Full & Final Refusals-any advice what next?

kk14_2

Hello all
Bit new to this so go easy on me!
Wondered if anyone can help. I currently have approx 17k debt of which 13k is owed to EGG. I took the first step about a year ago and have a repayment plan with CCCS to pay what I can afford on a monthly basis which is £92 across 4 creditors.
Im due for a small payout following a car accident of approx £5k hopefully. On CCCS advice I contacted EGG today to see if they could give a full and final settlement from the money I get (I didnt tell them how much it would be), as at the moment it will be years before I can pay it back. They said they dont enter into such agreements and will be looking for full payment - is there anything I can do - has anyone else been in this position. Would welcome any advice!!:o

climbgirl

As far as I know, full and final settlements are totally at the discretion of the bank - they're not obliged to accept them at all and will generally only do so when it's looking unlikely that they'll ever see the full sum given back to them.

I mean, if someone owed you £17k and was paying it over a period of time but offered £5k up front instead, what would you say?! I don't mean to be harsh, but you can see where they're coming from.

It's certainly worth trying but if they reject the offer, there's not much you can do about it. Can you use the money to pay off a lump sum towards the debts instead?

sarah0404

That's a shame. Can you not ask for full and final settlements from your other creditors? If you could get rid of all of them then you'd be able to pay all the £92 a month to Egg. That would reduce the time it would take to pay it all back.

Give CCCS a call back and see what else they can advise.

Good luck!

kk14_2

Thanks for replies - but have to say Sarah I am actually owed £12k (details in another thread) from an ex employer but Im not getting a penny of that thanks to regulations and laws and theres nothing I can do when it comes to getting that! Id be glad of the £5k towards that!!

Thanks for your advice girls

huxleypig

Have also been in a plan with CCCS. MBNA have said they will accept a 55% settlement. Spoke today to Barclaycard - At first she said they wanted full payment - mentioned MBNA and she said they could accept 75%. This has saved me nearly £300 ( £1007 instead of £1342 )