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First full and final reply

Hello all

I've just had my first letter back from sending off full and final settlement offers.

It's from KPR, for a Nationwide credit card. The card was in my wife's name.

I have debts of my own and we wanted to allocate a fixed figure to everything. That means, I included my wife's debts in the settlement calculations –!perhaps I shouldn't have done that.

If I understand correctly, because this is my wife's debt, I can offer some money for her (I have recently come by some money)?

Basically, I offered £2706 on a £6698.02 debt. KPR have come back saying they won't accept that but will accept £3349. Would it be feasible now to write to them / ring them to ask whether they would come nearer to the original offer? Any tips for achieving that?
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Comments

  • try offering £3000 would be my next try
  • How old is the debt? Do KPR own the debt? Have you checked your/wifes CRA?

    Also, YOU tell THEM what you are paying.
  • When was the account taken out?

    If before April 2007, check the have the correct paperwork via a CCA request.

    3k would be reasonable on a recent enforceable debt.
    :beer:
  • Thanks everyone for your comments.

    KPR is one and same as Nationwide. Are you saying I have to get KPR to prove they own the debt, or get the full and final paperwork from Nationwide itself?

    The account with Nationwide was opened October 2012. Where does that leave me?

    As for the Santander personal loan, that was opened July 2011.

    Could you also let me know whether I have more bargaining power if the offer comes from me as a third party?
  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    50% is a great discount, but try 3k as said above
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hello there,

    Sometimes it can be a bit of a cat and mouse game when negotiating full & final settlements, hopefully there's a little scope for reduction in the amount that has been offered. It can take a few attempts to get the very best deal. As the agreements are post April 2007 making a request under the Consumer Credit Act may not get you any further along - as the debts could be enforced regardless of the state of the paperwork.

    Do make it clear that the money being offered is only of a finite amount. I think it is useful to say that it is coming via a third-party and absolutely do make the payment direct from your funds rather than give it to your partner to do - as this is more binding from a contractual standpoint.

    Best wishes,

    David @ National Debtline.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • David @ National Debtline, many thanks.

    Is it worth reiterating my offer?

    Originally, I did not send the pro rata amounts but I could do so now, to show I am trying to be fair?
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hello again,

    pro-rata payments are generally the starting point - but as I'm sure you're more than aware the amounts that creditors will accept can vary greatly. Anything that reduces overal indebtedness is a postive thing.

    It's absolutely worth reiterating your offer for sure.

    David.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • Can't offer much advice on what is a good offer but make sure you only correspond in writing, not on the telephone. Also make sure their response is in writing. If they phone you (or your wife) ask them to confirm anything in writing before you commit to a final offer.
  • Thanks everyone
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