions and pay them the money you owe. You borrowed the money and you should repay it if you can.

You can find the money to buy lottery tickets but not to pay your creditors!

How would you like it if someone borrowed money from you then decided to try and get away with paying you 50% of the total back?

There is a world of differences between debtors who are unable to pay and those who are simply unwilling. You most definitely fall into the second category.

Wow, that's an impressive value judgement dont you think? The short answer is that the OP has probably paid usurious amounts of interest over the current life of the loan, not to mention any default penalties and fines imposed by the DCA etc. The sum now mentioned is probably at least twice what was already owed and more likely much in excess. If the OP has a finite amount of money, then he should be looking at the best way to make the money go further and to pay off all of his creditors, not just one or two. For most people in this world, the chance to pay off completely every debt they owe is a once in a lifetime opportunity and one to be aproached cautiously and with due consideration. The OP borrowed the money true, but that's an extremely simlistic way of looking at it. The OP didnt borrow a finite amount of money at a set interest rate, he probably borrowed little and often which then snowballed into the impossible mountain he ended up with. Credit should be given to the OP that he has managed to get this far and just wants a bit of advice to get over the last hurdle.

Until you fully understand the circumstances that the OP has found himself in and the reasons for finding himself there, I advise you to keep such unhelpful opinions to yourself.

Hells84

i am in the same situation and they have all declined my F&F offers of around 70% per creditor

a member of this forum said the same thing about the fact that i am takng the michael basically as i have already had interest frozen on some accounts since the 6 months i joined a DMP and to pay off what i can, then continue to pay the remaining balances, which i can understnad, at least it will get paid off over a shorter period of time

i am a bit disaapointed with some people attitudes to debt as the 70% i can pay is more than what i initially spent/loaned so the 30% i cant afford to pay them is interest they have just added on anyways