F&F Settlement first letter

teekay_tk

Hi All

I have written my first full and final settlement letter. Does this look OK? I really don't want to make a mistake on the first letter. The only thing I have added is that its between 6 lenders so they will only get a part of the total figure I've been able to raise. It's largely based on the NDL fact sheet sample.

Without prejudice
Dear Sir/Madam
Account No: XXXX

I write with reference to the money which you are claiming on the above account.
I can confirm that I am unable to pay the money which I owe in full.
My debts are from six lenders of which $%^&^%$ CREDIT CARDS is one. I can raise £XXXX in total between the lenders. Thus amount I can offer to you is £ XXX.XX pro-rata and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.
I also request that, if accepted, you make an entry on my credit reference agency files relating to the above account as having been paid and the account closed.
Payment can be made within of receiving your written agreement of this offer and method of payment.
I look forward to hearing from you.
Yours faithfully

Appreciate all your help

teekay_tk

In relation to the above I have one more question please. Should I go DIY or should I ask Step Change (who my DMP is with) to do the Full and Final offer on my behalf? I am very nervous and personally my negotiation skills are non existent.

sourcrates

teekay_tk wrote: »

In relation to the above I have one more question please. Should I go DIY or should I ask Step Change (who my DMP is with) to do the Full and Final offer on my behalf? I am very nervous and personally my negotiation skills are non existent.

Hi,
Stepchange will not be interested in negotiating full and final offers for you, they have neither the time or inclination to do so.

You do it yourself, your letter above looks good, you don't need negotiation skills, you just need common sense.

Send a copy to each creditor, how much you offer depends on various factors, you will have to decide on yourself.

Go for it !!!

teekay_tk

Thanks Sourcrates. I'll send these out. Just a quick one, should I even mention in the letter that I am on DMP with Step Change?

sourcrates

teekay_tk wrote: »

Thanks Sourcrates. I'll send these out. Just a quick one, should I even mention in the letter that I am on DMP with Step Change?

You can do, what you really need to do is convince them your offer represents the best option for them, don't be surprised if your first offer is regected, it's all a matter of negotiation, treat it as a bit of a game, getting them to settle for the lowest amount possible.

Good luck with it !!

teekay_tk

Thanks.

I shall send out this letter tomorrow and see how things roll.

National_Debtline

Hi

I agree with sourcrates that your letter is fine and you should make the offer yourself. You can always come back here or contact National Debtline if you need any more advice or support.

James
@natdebtline

teekay_tk

Thanks, that's very supportive and reassuring.