Anyone ever had a succesful Final Offer letter?

Mads13

Hi Peter

I hope i didnt offend as i didnt mean too, Im always saying the wrong thing..sorry!!
It wasnt just low income as such with us, it was going from earning well to living entirely on benefits, plus we sold our house in order to clear our debt. So we moved into rented to sort our finances, we were 23 at the time and we didnt have anyone to turn too, and we thought we were doing the "right thing".
Once again I apologise if I caused offense..none meant!!
Mads13
xxx

livilou

In defence of those who have made final offers in the past, no it isn't that easy to pay half of what you owe, from my experience, the problems we faced (I hasten to add were down to a third party business partner and our naiveity (not sure spelt that right oops!!). caused tremendous stress, emotional battles, near loss of marriage, near loss of sanity did not make it easy at all. Huge lessons learnt but please don't judge everybody too harshly.

no offence meant, hope my response doesn't sound harsh - certainly isn't meant to be.
x

kazd

My sister owed £32k and she said that if she moved out of her rented accomodation and in with my parents she would be able to save £3k over a few months. They came back two weeks later excepting the offer of £3k and gave her two weeks to pay it. Luckily we were in a position to be able to lend it to her and she paid it back over four months to us.

westernpromise

peterbaker wrote:

I am very confused by this spend spend default smile idea.

Me too. The banks write off the money, which destroys value in the bank, which lowers its share price, which erodes the savings and pension funds of people who make sacrifices to provide for themselves. Basically, write-offs of this sort get distributed among old-age pensioners.

Call me vindictive, but I kinda hope that in their old age, some of the these posters who've got away with financial murder get a similar sort of phone call from their pension provider.

"Mr. X? Hi, it's First International Pensions here. You have a pension plan with us. We pay you £20k a year. Well, we did - until today. Sorry, we can't afford to any more. We've written off so many bad credit card debts we're skint - we might as well have put it on a horse. So anyway, Mr. X, cutting to the chase - will you accept £2k in full and final settlement of that pension you paid out for all your life and stupidly thought you could count on getting?"

ag359

westernpromise wrote:

Me too. The banks write off the money, which destroys value in the bank, which lowers its share price, which erodes the savings and pension funds of people who make sacrifices to provide for themselves. Basically, write-offs of this sort get distributed among old-age pensioners.

Call me vindictive, but I kinda hope that in their old age, some of the these posters who've got away with financial murder get a similar sort of phone call from their pension provider.

"Mr. X? Hi, it's First International Pensions here. You have a pension plan with us. We pay you £20k a year. Well, we did - until today. Sorry, we can't afford to any more. We've written off so many bad credit card debts we're skint - we might as well have put it on a horse. So anyway, Mr. X, cutting to the chase - will you accept £2k in full and final settlement of that pension you paid out for all your life and stupidly thought you could count on getting?"

I disagree. banks are businesses too, not just glorified money boxes, and the only reason they accept !!!!!! is because they consider it to be in their (and hence, their shareholders') best interests to do so. Banks make HUGE profits, which considering they don't actually contribute anything tangible to society they probably shouldn't complain about. Moreover, I really doubt that the number of people pursuing !!!!!! in this way is big enough to make much of an impact in their profitability. In fact the people that really lose banks money are the people who take interest free overdrafts, 0% Balance transfers, and people that pay off their credit cards on time every month - should these people have their pensions cut too??

ceegee

I have to say that I agree with peterbaker and westernpromise. I know that some people get into financial trouble for reasons beyond their control, but there are others who see FandF settlements or bankruptcy, even, as some sort of lifestyle choice. I have posted vehemently about this elsewhere and shall probably continue to do so.

Posted by another "mug". :mad:

livilou

well for my husband bankruptcy certainly wasn't a lifestyle choice, who would choose to near on ruin their family, lose their wife, home, consider suicide.

I'm not saying there aren't people who abuse the system, but for some their really is no other option, you feel shame, inadequacy, embarrassment, it certainly isn't a nice experience, well for us it hasn't been but I am proud of my husband and my family for surviving.

The heading of this forum includes the phrase "a place for mutal support".

xx

ag359

ceegee wrote:

I have to say that I agree with peterbaker and westernpromise. I know that some people get into financial trouble for reasons beyond their control, but there are others who see FandF settlements or bankruptcy, even, as some sort of lifestyle choice. I have posted vehemently about this elsewhere and shall probably continue to do so.

Posted by another "mug". :mad:

But you surely can't agree with the rubbish that other guy was spouting about old age pensioners losing out - it isnt the people in lots of debt that lose banks money, its the people who are never in debt. Surely that is obvious.

MoneyBags

he he he this is funny.

As the big four made £27.9bn profits last year, I don't think FandFs will dent the margins much.

Turning_into_scrooge

My friends had their house re possesed 5 years ago and are still paying off an outstanding amount with has £6000 owing at £30 a month. The company in question phones them once a year to ask if they can increase their payment or if its been a struggle to reduce them. They have also asked them if they can raise £3000 they will write the debt off which is 50% of what is owing. I would go ahead and try 50% and slowley increase it if they refuse Nothing ventured nothing gained and good luck