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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
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Replies

  • Thank you Fermi, just find everything a bit confusing. 1 letter from 1st Credit said they weren't aware of any dispute/query relating to said account, they would request info but if I could help them by sending in the original agreements & details of what the dispute/query relates to, to help them help me?! Very confused!
  • fermifermi Forumite, Board Guide
    40.6K posts
    Intrepid Forum Explorer Rampant Recycler Newshound! Car Insurance Carver!
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    traceydc49 wrote: »
    Thank you Fermi, just find everything a bit confusing. 1 letter from 1st Credit said they weren't aware of any dispute/query relating to said account, they would request info but if I could help them by sending in the original agreements & details of what the dispute/query relates to, to help them help me?! Very confused!

    Hell of a cheek!

    If this is in response to a CCA request, then it's up to them to get them.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to [email protected]

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • lewpsterlewpster Forumite
    1.7K posts
    Hi everyone, I am due to come in to some money next week and looking for advice. I have £25,000 of debts, and been on a DMP for a year. My DMP date is like 12 years away at the moment.

    Should I offer F&F to all/some of my creditors or is it too soon to offer these and I should carry on paying my DMP for a while yet?

    If I should make an offer what should I do? thanks in advance.
  • Rang a couple of times and still the same story.
    Eventually i did say that it would be the final offer as other creditors had accepted and the remaining cash was running out.

    They offered to settle for 69% and 70% respectively. so have agreed that. I have also heard back from BOS and Link Financial both said they would accept 80%.

    It was higher than I wanted to go but the money I have left pays them off and means I only have creditor left (Idem - £7.2k)
    They will get my full DMP payment each month and I estimate I will be debt free at the latest in 15 months

    I have managed to get rid of 41k worth of debt for the 25k that I had from my PPI claims. My % settled are..


    Creditor..........Balance......% Settled
    Marlin..............3.7k..........40%
    Marlin..............4.4k..........40%
    Beneficial.........0.4k..........50%
    Barclays...........9.3k..........60%
    Lloyds............13.1k..........65%
    Barclaycard.......1.3k.........69%
    Barclaycard.......2.2k.........70%
    Link Financial....1.3k.........80%
    BlairOliverScott..2.2k.........80%

    Average Settlement...........61%



    1 creditor left (6.1k) getting all my DMP each month so after being 108k in debt. I will be debt free this time next year !!!


    My problem now is that My credit file still shows the 2.2k Barclaycard as not updated since July, Despite them receiving and cashing check in August and sending me a letter in September saying the account was now closed.


    I rang them up and they said they would sort it but still nothing. The other Barclaycard that was F&F and final and paid at the same time was shown as Partially satisfied in September.


    Also HSBC despite numerous calls and having sent letters saying account is now settled I am still getting statements off Beneficial saying no payment made this month.


    Each time I ring them they say another department hasn't updated and they will put it on notes but I keep getting statements. For the sake of saving £155 on that F&F I almost wish I had of left it run down on DMP !!!
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • sourcratessourcrates Forumite, Board Guide
    20.2K posts
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    jono1978 wrote: »
    Hi All

    Looking for a little advice, I have around 10 credit card debts and Im on a DMP with step change.

    I have paid off around £10k over the past 3 years

    I have around £17k outstanding, currently paying £310 a month between all creditors, 8 are defaulted and 2 aren't (barclays bank account overdraft and barclaycard)

    In around a year I will probably have around £10k coming to me which I'd like to try settle all my debts.

    As Im making regular payments between £10 and £66 to different creditors for the last few years I'm wondering when the time comes will creditors go for a F&F settlement or just hold out for the full amount as I'm paying it off.

    Would I be better trying to reduce my overall payment to step change, increasing the term on all debts? Does anyone think this would put me in a better position to negotiate when the time comes?

    Im just worried if I carry on paying what I am, they'll all just turn me down flat

    Any help or advice would be appreciated.


    Many thanks

    John



    Hi John,


    Unfortunately, there are no hard and fast rules on this.


    I'm assuming, from what you have said, that all your debts are still with the original creditors, is that right ?


    If so, they tend to be not as flexible as a debt collection agency would be, as DCA`s buy up debts in bulk, for a fraction of there worth, so can afford to offer reduced settlements as part of there business model.


    Original creditors don't have that luxury, so, you may still get a discount, but not as much as you may be hoping for.


    Having said that, you never know until you try, so my advice would be to "suck it and see".
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Hi Guys,

    I have got about 8-10 k worth of debt and was looking to get this cleared by offering payments as I have had at least 2 years of no payments at all due to lose of work in 2013.

    I am going to write to them and offer them a full and final settlement and was just wondering how can I be certain that the debt is completely written off if they accept my figure?

    Many Thanks

    Vicky
  • fatbellyfatbelly Forumite
    15K posts
    Part of the Furniture 10,000 Posts Cashback Cashier Car Insurance Carver!
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    Hi Guys,

    I have got about 8-10 k worth of debt and was looking to get this cleared by offering payments as I have had at least 2 years of no payments at all due to lose of work in 2013.

    I am going to write to them and offer them a full and final settlement and was just wondering how can I be certain that the debt is completely written off if they accept my figure?

    Many Thanks

    Vicky

    The key is not to release payment until you have a letter to that effect
  • whambamwhambam Forumite
    508 posts
    Please Add

    Creditor Balance %Settled

    MBNA - 20%
    MBNA CC 1.2K 41% 40% 50%
    Santander 1.5K 25%
    Apex - 30%
    RBS Loan - 30%
    Post Office - 30%
    NatWest - 30%
    Nationwide - 35%
    KPR - 35%
    Cabot - 30%
    Cabot 1.8K 60%
    Cabot - 44%
    Marlin 3.7k 40%
    Virgin Card 4K 40%
    Moorcroft - 42-50%
    Vanquish - 42%
    Vanquis 0.6 50%
    Avant 1.4K 46%
    Beneficial 0.4K 50%
    Littlewoods - 50%
    Shop Direct - 50%
    Capital One - 52-58%
    Link Financial 3K 55%
    Barclays 9.3K 50-60%
    HSBC 4.5K 60%
    Tesco CC £440 60%
    Provident - 61%
    Lloyds 13.1K 65% 70%
    Barclaycard 2.2K 70-80% 70%
    MBNA 1.4k 75% 30%
    Link Financial 1.3K 80%
    Blair Oliver Scott 2.2K 80%
    Argos 80%

    EGGCARD Stubborn
    HBOS Stubborn
    RBS MasterCard Stubborn
    Halifax - 44-46-50% Stubborn
    Westcott DCA 9.6K 50% Stubborn
  • pip10pip10 Forumite
    137 posts
    Hi,

    Just a couple of questions - I have 5 creditors and hoping to make some full and final offers soon. 4 are credit cards, 1 is for an overdraft that I no longer have (the account is closed). Can I make a full and final settlement offer on this one?
  • merrydancemerrydance Forumite
    649 posts
    Eighth Anniversary 500 Posts Name Dropper
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    Hi
    We have managed (hopefully it's still going through) to secure an equity release, where it doesn't roll up if you pay the interest every month. We want to pay off our credit cards, we make token payments on one at £30 per month, but Barclays have not defaulted it yet, we have been paying this for 4 months. When and if we get our money, do you think they would take and FandF settlement. We will write to them first to see if they have a copy of the CAA. Any thoughts please.
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