Full and final settlement help thread

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Comments

  • Walker42
    Walker42 Posts: 14 Forumite
    fatbelly wrote: »
    The money needs to be somewhere unconnected to your debts.

    So definitely nowhere near Barclays.

    They will only know what you tell them.

    Wait for the response on the credit agreements. You should have done this as a formal s77 request under the consumer credit act, by letter and enclosing £1. Only then does the debt become unenforceable under the Act if they cannot comply.

    You do not need to give a reason - it's your statutory right.

    But overdrafts are not covered by the Act


    Ok that's great thanks.

    Do you think it is worth offering and F&F to Barclays for the overdraft or is there no point?

    Thanks again
  • fatbelly
    fatbelly Posts: 20,455 Forumite
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    Walker42 wrote: »
    Ok that's great thanks.

    Do you think it is worth offering and F&F to Barclays for the overdraft or is there no point?

    Thanks again

    Yes -you may not end up with so big a discount but the same basic principals apply.

    To them it's just another debt and they will be considering selling it at 10-20% so make an offer and see what they say.
  • Walker42
    Walker42 Posts: 14 Forumite
    Thank you so much for your help
  • NeverendingDMP
    NeverendingDMP Posts: 1,737 Forumite
    First Anniversary First Post Name Dropper
    Just to update as I know people look through the thread for an idea of % settlement figures accepted. I offered pra group just under 40% of a debt. (I had previously offered less and not been offered more than 10% off.)

    They said no to my offer etc etc so we exchanged ideas.
    We settled at 61%. Of money owed. Others may have had higher or lower but it will do me and it also means I will have broken the 30k barrier by Christmas.
    Jan 18 Joint debts 35,213 - March 24 16.6k
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  • System
    System Posts: 178,093 Community Admin
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    Well W*scot never accepted our offers so carrying on with token payments for them at the moment. But had an offer from L*well in relation to an account I had with Ll*yds. Debt was £376 and they said they would accept £294. I went back to them with £250 and they agreed. So happy days...that's a bit more off the total.:T
  • Wilberfustian
    Wilberfustian Posts: 6 Forumite
    First Post First Anniversary
    Hi there,

    I owe around £35K between 9 different creditors. I sent off CCA letters to them all a month ago. All have acknowledged my letters and said they will get back to me in due course

    So far only Capital One (debt of £1900) have been able to send the original paperwork back so my next step was to offer them £700 which has been rejected. Do I now ring them with a higher offer and take it from there?

    Cabot (who took on my Northern Rock unsecured loan) wrote back concerning the £13K I owe them and said they haven't found the paperwork yet and have said it is unenforceable in the meantime whilst they look. I perhaps optimistically hoped this meant they might accept a low offer so I offered £1300 which has been rejected however they have given me a number to ring in order to discuss a figure. What would be the next step here?

    Any advice would be gratefully received!

    Thanks
  • fatbelly
    fatbelly Posts: 20,455 Forumite
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    Wilberfustian wrote: »
    Hi there,

    I owe around £35K between 9 different creditors. I sent off CCA letters to them all a month ago. All have acknowledged my letters and said they will get back to me in due course

    So far only Capital One (debt of £1900) have been able to send the original paperwork back so my next step was to offer them £700 which has been rejected. Do I now ring them with a higher offer and take it from there?

    Ring them with that offer - it's a decent offer. Ask them why they rejected it, what they were looking for and make it clear you can't go much higher.
    Wilberfustian wrote: »
    Cabot (who took on my Northern Rock unsecured loan) wrote back concerning the £13K I owe them and said they haven't found the paperwork yet and have said it is unenforceable in the meantime whilst they look. I perhaps optimistically hoped this meant they might accept a low offer so I offered £1300 which has been rejected however they have given me a number to ring in order to discuss a figure. What would be the next step here?
    Give it a month. If they still can't find paperwork and you still want to pay them try again.
  • Littlebigmoose
    Littlebigmoose Posts: 112 Forumite
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    Update: I have managed to get Wescot to accept a 60% discount on a very recent debt which I have paid and am quite pleased with. Cabot offered a 70% discount max on a 7 year old debt that I have been making token payments to. Still not sure on this one as its quite more than I was hoping
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  • Babbbos
    Babbbos Posts: 2 Newbie
    Hi,


    I may have left this too late but after googling found this site and hoped to get some questions answered.


    I have 10,100 in debt across three companies things were fine, good job and prospects then I became ill with a autoimmune condition. This meant I lost my job and have ended up on disability unable to work meaning the debt became an issue.



    Moorcroft is collecting two of those debts and Wescott the third.


    I have been on a DMP with Stepchange for two years but a relative has very kindly offered me £5000 if it pays everything off.


    I have talked to Stepchange about making a settlement offer and they are going to call me back tomorrow to go through it with me.


    I was hoping someone could answer the following.


    What can I expect from Stepchange what will they ask from me?


    Am I doing the right thing by going through Stepchange or should I be doing this myself as a lot of people in this thread seem to be doing?


    My illness is made worse by stress so having Stepchange do it for me would help with that but seeing how many people are doing this themselves I'm wondering if I'm doing the right thing.


    Thanks in advance for any help.
  • fatbelly
    fatbelly Posts: 20,455 Forumite
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    edited 21 November 2018 at 8:16PM
    Talk to stepchange but most people prefer to do this themselves. stepchange may say that creditors should be treated equally and if you have 5k available you should offer the whole 5k. I disagree.

    How successful you are depends on how you negotiate but the biggest factor is what other options the creditor has. If you are already making substantial payments through a DRO (and if you've been on one for 2 years you should be well along that line by now) then you may find they don't offer much of a deal.

    We usually advise to check out what the creditor holds on you by making a formal request for your credit agreement (only works on consumer credit debts) as a first step. It's unlikely stepchange would bother with this.

    - - - - - - - -

    Taking a step back, if you didn't have a friend with £5000 cash that they don't know what to do with, what would you do?

    I'm just wondering if you would have gone for a cheaper strategy like asking for write-offs (free), a DRO (£90) or bankruptcy (£680)
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