Chances of a F&F?

TheDebtinator

One of my debts has been passed to their DCA for collection.

They have asked me to call them (never going to happen) to discuss repayments. They will not have a current SOA from me. I need to write back to them, but how should I proceed?

Should I write asking them to send me a SOA form?

I cannot afford to pay the amount they're asking for, but I have been offered half of the outstanding debt by my family (outstanding debt is £12618) to see if I can pay if off.

The debt is with PRA who are handling it on behalf of NRAM for when I took out a 125% mortgage. The house was sold and the extra was converted into a loan. The default dates back 5 years.

I realise that I can send them a F&F letter, but I assume that they wouldnt accept this without having a current SOA from me?

As always, any and all advice offered is appreciated.

Thanks.

National_Debtline

Hi Debtinator


The DCA don't strictly need an SoA from you before they can consider or accept a full & final offer. However if you do provide one then it can help to put the lump sum offer in context - if it looks likely that you'll only be able to pay, say, £10 a month for the foreseeable future, then a 50% one-off payment instead suddenly looks very tempting.


No need to ask for their version - you can use any of the free templates available online. This is a link to ours:


https://www.nationaldebtline.org/EW/steps/step2/Pages/Step_2_11.aspx


Dennis
@natdebtline

TheDebtinator

Thanks for your reply Nat. I am considering chancing my arm and offering a lower amount and work my way up, I might get lucky!

TheDebtinator

I've sent a full and final offer letter. Quite low but it's to start negotiations as to what they would take.

There is nothing stopping me from asking them what they would take

TheDebtinator

I decided to ring them today after another issue came to light.

Long story short, they're accepting 30% of the outstanding debt, which is great news!
It'll only stay on my file for another year as well so happy days.

National_Debtline

TheDebtinator wrote: »

I decided to ring them today after another issue came to light.

Long story short, they're accepting 30% of the outstanding debt, which is great news!
It'll only stay on my file for another year as well so happy days.

Good news! Well done.


Dennis
@natdebtline

TheDebtinator

Hi Dennis,

Thank you! Sorry I got mixed up with your name on my last post!

Doh!

National_Debtline

TheDebtinator wrote: »

Hi Dennis,

Thank you! Sorry I got mixed up with your name on my last post!

Doh!

Don't worry about it - I've been called a lot worse.


Dennis
@natdebtline

Bigjazzy

Hi


I am in the same position as you lol! Did NRAM sell the debt to PRU or was it just assigned for collection?


Did you start at 30% and they accepted?


Thanks

TheDebtinator

PRA were acting on behalf of NRAM. I asked them what they would take as this has been going on for ages and they came back with 30%

Just waiting for a confirmation letter to come through and then it'll be getting paid.

Bigjazzy

Wow! They have previously not entertained any dialogue on F&F settlement with me. Was 30% the first figure they came back with, did you try and negotiate on the amount?