My Full and Final Journey

fatbelly

cloudy-day wrote: »

Fair comment, but this is for another thread.

Mine is about me trying to settle my debts as best I can.

It's about getting debt-free (this is the debt-free wannabe forum) as cost-effecctively as possible (this is moneysavingexpert.com).

mikejleeds

I am about to start on the Full and Final roundabout. Dont know wether redundancy and the prospect of token payments would make them "grab my hand off" or not ( i too am hoping for 50% or less) but with just JSA and commitments which come to more than that what more can they get even through the courts. Also most of my debts are over 7 years old, is there a time limit on when debts become unrecoverable ?

fatbelly

mikejleeds wrote: »

I am about to start on the Full and Final roundabout. Dont know wether redundancy and the prospect of token payments would make them "grab my hand off" or not ( i too am hoping for 50% or less) but with just JSA and commitments which come to more than that what more can they get even through the courts. Also most of my debts are over 7 years old, is there a time limit on when debts become unrecoverable ?

They become 'statute barred' (i.e. no court action possible) after a six-year period where there has been no acknowledgement by you either by payment or in writing. This is England/Wales law.

How long is it since your last payment? And was that a full contractual payment?

For full & final purposes the creditors are not going to be very interested in any offer until it is clear that they are only going to get a token or low or zero payment from you.

mikejleeds

My payments have been made via DM company for over 7 years, firstly through DCM (went into administration costing me 3k) and for the last 12 months through another company who kindly took over DCM on a no fee basis. So it would be better for me to stop any further monthly payments to my DM company and get them to send a new financial statement showing only a token payment can be made, wait for a couple of months and then start with F & F offers. By the way the DM company will charge a fee of 25% of any savings made

Loubylou2

cloudy-day wrote: »

Well Tesco want the whole lot, so they're stuck with the monthly until they pass it to a DCA. :mad:

Tesco won't budge with us either. They won't even negotiate which is frustrating. However the others are coming on well so well done:T

I have found that because we have cleared everything except Tesco we feel so much better about it all anyway so as you say they will have to wait:p

ylesia

Hi there, I've just subscribed to your thread and will be following with interest My mum has been on a DMP with the CCCS for 6 years now (paying £80 a month on £35,000!) - I did try the F&F route around 4 years ago but got nowhere as I only had 20% to offer. Since then my Dad has passed away and my Mum has moved in with us, when their house is sold then I'll be offering what I can to the creditors (obviously after re-housing my mum)

Are you with CCCS? Most of my Mum's debt is either with Cabot or Blair Oliver & Scott. Best of luck and well done with M&S!

InDeepDebt

Loubylou2 wrote: »

Tesco won't budge with us either. They won't even negotiate which is frustrating. However the others are coming on well so well done:T

I have found that because we have cleared everything except Tesco we feel so much better about it all anyway so as you say they will have to wait:p

Good to hear that Tesco won't budge. We offered them about 45% after they said that they'd accept about 85% over the phone - they wrote back asking for the full amount.

CITI (now OPUS) also rejected us outright.

cloudy-day

Still waiting for a reply from NRAM, Morrcroft (MBNA), Barclaycard and OPUS.

Had agreed 60% with Caboot (Egg) over the phone but I'm waiting for confirmation in writing (post or email).

Still haggling with Debenhams (Santander).

M&S and Sandander (Abbey credit card) paid off - which feels fantastic!

cloudy-day

Barclaycard won't negoiate - but as its the smallest and the only one charging interest still I've paid it off (£360).

Mort

Fantastic progress so far, please keep us posted.