Full & Final Payments - what to expect??

pbsmiles

Good morning everyone.

I have been on DMP since 2009 and its expected to end in another 20 years.

The outstanding balance is 38.5k.

I have 12k to negotiate my debt and have this morning put together letters ready to post. Splitting the 12k against the creditors in proportion to debt split.

My creditors are with Barclays having 47.5% of the debt.
Barclays Select Loan
PRA Group 2
ARROW
NEXT
IDEM
Robinsons Way and
Wescot

What should i expect as reply and how persistent should i be. All comments welcome.

Thank you.
:beer::T:T:rotfl::rotfl:

National_Debtline

Hi pbsmiles,


I am afraid most people are going to struggling to answer that as there isn't a lot of consistency in responses. You sound like you have followed the process correctly - you have put the offers in writing and spread the money fairly, which is all you can do. From here you need to wait and see. If you get a mixed reply there are normally some arguments you can adopt to try and persuade creditors to accept, but you also have to consider things like - how quickly you are going to reply (how keen do you want to appear) and are you going to slightly improve your offer (can you do that)?


Your offer is just over 30% on some reasonably old debts. They wouldn't be unenforceable, because you have made payments for years, but could they be ready to get you off their books - maybe - wait and see how they all reply, and then look at tactics from there.

Laura
@natdebtline

Geoff1963

I would first increase the payments to all of them by a little, and see what happens. I don't know how concrete a DMP is, or if there's a risk one lender might suddenly demand full payment.

sourcrates

Do CCA requests to all relevant accounts first, find out which are enforceable and which arnt before offering any money.

Dezza33

Hey, I was in am in a similar position. I had £33k and had 12k to negotiate. I sent in full and final settlement offers at 30% of debt. Most rejected straight away. Do not let this out you off! I managed to negotiate over and managed the following.

Cabot Financial - CCA accepted 40% of the total debts across 3 accounts.

IDEM Services - CCA finally after a horrible struggle they accepted a 65% off total debts across 4 accounts.

Link Financial - CCA offered 30% off debt and would not budge as I had not fell into arrears and still have disposable income. However, they were so lovely and accepted a payment plan based on the discounted amount.

Apex - CCA also lovely to deal with and offered 30% reduction. This is currently in second line review.

If you can demonstrate this is a one off figure I.e redundancy you have a stronger chance. If you have disposable income still it’s more difficult to get them to reduce.

Be cautious of IDEM or any one in fact! These guys are brutal and so hard to deal with. They made me feel like crap whilst tying to negotiate. The woman I dealt with Manni, so so rude and abrupt. I stopped halfway through going through expenses and told her she needed to change her attitude as she was being so insensitive and to this situtation. I told her was so bad at her job, not listening, refusing to allow me to speak, and if you she did not change her attitude I will take it much further than her boss or their boss! I will go straight to the Financial ombudsmen! So I told her change your attitude right now and work with me or we are done! I managed to get her to accept 65%.