Full and final settlement help thread

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
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  • HalfwaythereHalfwaythere Forumite
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    DrWatson1 said:
    it all depends how much you are prepared (and can afford) to play the long game. I was a student during my DMP, so even if I had great credit, I wouldn't have been approved. Now I'm earning good money I'm in a good position to drive a hard bargain as the defaults have fallen off and my credit score has improved sufficiently that I was "pre-approved" for a credit card earlier this year - I haven't been that since 2007!
    I’m prepared to try for 7 months as this is how long it will be until my arrangements to pay debts will have dropped off. 

    I emailed my first settlement offers yesterday and sent my letters today, I am so impatient though. I just want to know. 

    Also I can technically afford to pay a lot more to these defaults and not the minimum payment. Do I have to do this If I have the available funds or do I just not reveal it?
  • edited 10 July 2020 at 6:12PM
    sourcratessourcrates Forumite, Board Guide
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    edited 10 July 2020 at 6:12PM


    Also I can technically afford to pay a lot more to these defaults and not the minimum payment. Do I have to do this If I have the available funds or do I just not reveal it?

    Oh my word, keep your cards close  to your chest.
    Never divulge anything of that nature to a DCA, you`ll never get anywhere.
    People constantly ask, can i do this, can i do that, or, am i allowed to do this or that, folks, we do not reside in North Korea, where your every move is scrutenised, in this country, as long as its not against the law, we can do anything we choose, no one can tell you otherwise.
    That applies to debts or anything else too.
    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".
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  • HalfwaythereHalfwaythere Forumite
    87 Posts
    10 Posts First Anniversary Photogenic


    Also I can technically afford to pay a lot more to these defaults and not the minimum payment. Do I have to do this If I have the available funds or do I just not reveal it?

    Oh my word, keep your cards close  to your chest.
    Never divulge anything of that nature to a DCA, you`ll never get anywhere.
    People constantly ask, can i do this, can i do that, or, am i allowed to do this or that, folks, we do not reside in North Korea, where your every move is scrutenised, in this country, as long as its not against the law, we can do anything we choose, no one can tell you otherwise.
    That applies to debts or anything else too.
    Thank you think I’m fully prepared with my plan wish me luck !
  • HalfwaythereHalfwaythere Forumite
    87 Posts
    10 Posts First Anniversary Photogenic
    Well I contacted my creditors on Thursday via the emails for offers and also sent some snail mail. No news from Intrum and link have emailed me back to say go through Westcot which doesn’t sound promising, not feeling hopeful at all ☹️
  • fatbellyfatbelly Forumite
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    Well I contacted my creditors on Thursday via the emails for offers and also sent some snail mail. No news from Intrum and link have emailed me back to say go through Westcot which doesn’t sound promising, not feeling hopeful at all ☹️
    As sourcrates would say, it's a marathon not a sprint.

    When you say you contacted them for offers, I presume you actually made an offer of so many pence in the £
  • HalfwaythereHalfwaythere Forumite
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    Yes I did the offer of £2090 to link/wescot for 8k and £1198 to Intrum for 4.5k. Just feel bit disheartened that link have referred me to wescot when they just managed their payments so seems it’s going to be a straight rejection 
  • zenshizenshi Forumite
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    Yes I did the offer of £2090 to link/wescot for 8k and £1198 to Intrum for 4.5k. Just feel bit disheartened that link have referred me to wescot when they just managed their payments so seems it’s going to be a straight rejection 
    So, Link own and Westcott manage?. If so, then they’re not able to take that decion themselves and have to refer it. If refused, then make on offer several months down the line
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • HalfwaythereHalfwaythere Forumite
    87 Posts
    10 Posts First Anniversary Photogenic
    zenshi said:
    Yes I did the offer of £2090 to link/wescot for 8k and £1198 to Intrum for 4.5k. Just feel bit disheartened that link have referred me to wescot when they just managed their payments so seems it’s going to be a straight rejection 
    So, Link own and Westcott manage?. If so, then they’re not able to take that decion themselves and have to refer it. If refused, then make on offer several months down the line
    Yes so I don’t understand why Link have referred me to Wescot 🤷‍♀️
  • HalfwaythereHalfwaythere Forumite
    87 Posts
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    Had a call from Intrum about my offer on their account, said the max they would go is 5%. Organised my ongoing payment of £2.54, they were really nice actually but it’s a no for now 
  • pammerpammer Forumite
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    Part of the Furniture 10 Posts Combo Breaker
    Hi All,

    I'm looking to make a F&F settlement to Cabot (they own the debt). Is now a good time, or should I wait for the world to go back to 'normal'?

    I'd obviously like them to accept as little as possible! But I was wondering if the current situation would help or hinder my offer?

    Anyone have any pearls of wisdom they could offer???
    The end is in sight :j
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