Full & Final Offer - UPDATE

Hi folks

Around March I posted on here a lengthy discussion about wheter or not to go bankrupt etc and what options were available to me - got quite heated in the end!! Anyway to cut a long story short I could not go bankrupt as it would have menat I lost my job.

I decided that I would write some Full & Final offer letters and got some good help from people on here about that - I am in quite a lot of Debt - think the balance at the time I wrote was £44,000 - so I thought I would just say thanks and give you all an update on how things went after I sent letters offering 50%

1. EGG - main creditor with total debt of £16,000 - agreed to take £10,000 :j

2. Barclaycard - said they had not defaulted my account so therefore could not take any reduction :confused:

3. IF - passed my Debt on about 3 times and put over £1000 interest on a £5,000 balance!! Managed finally to get in touch and am waiting to hear back in the next few days on wheter or not my offer of £3,000 will be accepted - fingers crossed.

4. Royal Bank of Scotland - had Graduate loan and current account - total of £4,000 - agreed to take payment of £2,800 - :j

5. Royal Bank Credit Card - rejected £2,500 on balance of £5,000 - and rejected on phone up to £3,200 - sent new letter offering £3,500 which I hope will be accepted...

6. Student Loans - Said they never write off Debts - oh well!!

7. HSBC - agreed to take £2,000 on a balance of £2,500

8. AMEX - agreed to take £1,350 on a balance of £1,700

Some much better than others and by far my biggest debt the best - so well pleased. Just goes to show if you don't ask you won't get - thank you soo much for all your help - still a long journey up ahead - and I know I was lucky that I had parents willing to lend me any amounts for full and final settlements - I understand not everybody has that luxury.

But the feeling of going to bed the other night knowing I had knocked perhaps as much as £12,500 off my total debt was unbelievable - I still have to pinch myself!!

Thanks to everyone for all their help and I will continue to watch and help here when I can - looking forward to that Debt free day!!



  • ashmit
    ashmit Posts: 622 Forumite
    First Post
    Well done :)

    Just to say - the Student Loans Company do write off debts sometimes, but not often. See this thread for details. Basically you have to reach either 50 or 65, depending on when you took out the loan (or possibly older if you started uni as a mature student). The details are at the bottom of the first page of the thread I linked.
  • johannamse
    johannamse Posts: 498 Forumite
    Will this affect donomnsters credit file - will the companies contact credit file companies - if so - what will nbe on there - a default? or ?
  • donmonster
    donmonster Posts: 33 Forumite
    In the letter I asked them to mark my file as Fully settled and mark this on my credit file - at the end of the day if they dont it does not matter as my Credit file is already shot to pieces - I do not think they will put a default as the account has been in some way settled....
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    Brilliant stuff DM!

    Just keep repeating the offer, in writing - it's a marathon, not a sprint ;)

    And you're right, your credit file will be no worse.

    Why not default on some on the debts and see where that gets you? High risk, as the lenders could try for a CCJ. Have a think about it.

    Good stuff mate :)
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
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