F&F offer from creditors

Jon81

One of my creditors has written to me this weekend saying that for 7 days the possibility of a reduced full and final settlement is on the table (they didn't name a figure) I'm not in a position to take them up and am on the 1st embarking on a long haul DMP

The letter says if I don't take up their full and final offer that it'll be withdrawn, not restated and they may proceed with other collection activities including legal routes

Could you share any experiences similar to this please I'd love to settle I just can't

Jules

Hi Jon,
If you're not in a position to take them up on your offer, don't worry about it. I've been on a DMP for 12 years and regularly get offers and some of them have a huge reduction and usually not in any position to accept. If this is with the original creditor then other collection activities may include sending/selling to a Debt Collection Agency and most of these aren't too bad to deal with, at least the ones I've dealt with aren't.

the other thing to say is don't always take their first offer, I manged a few years ago to get the settlement further reduced and was thankfully able to take them up on it.

Julez

sourcrates

Jon81 wrote: »

One of my creditors has written to me this weekend saying that for 7 days the possibility of a reduced full and final settlement is on the table (they didn't name a figure) I'm not in a position to take them up and am on the 1st embarking on a long haul DMP

The letter says if I don't take up their full and final offer that it'll be withdrawn, not restated and they may proceed with other collection activities including legal routes

Could you share any experiences similar to this please I'd love to settle I just can't

Hi Jon,

It's just another computer generated cobbled up feeble attempt at trying to get you to engage with them, for the purpose of extracting a sum of money from you, to make them a fast buck, and leave you with an empty wallet.

It's an inducement, a bribe, a sweetener, whatever you want to call it, this imaginary time limit does not exist, these letters are all very carefully worded, all for the purpose of getting you to call them, to take advantage of this "once in a lifetime deal".


Truth is, they pay so little for these accounts, they will entertain a full and final offer at anytime, they may not accept what you want to pay though.

National_Debtline

Hi

If you ever have a lump sum available in the future there would be nothing stopping you from making a F&F settlement offer at that point. Whether they accept or not is entirely at the creditor’s discretion.

James
@natdebtline