Settlement offer with Payplan ..

Keezing

That's not correct Enthusiastic.

A partial settlement completely settles the debt. It's basically a negotiation between the creditor and the debtor where a smaller sum is agreed to settle the debt.

It's marked on the credit file as 'partially settled' as an indicator that the full amount was not repaid. But it will no longer be owed and cannot go on to default (although they have normally defaulted long before a partial settlement is agreed)

enthusiasticsaver

Keezing wrote: »

That's not correct Enthusiastic.

A partial settlement completely settles the debt. It's basically a negotiation between the creditor and the debtor where a smaller sum is agreed to settle the debt.

It's marked on the credit file as 'partially settled' as an indicator that the full amount was not repaid. But it will no longer be owed and cannot go on to default (although they have normally defaulted long before a partial settlement is agreed)

Isn't that only if the creditor agrees though? As I understand it AC was saying just pay what he wanted in partial settlement.

Keezing

enthusiasticsaver wrote: »

Isn't that only if the creditor agrees though? As I understand it AC was saying just pay what he wanted in partial settlement.

You are quite right in that case.

It wouldn't be a 'settlement' unless the other party agrees. :-)

another_casualty

Thanks again .
I'll be going for a full and final , unless I'm able to wait until I find a place to buy first .

Keezing

another_casualty wrote: »

Thanks again .
I'll be going for a full and final , unless I'm able to wait until I find a place to buy first .

I want to make sure you are not getting mixed up with semantics.

Full and Finals and Partial Settlements are the same thing.

As long as the creditor agrees that your balance will be zero after the settlement payment.

another_casualty

Thanks keezing. Will bear in mind .

sammyjammy

AC you've been going back and forth with this for nearly 3 months, you're obviously confused and worried. Just to be clear your creditors and payplan can request whatever they want to, the decision is yours as to whether you give them what they request.

If I were you I would have review with Payplan, tell them you no longer have an income and therefore cannot temporarily keep with the same payments you are making, get them to reduce these right down and then make a F&F offer in a few months time when you are settled again.

If they mention your F&F request that you made to them back in December just tell them you no longer have those funds available as you will need them to purchase your new property.

sourcrates

Hi Another Casualty,

Just a couple of questions if i may.

Have any of these debts defaulted as yet ?

Are all the accounts still with the original lenders or DCA`s managing on behalf of original creditors ?

In other words, none of the accounts have been sold on.

another_casualty

sourcrates wrote: »

Hi Another Casualty,

Just a couple of questions if i may.

Have any of these debts defaulted as yet ?

Are all the accounts still with the original lenders or DCA`s managing on behalf of original creditors ?

In other words, none of the accounts have been sold on.

Thanks sourcrates . Just to remind everyone here,I'm 5 years into my dmp.
Accounts sold on : wescott ( RBS mint credit card )
PRA group ( loan Barclays Bank)
The rest have not been sold on .

Just had an offer accepted on a flat, that will be my new home .
Thanks:)

enthusiasticsaver

I think I too would be slow to pay off the full amount at this stage AC. I understand the psychological advantage you may feel in being debt free but you will have a lot of expense in the next few months with buying your flat and you have no income. This is all you need to say to payplan - you are not working and although you have sold a property you need somewhere to live so are buying another one which is going through at the moment. You have tried a few lowball offers direct to your creditors so personally I would approach them again pointing out you are not working so no point in doing an income and expenditure statement but perhaps offering them a slightly increased full and final from your flat sale proceeds IF you think you can afford it. Without you putting figures up here we don't know whether you can afford it or not.