HBOS F&F What are the Odds

Miss_Poohs

Hi everyone - DH is in a DAS (Scottish DMP).

He's been plugging away at it for 5 years now - he pays about £60 per month to a £7000 debt and £80 per month to a £9000 debt.

It's going to take the best part of another 10yrs to pay it off, so he's offered them a F&F for approx 35/40% of the amount due.

Anyone have any experience of F&F with HBOS?

moohound

I paid a Halifax (is this the same as HBOS?) one off with 75% but mine was not very old, about 10 months into my DMP it would have taken me another 8 years to pay it off, you might do better with an older account.

Miss_Poohs

One of his accounts is Halifax the other is bank of Scotland.

He could go back with a slightly higher figure if they say no, but certainly not alot more, deffo not 75% no where near it.

I'm hoping the prospect of a further 10yr wait might swing it.....

coolcait

Why not give it a go with the amount you want to pay? If they say 'no', you can think about it a bit more.

While thinking about this http://www.dasscotland.gov.uk/news/debt-arrangement-scheme-newsletter-edition-3

So, let's say the AiB do make changes to DAS in late June/early July 2013. And let's say those changes do include the possibility of composition after 12 years in the DPP, and 70% of the debt paid off, that might change the picture.

Maybe HBoS would be better off accepting F&F now, instead of waiting another 7 years to end up with 70% overall...

You'll have to crunch some numbers, but it might be worth a go.

Miss_Poohs

Ohhh I didn't know about ths possible change...worth tucking under my bunnet