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Full and final settlement help thread

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
2.7K replies 1.5M views
WeggyWeggy Forumite
462 posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
Hi all

Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands?

Thanks
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Replies

  • maka_2maka_2 Forumite
    1.1K posts
    I have done this with a few of mine and my partners debts.
    i write to them asking for a stupid discount say 80% off knowing full well i won't get it, but i reackon about half of them came back offering 40% to 50% off.
    Not bad when most offer around the 20% mark. I think it also dpends how old the debt is and how long this company have been trying to claim it back and also the amount due to be payed back.
    Good luck though.
    You dont get if you dont ask.
    :beer: LOVE LIFE PROCEED & PROGRESS
  • WeggyWeggy Forumite
    462 posts
    Thanks maka

    How long did it take you to negotiate the final offer mate?

    Some of the DCA's, especially Wescot, are being very difficult!!
  • kazzajkazzaj Forumite
    124 posts
    I negotiated F&F's with several card companies who had referred my accounts to Debt Collection Agencies as follows:

    RBS Advanta - Balance £7300 F&F £5200
    Capital One - Balance £5800 F&F £3750
    Halifax -Balance £5200 F&F £4000

    Its certainly worth asking. Dont make stupid offers, but perhaps start at 50%. In the case of Capital One, I phoned them and said I wanted to know whether they would be willing to accept an offer and they immediately went to £4000. I said I could not quite manage that would they go for £3750 and they agreed.

    Good luck!!
  • Daft question I know but if you are up to date with your cards and you contact them will the card company negotiate a sensible settlement figure on your balance and then close your account how that will then appear on your credit report. I know if I search around I may find the answer but just asking the question now in this thread. So thanks in advance for any info if anyone has had success in that style of card settlement
  • kazzajkazzaj Forumite
    124 posts
    I am n o expert, but I dont think that they will negotiate a settlement offer if you are up to date and your account has not been referred to an agency for collection. BUT, I could be wrong.........
  • johannamsejohannamse Users Awaiting Email Confirmation
    498 posts
    skippy64 wrote:
    Daft question I know but if you are up to date with your cards and you contact them will the card company negotiate a sensible settlement figure on your balance and then close your account

    They will not do this if you are up to date with payments. You have to have missed enough payments for the debt to be referred to debt collection agency normally.
  • WeggyWeggy Forumite
    462 posts
    Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........
  • Karma67Karma67 Forumite
    541 posts
    Debt-free and Proud!
    Weggy wrote:
    Have just managed to negotiate a 55% F&F with Link Financial on a total of nearly £3k........

    Well done :j:T
  • maka_2maka_2 Forumite
    1.1K posts
    Weggy wrote:
    Thanks maka

    How long did it take you to negotiate the final offer mate?

    Some of the DCA's, especially Wescot, are being very difficult!!

    it took about 2 weeks to hear back from them
    also with a couple of them that did not get back to me i wrote to them again asking for a response within 10 days or i would have to lower my monthly payments ( to around £10 a month) which i know they would not like as it was far to low but in doing this pushed them into agreeing my settlement quicker.
    Good luck mate "westcot are rude and useless" i have delt with them before.
    :beer: LOVE LIFE PROCEED & PROGRESS
  • SystemSystem
    177.7K posts
    10,000 Posts
    ✭✭✭✭✭✭
    I haven't arranged any Full & Final Settlements, but it seems that you get the best settlement if you're in the most hopeless situation.

    I'm making token payments of £1 per month and not in any position to increase that at the moment.

    MBNA recently offered to settle for 30% of my debt. (Yep folks, 70% off immediately with no quibbles :eek:)

    But then the catch is that no matter how tempting the offer, not everyone has the means to get the settlement amount together.

    It's very frustrating! Good luck to anyone who can though. :)
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