Full and final settlement offer received

scottygees

I have just received a F&F letter from one of the DCA's on my DMP out of the blue offering me a settlement figure. As I am on a DMP I can't prioritise one debt over another and probably wouldn't have the spare money to take them up on this. My question is what are their next steps likely to be as I will have to decline their offer. Could this be they are looking to write off the debt and are just trying to get some payment or am I living in hope for this outcome? The debt total is £214 and has been with the DCA for about 5 years.

National_Debtline

Hi Scottygees,


Realistically, if you decline the full and final settlement they won't write the debt off (sorry). They will either continue to accept the payments in the DMP (most likely), or pass it on to another debt collector or sue for the money owed. However, if you have a free, reputable DMP court action is unlikely.


Debt collectors make these offers more often than you think, and if you had the money to take them up on their offer then it may have been worth considering but, you do have to be careful about preference payments (as you mentioned). However, without the available money, you can tell your DMP company but essentially, just ignore it.


Laura
@natdebtline

scottygees

I did think as much, but thought I would ask anyway

Thanks

National_Debtline wrote: »

Hi Scottygees,


Realistically, if you decline the full and final settlement they won't write the debt off (sorry). They will either continue to accept the payments in the DMP (most likely), or pass it on to another debt collector or sue for the money owed. However, if you have a free, reputable DMP court action is unlikely.


Debt collectors make these offers more often than you think, and if you had the money to take them up on their offer then it may have been worth considering but, you do have to be careful about preference payments (as you mentioned). However, without the available money, you can tell your DMP company but essentially, just ignore it.


Laura
@natdebtline

Shakin_Steve

Could someone post up a list of abbreviations used on this site. I can't make head nor tail of some of the posts.

fatbelly

scottygees wrote: »

I have just received a F&F letter from one of the DCA's on my DMP out of the blue offering me a settlement figure. As I am on a DMP I can't prioritise one debt over another and probably wouldn't have the spare money to take them up on this. My question is what are their next steps likely to be as I will have to decline their offer. Could this be they are looking to write off the debt and are just trying to get some payment or am I living in hope for this outcome? The debt total is £214 and has been with the DCA for about 5 years.

A dmp is an informal solution so you can do F&Fs if you like - just tell your dmp that that debt's gone.

They might even go lower that their opening offer if you ask.

Not having any spare money is a bit of an issue though:)