Full and final settlement help thread

Meatloaf1981 · 14 March 2015 at 4:49PM

I would then wait and see what the other creditors offer before agreeing anything. Never stick with the first offer!

fatbelly · 14 March 2015 at 5:04PM

NewcastlePaul wrote: »

So it is safe to accept that they wouldnt pursue the debt further. Have you had any experience of refusing offer unless they make it F&F and having them agree.

Would obviously prefer F&F but if only difference is a poor credit record then thats not that important in the scheme of things I suppose.

I'm confused. They have agreed to accept your offer to settle by full & final settlement. The only point is whether you want to continue to negotiate to see if you can get them lower than 40/50%.

Are you saying that you want a 'settled' mark? It's very unlikely that they would give you that without you paying 100% or near that.

It is possible by error or design that they or someone else may try it on at some point in the future - that's why it is important to get a well worded letter from them and keep it for 6 years.

NewcastlePaul · 14 March 2015 at 5:41PM

fatbelly wrote: »

I'm confused. They have agreed to accept your offer to settle by full & final settlement. The only point is whether you want to continue to negotiate to see if you can get them lower than 40/50%.

Are you saying that you want a 'settled' mark? It's very unlikely that they would give you that without you paying 100% or near that.

It is possible by error or design that they or someone else may try it on at some point in the future - that's why it is important to get a well worded letter from them and keep it for 6 years.

My error. I thought Partial Settlement was totally different to Full and Final. Are there any template letters i can use to reply. Do I then agree but ask them to send a final letter before I send payment.

making_progress · 14 March 2015 at 5:52PM

A couple of years ago I owed just over £4000 on a virgin credit card, they wanted it cleared sooner rather than later and offered me the option of paying £1600 within the month to ensure the debt would be settled. Such a reduction I would have been foolish to ignore.

At the time I didn't realise this was possible but am now thinking of saving up my extra income from changing jobs and trying the same with my other debts in a few months time.

ImHappy · 15 March 2015 at 9:46AM

I had eight cards in my name and four in the wife's. Mine totalled £36k and hers was £17.6k. I settled hers for less than £6k and six of mine for 29.8% on average. I still have £5.8k with Halifax and £4.5k with Tesco neither of whom wanted to settle at that level. I currently pay both of them £1 a month. No interest or charges have been added in the last four years. However, I would like to clear them if I could otherwise they will get the full amount when I die, I would rather my kids have it. I have two questions...
1. What is the lowest % figure anyone has settled at with Halifax and Tesco?
2. Now the balance transfer deals are around again has anyone tried moving a settlement figure at a low % onto a new card? If so did it work?

ImHappy · 15 March 2015 at 9:57AM

NewcastlePaul wrote: »

My error. I thought Partial Settlement was totally different to Full and Final. Are there any template letters i can use to reply. Do I then agree but ask them to send a final letter before I send payment.

Ask them to send you a snail mail letter agreeing to your agreed payment being in full and final settlement and that no further payments will ever be required. They were all happy to do this for me.

When negotiating a settlement figure it is important to frame your offer in such a way as they believe this is the best they are ever going to get and then some cracking deals are possible. In my case they settled for just under 30%.

City1 · 15 March 2015 at 6:43PM

ImHappy wrote: »

I had eight cards in my name and four in the wife's. Mine totalled £36k and hers was £17.6k. I settled hers for less than £6k and six of mine for 29.8% on average. I still have £5.8k with Halifax and £4.5k with Tesco neither of whom wanted to settle at that level. I currently pay both of them £1 a month. No interest or charges have been added in the last four years. However, I would like to clear them if I could otherwise they will get the full amount when I die, I would rather my kids have it. I have two questions...
1. What is the lowest % figure anyone has settled at with Halifax and Tesco?
2. Now the balance transfer deals are around again has anyone tried moving a settlement figure at a low % onto a new card? If so did it work?

Hi,

It sounds like you are doing well. Do you mind if I ask you a few questions? On which credit cards did you get f and f deals with and were you always making token payments?

I ask the questions as we appear to be in similar situation, but at the moment we paying £1 to £40 per month depending on size of debt.

Also if we were going to start making token payments, would I just alter the so's and let my creditors of our intention to make token payments as our situation has changed.

Cheers

NewcastlePaul · 15 March 2015 at 11:54PM

ImHappy wrote: »

Ask them to send you a snail mail letter agreeing to your agreed payment being in full and final settlement and that no further payments will ever be required. They were all happy to do this for me.

When negotiating a settlement figure it is important to frame your offer in such a way as they believe this is the best they are ever going to get and then some cracking deals are possible. In my case they settled for just under 30%.

Are there any templates on how to word such a letter ?
All advice welcome.
Cheers

sourcrates · 16 March 2015 at 12:06AM

NewcastlePaul wrote: »

Are there any templates on how to word such a letter ?
All advice welcome.
Cheers

National Debtline do a good one :

https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Full-and-final-settlement-offers-(sole-name).aspx

mrsdiy · 16 March 2015 at 3:16PM

Hi wondered if anyone has managed to get moorcroft and wescot to agree to a reduced settlement?ive sent them both a letter today hoping they will agree to full and final settlement. offered £800 for a £3000 balance which i know is alot less but thought if dont ask dont get.any tips or info would be great

Full and final settlement help thread

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