Simply Be Full and Final Offer Trouble

stevie22

Hi Folks,

Last year I was able to pay off a large proportion of my debts with full and final settlements. Unfortunately I could not agree a settlement with Simply Be as their counter offers were ridiculous. We agreed a token repayment plan of £5 a month and that has been the case for the last four months. The debt with Simply Be has been marked as default with the credit reference agencies.

I recently sent Simply Be another full and final offer but this time the offer was declined because they will not consider ANY full and final offer on the debt as its no loner in arrears as I have a repayment plan with them! They will only now accept the full balance to clear the account where as four months ago they were at least looking at my offers and coming back with their own.

I have spoken to them on a the phone a few times and although they have not said it in as many words the only way they will consider an offer to settle is if I default the current token payment arrangement which seems bonkers as I will just be opening myself to interest and late payment charges.

Has anyone come across anything similar?

Thanks,

L

National_Debtline

Hi Stevie22,


This is a very tricky situation. Unfortunately you cannot force a creditor to consider a full and final offer and if this is their policy then I am afraid you may have to just continue with the payments. You could wait a little bit longer and then try writing to them again with an offer - hopefully it will get through to a different person who may consider it.


Or you could try a complaint and highlight that the account is in arrears (from the original contract) and the current payment plan is an informal one so technically they should consider a lump sum offer. But be careful, any informal arrangement can be amended from you or the creditor and they are not obligated to consider a full and final offer, so pushing this could result in them changing your £5pcm instalments. Good luck,


Laura
@natdebtline

sourcrates

Hi,


Usually full and final settlements are only accepted when an account has long been defaulted, and sold on to a debt collector.


Original creditors have no interest in accepting these offers, especially if your paying the normal monthly payment amount or close to it.


The best they normally offer is 10% off, wear as a debt collector will look at 30-60% off dependant on age of debt etc.