Full and final offer for satisfied default?

krustylouise

Hi all,

I got an account with next in 2010 and eventually the debt was sold to Lowell group. I have since brought te amount down from £296 to £136. What are y chances of getting accepted for an f&f and then marking the debt as "satisfied"? How much should I offer them?

Thanks

Kirsty

Sinhanada

Call them and ask what they would accept - I'd suggest starting at 50%, but with the total being £136 I think they may just hold on for that. No harm in calling them though

Thrugelmir

Any plans for a mortgage in the next few years?

StuC75

The more relevant question - is what further damage to credit file would there be from a Partial Settlement being accepted on a previously defaulted account.

Partial Settlement 'looks' the same if it is £1 on £1000
as if paid £80 towards £136.

probably depends on who you would speak to when phoning through... and how financially incentivised they are to collect in money for a xmas bonus (worked for GE years ago on credit collections - was a lot of incentives)....

so they might, but does it count best in your interests....

spacey2012

Have you taxed the interest and made sure they charged no more than was on the initial agreement ?
You may have already paid it off

krustylouise

Thrugelmir wrote: »

Any plans for a mortgage in the next few years?

No, not in the next few years as I have no savings whatsoever at the moment, but I was hoping after the default has dropped off my file and possibly a year or so after that I could apply, hopefully by then I'll have saved some deposit.

krustylouise

spacey2012 wrote: »

Have you taxed the interest and made sure they charged no more than was on the initial agreement ?
You may have already paid it off

I'm really sorry but I have no idea about any of this. Initially it was with next, then passed to another dca who then passed it on to someone else, took me ages to track down as next said they had no info then the dca (I forget their company name) said they had no info and then Lowell said they hadn't heard anything, then 2 months later I was hit with a letter stating they wanted their money now and as they hadn't heard from me they were issuing a default!!!