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  • FIRST POST
    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    Weggy
    Full and final settlement help thread
    • #1
    • 19th Nov 05, 10:20 AM
    Full and final settlement help thread 19th Nov 05 at 10:20 AM
    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

    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 134
    • MissDebtFreeWannabe
    • By MissDebtFreeWannabe 30th Oct 19, 12:32 PM
    • 11 Posts
    • 3 Thanks
    MissDebtFreeWannabe
    Hi all,

    My partner has just received a F&F Settlement offer on one of his defaulted debts for 40%, he also received one a few weeks back on another debt, but he was unable to pay it. He is due to receive some monies soon, and I have one question - in around six months, we want to apply for a joint mortgage together (I have a very good credit rating) and he will be debt free by then - in terms of a mortgage application, should we make sure that ALL the debts are paid in full, or if we accept F&F Settlements on some of them (and therefore they are marked as 'partially settled') how much of an impact will this have on our mortgage application? FYI the defaults all occurred end of 2017/ beg 2018 and therefore a long way until the 6 year time limit to coming off the credit report.

    The fact he has defaults is going to be bad enough, but being settled or partially settled - how much of a difference is this?? Any monies we save would be going towards a our deposit!

    Thank you
    • fullofcold
    • By fullofcold 13th Nov 19, 4:34 PM
    • 38 Posts
    • 3 Thanks
    fullofcold
    Hi all,

    My partner has just received a F&F Settlement offer on one of his defaulted debts for 40%, he also received one a few weeks back on another debt, but he was unable to pay it. He is due to receive some monies soon, and I have one question - in around six months, we want to apply for a joint mortgage together (I have a very good credit rating) and he will be debt free by then - in terms of a mortgage application, should we make sure that ALL the debts are paid in full, or if we accept F&F Settlements on some of them (and therefore they are marked as 'partially settled') how much of an impact will this have on our mortgage application? FYI the defaults all occurred end of 2017/ beg 2018 and therefore a long way until the 6 year time limit to coming off the credit report.

    The fact he has defaults is going to be bad enough, but being settled or partially settled - how much of a difference is this?? Any monies we save would be going towards a our deposit!

    Thank you
    Originally posted by MissDebtFreeWannabe
    Find a good broker and get your partners credit report to them. In my experience John Charcol are pretty good when it comes to this kind of thing (my husband is in an active DMP and they have managed to help us).
    • fullofcold
    • By fullofcold 13th Nov 19, 4:36 PM
    • 38 Posts
    • 3 Thanks
    fullofcold
    This is a random question - assuming the property purchase goes through and we have the monies to repay husbands DMP are we able to try for reduced full and final? Only reason I ask is because I'm concerned it'll affect his credit and because his debt defaulted over 6 years ago it has dropped off his credit files.
    • fatbelly
    • By fatbelly 13th Nov 19, 6:24 PM
    • 14,401 Posts
    • 11,451 Thanks
    fatbelly
    This is a random question - assuming the property purchase goes through and we have the monies to repay husbands DMP are we able to try for reduced full and final? Only reason I ask is because I'm concerned it'll affect his credit and because his debt defaulted over 6 years ago it has dropped off his credit files.
    Originally posted by fullofcold
    If the entry has dropped off because it's over 6 years since the default, it's not coming back and that is not a factor you need think about.

    Yes, any defaulted debt will potentially be able to be settled at less than 100% - it's just a matter of negotiation.
    • fullofcold
    • By fullofcold 14th Nov 19, 10:19 AM
    • 38 Posts
    • 3 Thanks
    fullofcold
    If the entry has dropped off because it's over 6 years since the default, it's not coming back and that is not a factor you need think about.

    Yes, any defaulted debt will potentially be able to be settled at less than 100% - it's just a matter of negotiation.
    Originally posted by fatbelly
    I have had a lot of advice over the last week on this thread and another. Really do appreciate all the help that we have had. Thank you
    • flyingv
    • By flyingv 15th Nov 19, 8:47 PM
    • 13 Posts
    • 5 Thanks
    flyingv
    Hi everyone, first time posting in this thread but I had to share. I posted 3 f&f letters on Wednesday (Wescot, Robinson Way and Arvato). Wescot outstanding amount was £6,671 and I went in at £3,000. They've just called me to say they will accept £3,300. I've told them I need this in writing before my relative will release the funds, but I can't believe how quickly they responded. I'm not going to bother haggling as £3,500 was my absolute limit. I'm really chuffed Hope the others respond as quickly!


    Thanks for all the helpful tips and advice on this thread so far. Love reading others' success stories, hopefully I will be back with good news from the other two DCAs.
    • barbiedoll
    • By barbiedoll 17th Nov 19, 9:37 PM
    • 4,987 Posts
    • 13,778 Thanks
    barbiedoll
    Hi all. Am back again for some advice, after many years on our debt-free journey, we can finally see some light at the end of the tunnel.

    Our last debt is an old NR loan. Outstanding balance is around £7.5k, weíre currently paying around £200/month via Stepchange.

    The debt is in my husbandís name, but I recently had an inheritance come through and weíd like to get rid of this as cheaply as possible. The debt is over 6 years old and is now with Cabot. How should we go about offering a F&F, and what sort of amount should we be offering? We can give them up to £2000, do you think we have any chance of getting away with this sum?

    Just to add, my husbandís credit file is trashed (thanks to Marbles/Robinson Way defaulting him on a very old debt that wasnít defaulted 9 years ago . ) Itís not an issue, my credit rating is ok, and we donít anticipate having to use credit again in the foreseeable future, but I am able to get phone contracts etc, so we donít think itís a problem at the moment at least.

    Any suggestions would be very welcome!
    "I may be many things but not being indiscreet isn't one of them"
    • fatbelly
    • By fatbelly 17th Nov 19, 9:50 PM
    • 14,401 Posts
    • 11,451 Thanks
    fatbelly
    Offer them 25%
    • lady123
    • By lady123 18th Nov 19, 7:21 PM
    • 140 Posts
    • 41 Thanks
    lady123
    Hi all. Am back again for some advice, after many years on our debt-free journey, we can finally see some light at the end of the tunnel.

    Our last debt is an old NR loan. Outstanding balance is around £7.5k, weíre currently paying around £200/month via Stepchange.

    The debt is in my husbandís name, but I recently had an inheritance come through and weíd like to get rid of this as cheaply as possible. The debt is over 6 years old and is now with Cabot. How should we go about offering a F&F, and what sort of amount should we be offering? We can give them up to £2000, do you think we have any chance of getting away with this sum?

    Just to add, my husbandís credit file is trashed (thanks to Marbles/Robinson Way defaulting him on a very old debt that wasnít defaulted 9 years ago . ) Itís not an issue, my credit rating is ok, and we donít anticipate having to use credit again in the foreseeable future, but I am able to get phone contracts etc, so we donít think itís a problem at the moment at least.

    Any suggestions would be very welcome!
    Originally posted by barbiedoll
    I would challenge the original creditor. they should have defaulted you 6 months after you he stopped making payments i think, someone with a better knowledge may offer some advice regarding defaults, that way Robways default would be removed.
    i complained to BC as they waited 4 years to default me, after my complaint they agreed to default 4 months after my last payment which wiped the default from my Credit report. worth a try.
    • fullofcold
    • By fullofcold 26th Nov 19, 10:20 AM
    • 38 Posts
    • 3 Thanks
    fullofcold
    I'm a bit confused - I realise my husband has to request a CCA for his debts before we start the f&f stage. Do we request this from the original lender, or from the company the debt has been sold to?
    • Willing2Learn
    • By Willing2Learn 26th Nov 19, 10:30 AM
    • 4,755 Posts
    • 4,304 Thanks
    Willing2Learn
    I'm a bit confused - I realise my husband has to request a CCA for his debts before we start the f&f stage. Do we request this from the original lender, or from the company the debt has been sold to?
    Originally posted by fullofcold
    You send it to whichever DCA currently owns the account. Don't forget to include your £1 cheque or postal order.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • fullofcold
    • By fullofcold 26th Nov 19, 10:59 AM
    • 38 Posts
    • 3 Thanks
    fullofcold
    Right so, just to clarify (I've had meningitis and my brain misfires a lot)

    1. Get copy of CCA (or not if there isn't one or they can't find it)
    2. Give notice to GP when we exchange
    3. Write to creditors with a low ball offer - even more low ball if no CCA
    4. Negotiate F&F
    5. Pay whatever we agree on after they have confirmed figures are full and final as per the sample letters

    Is there anything I have forgotten?

    --------------------------------

    Edited to add he has just sent me the breakdown and one of them is a CCJ - I assume that one will need to be repaid in full.
    Last edited by fullofcold; 26-11-2019 at 11:01 AM. Reason: Additional information
    • Willing2Learn
    • By Willing2Learn 26th Nov 19, 11:53 AM
    • 4,755 Posts
    • 4,304 Thanks
    Willing2Learn
    Right so, just to clarify (I've had meningitis and my brain misfires a lot)

    1. Get copy of CCA (or not if there isn't one or they can't find it)
    2. Give notice to GP when we exchange
    3. Write to creditors with a low ball offer - even more low ball if no CCA
    4. Negotiate F&F
    5. Pay whatever we agree on after they have confirmed figures are full and final as per the sample letters

    Is there anything I have forgotten?

    --------------------------------

    Edited to add he has just sent me the breakdown and one of them is a CCJ - I assume that one will need to be repaid in full.
    Originally posted by fullofcold
    I am confused at to why you need to keep your GP in the loop. But yes to everything else.

    You can haggle with a CCJ too. The only difference being that if you partially satisfy a CCJ, the associated entry on your credit file will not be marked as settled.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • fullofcold
    • By fullofcold 26th Nov 19, 12:09 PM
    • 38 Posts
    • 3 Thanks
    fullofcold
    I am confused at to why you need to keep your GP in the loop. But yes to everything else.

    You can haggle with a CCJ too. The only difference being that if you partially satisfy a CCJ, the associated entry on your credit file will not be marked as settled.
    Originally posted by Willing2Learn
    Ha ha ha, my husband has used Gregory Penningtons for his DMP (Yes he knows he's an idiot).

    His CCJ is not showing on his credit file as it was over 6 years ago (16) so if that is the case I'll just crack on.

    Many thanks for your help.
    • flyingv
    • By flyingv 26th Nov 19, 9:06 PM
    • 13 Posts
    • 5 Thanks
    flyingv
    Hi all, a bit of an update. I had a missed call from Arvato so rang them back. The guy was very rude, bordering on aggressive - and said that as I had a payment plan in place there was no need for them to accept a f&f. However, I stayed calm and he eventually gave me a figure of £757 (on £990 debt!) but when I asked for confirmation in writing he said there was no point. Okay... Fast forward a few days and I receive a letter basically reiterating that I had a payment plan in place, but no mention of the f&f amount he'd mentioned. They can just have their money at the agreed £25 a month until it's paid in that case.



    Still no news from Robinson Way.
    • fatbelly
    • By fatbelly 26th Nov 19, 10:06 PM
    • 14,401 Posts
    • 11,451 Thanks
    fatbelly
    Hi all, a bit of an update. I had a missed call from Arvato so rang them back. The guy was very rude, bordering on aggressive - and said that as I had a payment plan in place there was no need for them to accept a f&f. However, I stayed calm and he eventually gave me a figure of £757 (on £990 debt!) but when I asked for confirmation in writing he said there was no point. Okay... Fast forward a few days and I receive a letter basically reiterating that I had a payment plan in place, but no mention of the f&f amount he'd mentioned. They can just have their money at the agreed £25 a month until it's paid in that case.



    Still no news from Robinson Way.
    Originally posted by flyingv
    You can always confirm an offer back to them:

    WITHOUT PREJUDICE

    Thank you for confirming that you are willing to accept an offer of £757 on my debt of £990. I cannot afford £757 but could afford £XXX as full and final settlement of the account. I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

    If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.

    I can pay the amount I have offered within X of receiving your written agreement of this offer.
    • flyingv
    • By flyingv 27th Nov 19, 9:11 PM
    • 13 Posts
    • 5 Thanks
    flyingv
    Thanks fatbelly, I'll try that.
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