Help f+f payment info needed....

the_mackem

Hi

Just a quick question on behalf of the girlfriend.
She owes a debt of £2300 to Natwest, (via Moorcroft).
She has had a phone call tonight and they want up her monthly payment, (apparantly they do this frequently), during this call they said if she was able to make a full + final settlement they would accept £1350. This is the first time she has heard of this and the very first time she has been offered this.

Her question is, Is this really possible, and, if she pushes them could she get them to bring the f+f settlement down further, so she can be rid of it once and for all. Should she go to Natwest or back to moorcroft to get the settlement figure?

Thanks
The Mackem and the Cowbag (herself)

SunderlandBlackCat

I've heard of creditors accepting 40% of the remaining balance but never heard of anything lower.

The best resource I've seen for F&F's is on the National Debtlines Website

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Sooty0404

Remember the Three Figure Rule:

What they want
What they expect and...
What they will deal at

Its up to you to find the third figure.

In an IVA they would probably get 25%. I would start here and let them 'beat you up' to 35-40%. My guess is they will settle around this figure.

Good Luck

Semi_2

I Currently am in finalizing my F&F Settlement.
http://forums.moneysavingexpert.com/showthread.html?t=330193

My advice would have been while on the phone to them, ask for them to corospond in writing about the settlement. This can protect you, as i have heard stories where they arange this over the phone and then after a while they continue to obtain the remainder thru debt agencies.

When you have this in writing i would go for it. but thats if you can afford to do this.

Make sure you understand the Terms. as on my settlement they will change my Credit report to "Partial Settled" which i believe can be removed at a later date, by writing to them about hardship this remark holds over you.

"Partial Settled" is lesser than a default on you credit file.

Regards

Semi

the_mackem

Thanks everyone

She is going to give them a call back this morning. She is amazed she says she's never heard of anything like it before, I think she has had her head buried for a long time. She can afford £900-£1000 with the help of her father, I can help, but, she won't hear of it, prides a funny thing!

I have told her to give it a go and to get it all in writing!! she has nothing to loose and a grand or so to gain!

Thanks again and keep your fingers crossed for her.

The Mackem

Broken_hearted

Yes get it all in writing and check the wording before you pay it.

timberflake

Sooty0404 wrote:

Remember the Three Figure Rule:

What they want
What they expect and...
What they will deal at

Its up to you to find the third figure.

In an IVA they would probably get 25%. I would start here and let them 'beat you up' to 35-40%. My guess is they will settle around this figure.

Good Luck

With regards to the IVA, that should say 25% is the lowest they will get. When entering into an IVA, its possible to write off UP TO 75%, but its not always the case. It depends on your individual circumstances, for instance I'm paying back around 75% in my IVA.

the_mackem

Hi again

She has just come off the telephone and they are telling her £883 is the minimum they will take. She offered £600, and they then came up with that figure. Should she push a little more or pay it.

The mackem

N.B. That's 61% off the total still owed WOW!!!

the_mackem

My girlfriend has settled her debt, they actually settled at £780 in the end, a far cry frim the original total of £2300.

She has asked me to say Thank You to all who replyed and helped her rid herself of a debt that has hounded her for a few years now.

Thanks again:T

The Mackem

ancasta_2

From one Mackem to another.

Well done to your lady for being brave enough to ask and well done to you for seeking out help for her!

robnye

the_mackem wrote:

My girlfriend has settled her debt, they actually settled at £780 in the end, a far cry frim the original total of £2300.

She has asked me to say Thank You to all who replyed and helped her rid herself of a debt that has hounded her for a few years now.

Thanks again:T

The Mackem

i presume they will put the offer in writing!