Wonga Full & Final Settlement

bilko89

Hope this is in the correct place!

Just yesterday I sent an email to wonga (couldn't find an address to send a letter) proposing a full & final settlement of my account with them. Total O/S as of today is £498.45 and I offered (using the handy template) 20% as a F&F settlement, £99.69.

Today I receive the following reply:-

Dear Bilko89,


Thanks for your settlement offer regarding your outstanding balance. Whilst your offer is not the full amount outstanding we are accepting this offer in light of your current circumstances.

A payment of £450 by 01 September 2014 would be acceptable as full and final settlement of your account.

It goes on to provide bank details etc etc....

What should my next step be? I offered £99.69, they say they accept my offer but want a payment of £450?? Please help!

Tixy

It appears as though they will accept your offer of £99 towards the debt but won't class it as full & final (i.e. they will still expect you to pay the rest), or they will accepted £450 in F&F.

What are you paying currently to the debt? I guess you have already defaulted and are paying monthly repayments on it?

bilko89

Ah ok, thanks! Should I counter offer or does it seem a lost cause?

National_Debtline

Tixy wrote: »

It appears as though they will accept your offer of £99 towards the debt but won't class it as full & final (i.e. they will still expect you to pay the rest), or they will accepted £450 in F&F.

That's how I read it also.

- David.

bilko89

First time I have ever attempted F&F settlements so unsure of next step. I offered 20%, they counter saying they'll accept 90%. Should I counter again offering 40% as a final offer due to the limited pot I have available? Is there template letters for sending a counter offer? Thanks for your help.

National_Debtline

That sounds like a great idea. Offering Full & Final settlements can be a bit of a cat and mouse game.

We've a really useful fact sheet and sample letter which you will find by clicking here.

Really hope it helps!

- David.

bilko89

National_Debtline wrote: »

That sounds like a great idea. Offering Full & Final settlements can be a bit of a cat and mouse game.

We've a really useful fact sheet and sample letter which you will find by clicking here.

Really hope it helps!

- David.

Thanks for you help David. I see there is no sample letters for making a counter offer. Should I use the same sample letter but add in that I note their offer of £450 but due to the limited pot I have available to pay other creditors, my final offer will be ..... ?
Again thanks for your time.

National_Debtline

You can tweak the letter to fit in with your circumstances. Do consider making it clear that the amount of money you have in your pot is finite. It can often take a few attempts to get them to accept, so be ready to stick to your guns!