Full and Final Settlement Offers

sourcrates

Justice13075 wrote: »

Cabot is chasing me for a £2100 loan debt which they bought from a loan company. I have offered £600 as a full and final settlement but they don't seem interested. What shall I do next

Up your offer to them, or ask what they will accept.


Are you a skilled negotiator ?


No harm ringing them and try and agree a deal, just as long as anything agreed is backed up in writing.

Justice13075

I contacted them by live chat and they said that at this time they will accept £1900 which I don't have. I offered them an increase from £600 to £800 what will happen next?

LOVEHB

Just wanted to share my F&F journey so far hopefully it will help.

Managed to get 40% settlement figure with Lowells today on my biggest individual debt - this has now been paid and confirmed in writing woohoo. I have also discussed two debts with Cabot and they have come back at 60% after starting at 80%. This is still way out what I can afford but we are getting closer! Vanquis came back with 75% which is totally out of my range but I will call again to see what I can negotiate. Capital one has offered 50%. Lantern are offering 80% I would say that they were trying to get me to pay my 40% offer but the remaining balance would still remain. Didnt really appreciate their underhand wording tactic especially as I am doing everything I can so please be careful when you deal with these guys!

Fairyfeet2

Hi following on from this thread, I’m going to be going through this process soon. Would it be in my favour to send my budget with my !!!!!! when I approach each company I owe money to. Thanks

Willing2Learn

Fairyfeet2 wrote: »

... I’m going to be going through this process soon. Would it be in my favour to send my budget with my !!!!!! when I approach each company I owe money to.

Use the National Debtline sample letter - Full and final settlement offer

You don't need to send anything else. The letter is all that is required.


We normally recommend that you submit a CCA request for each eligible account, before you make any settlement offers. This is especially useful for older accounts.

Debts - why, how & when to ask for the CCA agreement

fatbelly

Note the CCA request only works for Consumer Credit Act debts so not mobile phones or utilities - if in doubt check with us.

Fairyfeet2

Thanks for the reply , could you explain what a CCA is please. I’m on a DMP with stepchange , but hoping to approach the creditors myself . Cam creditors get access to your bank accounts or savings accounts. I’m in a position to settle a % of the debts, but want to keep a little money fir a rainy day ��

fatbelly

Fairyfeet2 wrote: »

Thanks for the reply , could you explain what a CCA is please. I’m on a DMP with stepchange , but hoping to approach the creditors myself . Cam creditors get access to your bank accounts or savings accounts. I’m in a position to settle a % of the debts, but want to keep a little money fir a rainy day ��

Willing2Learn's link contains a very detailed explanation of what a CCA is.

As long as you are banking where you do not have debts, something that stepchange insist on before you enter a dmp, your creditors cannot see anything other than that you have a bank account. They can't see what you have saved in there.