We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Full and final
Jim557
Posts: 1 Newbie
Hi!
I would love some advice about dealing with settling some old credit card/phone/overdraft debt that I stupidly accrued when I was younger.
I have £577 and £369 with Lowell that both defaulted in 2012. £1600 with Hoist from a default in 2011 and £1600 with PR from a default in 2012. I haven’t made any payments against these accounts since their default dates.
Lowell recently wrote to me offering a settlement figure of £90 against the £369 balance which I am going to accept though haven’t got in touch with them to confirm as yet.
My financial situation has (marginally) improved over the years and I would like to offer full and finals on all 4 balances. I don’t dispute any of the amounts or my liability. I am going to try and get each creditor to accept 25% of the balance on each due to their age but am concerned about how to approach them.
Do I need to write to each creditor to ask them to prove they own the debt? As I say, I don’t dispute any of the balances and each creditor is shown on my credit file. Or should I write/call each one with my settlement offer? I would like to get each account settled as quickly as possible but I don’t want to trip up along the way.
Am I right in saying that once the account has had a full and final accepted the debt can no longer be sold on?
Any advice would be much appreciated
I would love some advice about dealing with settling some old credit card/phone/overdraft debt that I stupidly accrued when I was younger.
I have £577 and £369 with Lowell that both defaulted in 2012. £1600 with Hoist from a default in 2011 and £1600 with PR from a default in 2012. I haven’t made any payments against these accounts since their default dates.
Lowell recently wrote to me offering a settlement figure of £90 against the £369 balance which I am going to accept though haven’t got in touch with them to confirm as yet.
My financial situation has (marginally) improved over the years and I would like to offer full and finals on all 4 balances. I don’t dispute any of the amounts or my liability. I am going to try and get each creditor to accept 25% of the balance on each due to their age but am concerned about how to approach them.
Do I need to write to each creditor to ask them to prove they own the debt? As I say, I don’t dispute any of the balances and each creditor is shown on my credit file. Or should I write/call each one with my settlement offer? I would like to get each account settled as quickly as possible but I don’t want to trip up along the way.
Am I right in saying that once the account has had a full and final accepted the debt can no longer be sold on?
Any advice would be much appreciated
0
Comments
-
Hi,
No harm in negoatiating over the phone.
However it's imperative anything agreed upon is backed up in writing.
You can send provit letters first if you wish.
Interesting how Lowell want to settle a £369 debt for £90.
Shows just how little they buy old debts for if they can take £90 and still be in profit.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi
There is a factsheet and sample letter and sample letter you can use to make full and final offers here:
www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx
The debt shouldn’t be sold on once settled but you can ask them to confirm that in writing before you make the final payment.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards