F&F Settlement Negotiation Advice

[Deleted User]

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.

sourcrates

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.

[Deleted User]

Fab, thank you - I just wanted a bit of validation that I was doing the right thing!

National_Debtline

Hi

I agree that it’s worth trying to negotiate further and likely meet them somewhere around halfway.

James
@natdebtline

[Deleted User]

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!

National_Debtline

Nabutton1 wrote: »

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
@natdebtline