Full and final offers. Anyone any experience/advice???

Miss_Frankie

Has anyone had any joy with full and final offers? I sent my letters on Tuesday to the below. If anyone has had an experiences with them please let me know. I’ve made a 25% offer which I know they are not going to except. I would like to pay the 100% but I am just pushing myself further down in to debt trying. I want to return to studying to have a better future job etc but can only this if I can clear my debts.

Bank of Scotland Visa
Capital One
Alliance and Leicester Visa (MDNA)
Horwich and Farrelly DCA for A&L loan
The Loan Store (Glasgow)

Thanks

immoral_angeluk

We were offered a £380 settlement on a £580 debt by capital one. It was statute barred anyway though.

James&Shell

Give it a go if they reject your 25% offer they might make you a offer of slightly more because they see that you are willing to get rid of the debt and they want as much as they can get now.

Miss_Frankie

Thanks James. Anyone else had an experience?

Flossie

Hi there
I am currently in the process of negotiating with my creditors for Full and Final settlements. The negotiations started in March and are still going on. Be prepared for lots of letter writing! I also have a spreadsheet where I note down all correspondence, just so that I know where I am with it all.

Unfortunately, I am not dealing with any of the same creditors that you have. I am dealing with:
- Barclays/ central debt collections (think they are one and the same) – they have offered 50%, but won’t mark my credit files as settled in full. So I am trying to negotiate on that at the moment.
- Equidebt/ Heatons – they have offered 60%. Am trying to get that down to 50%, they are also unclear about marking the files as Settled in Full, so once we have agreed a % I will have to clarify that.
- Northern Rock – Won’t negotiate. I understand they have lots of bad debt at the moment, so are playing hard ball. I am ceasing negotiating at the moment, but will start again in a couple of months I think.

Just wanted to say that it’s worth a go, starting low is probably best as then you have somewhere to go with your negotiations. Keep organised, and stay focussed. I find that when you receive a letter it is best to replay straight away and get your letter out. Then you are always ‘active’ in your quest. Good luck!

Oh and my final tip, keep checking this website as I find it very inspiring! It’s nice to know that other people are in similar situations……..

auntie_brenda

My uncle has just had £1500 accepted from a CC co (DK which one) against a debt of £2900. He wasn't even in arrears , just told them he was struggling and had needed to borrow from friends to keep his payments up.

TBH it annoys me - why should I bother to pay off my debts when he can get away with it? I realise it puts a marker on his credit rating but as he intends to move abroad he doesn't care.

However, I know a lot of the debt on this site has been made worse by CC charges - so negotiate away!

Miss_Frankie

Thanks everyone for your advice means alot. Sorry to keep bumping this up the tree but I'm hoping there is someone out there that has had experience with the same creditors.

iamstacie

Capital One last year offered me a 40% settlement but I had no spare money to take it so I had to clear it this year at 80% thru a DCA. Just write to them offering a low amount then if you have to you'll have left yourself a bit of room to negociate.

Miss_Frankie

Me again.. Still looking for anyone that has an experience with the creditors in my first posting? Any advice/help appreciated. thanks

betti911

Does it affect your credit rating not to offer the full amount? Just thinking about my own loans.

gulife

Yeah, i'd also like to know the answer to betti911. How does clearing a debt using settlement affect your credit rating in the long/short term?