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!
F&F Settlement Negotiation Advice
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Hi all,
DH has an outstanding default that has been with a DCA since 2014.
The debt is from late 2011 and is for an overdraft.
The total amount is £1086.60.
No payment has been made since the default date.
I wrote to the DCA on his behalf offering a F&F of 30% with the National Debtline template as a relative of his has said they will give him the money to clear it.
They have come back to us and said they will settle for 60%.
Can anyone tell me if they have had any experience going back with a second offer and if the DCAs are generally receptive to this? The relative who is offering the money could possibly stretch to 50% of the total.
Thanks for any help you can offer.
DH has an outstanding default that has been with a DCA since 2014.
The debt is from late 2011 and is for an overdraft.
The total amount is £1086.60.
No payment has been made since the default date.
I wrote to the DCA on his behalf offering a F&F of 30% with the National Debtline template as a relative of his has said they will give him the money to clear it.
They have come back to us and said they will settle for 60%.
Can anyone tell me if they have had any experience going back with a second offer and if the DCAs are generally receptive to this? The relative who is offering the money could possibly stretch to 50% of the total.
Thanks for any help you can offer.
0
Comments
-
Hi,
Yes its all a matter of negotiation, don't be put off.
You should be able to agree a deal around the 45/50% mark.
Keep playing letter tennis till you get an offer your happy with, but make sure you get everything in writing, including that the remaining balance will be written off and not chased.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 -
Fab, thank you - I just wanted a bit of validation that I was doing the right thing!0
-
Hi
I agree that it’s worth trying to negotiate further and likely meet them somewhere around halfway.
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 -
Hi folks, just an update for anyone in a similar position.
I got a letter yesterday confirming they will settle for £460 - So 42% of the debt
Hurrah!0 -
Hi folks, just an update for anyone in a similar position.
I got a letter yesterday confirming they will settle for £460 - So 42% of the debt
Hurrah!
Great result. Thanks for the update.
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
- 351.7K 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