Partial Settlements

chrisbee_2

send them in a income and expenditor form just add a little more on

also dont give up with egg they have offered it once so they will again just keep trying ..

maddysaver

Yep that's what I was thinking - with the next letter we'll up the ante a little and give an SOA and maybe even hint that we may be struggling and looking to lower the payments. I've got hubby looking for the Egg letter at the moment as proof - as they said the '50%' offer was open any time in the future!

chrisbee_2

good luck ! keep us updated ..

Bluerover

CLAPTON wrote: »

Full & Final offers usually happen when

a) You default on your original agreement
b) The default is noted on your credit history.
This will trash your credit rating for 6 years. This usually makes it very difficult for you to borrow any more.
At the end of this process the creditor who currently owns your debt is much more likely to accept a full & final payment.

With relation to Part B I imagine though its better for the debt to be settled in FF rather than left open. Your rating would already be wrecked but if you paid FF What would this show on your credit report rather than account in default status what will it show?

CLAPTON

it depends .. sometimes if you agree a F&F then you can get them to mark your account at 'settled' rather than 'partially settled' ... some will, others won't

but a default showing on your credit file is only just a bit better than a CCJ.

Bluerover

Thank you very much I have just realise what my next step should be I have 3 defaulted accounts going back to 2003/2004 I will offer full and final well one has already offered amount owing £556 they have offered full and final of £220 with out me doing anything but not reply so I will take them up on it I think.

Thank you.

lotte123

it depends .. sometimes if you agree a F&F then you can get them to mark your account at 'settled' rather than 'partially settled' ... some will, others won't

but a default showing on your credit file is only just a bit better than a CCJ.

Hi guys - similar question. Was thinking of offering a F&F settlement to Blair, Scott Oliver for an AA loan that I defaulted on about 18mnths ago and have been making reduced payments on when they pre-empted me with a partial settlement offer for the same amount.

I was was wondering whether it was worth pushing for them to put settled in full on my credit record or whether, from what Clapton wrote, not to bother as the default will have wrecked my credit history anyway.

Many thanks for your advice

Lotte x

fermi

You need to get it marked a "settled" or "partially settled" in all cases.

That will improve your credit rating a little as time goes on, but more importantly it acknowledges that the debt is settled and that nothing more is owed.

It has been known for people to do a F&FS without getting this done, only to find a few year later that they are being pursued for the remainder.:eek: I am not joking.

Make sure that you get any offer to do a F&FS in writing from the creditor as well.

There is some info on doing F&FS's in the link below.

Link: Factsheet | Full & Final Settlement offers

lotte123

Thanks Fermi - I have it in writing that they will mark it as partially settled as an 'early settlement' - I just wanted to make sure that that wouldn't be a disadvantage in the future as opposed to a full and final settlement. I will check the wording of the letter again just to make sure.

mrsclecoco_2

i've just settled with Blair, oliver and Scott 'partialy settled' Debt was £956 and they settled for £600 their offer. Egg have recently accepted a settlement of £750 We owe £1017 just waiting for a letter from them.
We have been with cccs for just over 14 months, we have ben saving overtime, cutting down on food etc putting it in savings and then when we have a lump sum offer a settlement. Eventually I want to be just left with our biggest debt, Nat West curremtly £18500. They did offer a settlemen of £11000 a few weeks back but we don't have that much o/time!!!
I figured that defaults are marked for 6 years anyway so credit rating shot to pieces might as well showing willing to py the debts off!!!