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    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    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?


    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 2
    • Weggy
    • By Weggy 23rd Nov 05, 10:03 AM
    • 463 Posts
    • 98 Thanks
    I dealt with a lady called Jayne in Collections, really nice andnot pushy at all if you speak calmly and don't use and aggressive tactic (which I have done before)

    If anyone wants her number at Wescot just email me.

    by lorraine_9
    Hi Lorraine.

    Tried emailing you but you havent set up emailing on here! I'd love to have her number.... could you please PM me with it or post it here?

  • chedmeister
    There is light at the end of the tunnel. I started to go into debt about 9 years ago and before long, had run up debts of around 50K. Sounds a lot but much of that was borrowing from one company to repay another. (Sound familiar to many?)
    Anyway, I talked it through with my partner whose mum was a Citizens Advise Bureaux advisor. She put me in touch with a financial advisor from the CAB who basically did what all those companies who advertise on the TV charge for.
    Last year, I was still about 46K in debt when a mortgage company rang me to see if I wanted a mortgage!!!!!
    During the conversation, I said I was in no position to be able to apply due to my debts and my repayment programme - I went into detail and she basically told me to ring the companies who I had these arrangements with. This I did and I managed to get that debt reduced from 46K to 24K. It took a day but who can argue with being paid 22K for 7 hours work?
    And to top it all, that company then gave me a mortgage at a pretty good rate so I am now a proud home owner.
    My outgoings have reduced by about 700.00 per month and I am the happiest I have been in a long time.
    Companies I dealt with are Barclays, Lloyds, RBS Advanta, MBNA, GE Capital and 2 collection agencies - Moorcroft and BLS.
    Go for it Weggy, you have nothing to lose and everything to gain.

    • Weggy
    • By Weggy 23rd Nov 05, 10:38 AM
    • 463 Posts
    • 98 Thanks
    Thanks Ched!
    I've managed to negotiate with some, and agreed full and finals but others are being very stubborn..... Mostly Wescot but 1st Credit and Intrum Justitia are also being unhelpful!!
    You seem very lucky that most were still in house... all of mine have gone to DCA's.
  • chedmeister
    No problem Weggy,

    To be honest, I think it was the fact that I made contact with the banks etc via the information I got free of charge through the CAB rather than going through companies who are only making money out of other peoples crisis'
    For anybody esle in a similar situation, don't ignore it. I know you have probably heard it all before but I can tell you from personal experience, the longer you leave it, the worse it becomes.
    As soon as you make contact, in most cases, the banks will help.
    Ask them to freeze interest while you negotaite.
    Give them all the information they need - don't be embarrassed about the amount of debt - I have had people on the phone in some banks / credit card companies telling me that 50K is nothing compared to some.
    That in itself is a frightening thought as these companies were / are lending irresponsibley.

    Good luck.

  • janine3217
    Bank of Scotland
    Does anyone have any ideas on how to get Bank of Scotland Mastercard agree on some sort of reduced payments or a F&F.
    I'm currently over my limit therefore they are charging me 25 a month plus around 39 repayment cover plus my monthly payment, so I'm paying around 99 per month which only taking about 30 off my balance of 4900, 200 over my limit! When I have contacted them they said that I need to contact a debt company, but I have only got a problem with this 1 credit card! Should I cancel my direct debit? Sooo many questions, its getting me really down I cant believe people have got 50% off there outstanding bills!! Please help :confused:
    • Weggy
    • By Weggy 24th Nov 05, 5:48 PM
    • 463 Posts
    • 98 Thanks
    I dont think they'll take any sort of settlement offer until you've fallen seriously behind or have even stopped paying completely.

    Not being rude, but if you can only pay 99 a month on a CC of nearly 5000 then maybe you need to look at your income and expenditure? Even without taking interest into account, that would that 50 months to pay off, at that current rate of payment.....
  • delaney22
    I am in the same position , I am in the process of making an offer of 5,000 to pay of 12,000 to one creditor. What do you think the chances of this happening are? I am not too confident myself but it is the onl amount I am able to give so I thought it would be worth a shot.

    Your opinions would be appreciated
    • digp
    • By digp 24th Nov 05, 9:54 PM
    • 1,964 Posts
    • 299 Thanks
    F&FSs are unenforceable at law subject to a few exceptions!
  • johannamse
    HI delaney,

    It depends how far the debt is along. If your have missed many payments and the debt is quite ole then you may be lucky, but if it is newer and has only recently been passed over to debt collectors, 5k maybe too little.

    If they dont accept it, you could just leave the debt as it is, and try and save more and add to the 5k and then in 6m make another offer. I do not know if this is even allowed/ the norm, its just an idea.

    Good Luck.
  • janine3217

    Yeah thanks for the income & expenditure lecture!! Feel cack as it is, recently been made unemployed & husband in the middle of Iraq, so I am well aware of the amount of time its going to take to pay off! The are hundreds & thousand of people in debt hence this forum!!!
    Last edited by janine3217; 30-11-2005 at 9:44 PM.
    • fatbelly
    • By fatbelly 1st Dec 05, 12:14 AM
    • 14,394 Posts
    • 11,441 Thanks
    MBNA recently offered to settle for 30% of my debt. (Yep folks, 70% off immediately with no quibbles )
    by bham-dave
    Saw a letter today from MBNA offering to settle for 40p in the . That was an unsolicited opening offer so 30p should be possible with a bit of negotiation there too. Unfortunately the person with the debt has no way of meeting the sum.
    • VenuS
    • By VenuS 3rd Dec 05, 1:25 PM
    • 163 Posts
    • 46 Thanks
    I was lead to believe that if only a % of the total debt was paid, it wasn't looked good upon to future lenders, when they see that the debt had been satisfied, and not settled?

    This came from someone at Equifax. :confused:
  • SJN
    Trying to get Barclaycard to do this
    Hi I'm up to date on my payment (well with 3 lates last year - just on the date each time)and want to pay off just under 2k to Barclaycard,with a discount for all the interest they have had off me, maybe 200 I think would be ok, but they say it not their policy. Any advice? Also want to do the same with Capital One with about 4k which I think they should knock down a wee bit. Never done this before - never had the cash!
  • fubar
    Barclays were gits to me, I contacted them about a full and final on a 6000 debt, I explained that I did not have the funds available but if I had a figure to work towards I could maybe budget something, they said they would accept 4000, after about 2 months I had got together the funds required, I contacted Barclays explained that I now had 4000 available for F&F, they then responded that the offer was no longer available as it was over 30 days since their offer, but would accept the 4000 and negotiate a payment structure for the remaining 2000.

    I got a little arsy with them, and finally told them to get stuffed and said I would now use the 4000 I did have to settle another outstanding debt, and they can whistle in the wind for their money, until I am in a position to pay them.

    3 days later I received a letter from them accepting 5000 as F&F, in all honesty I realised that they are under no obligation to accept any offer after all it is money owed (this was minus interest & costs) to them and thought sod it, lets get it out of the way and the charge removed from my property, one weight of the shoulders, First national on the other hand we very helpful and requested 5000 from a 9000 debt, so both charges were removed from my property for 10000 from a 15000 debt so I think I did better than I thought i would.
    Be ALERT - The world needs more LERTS
    • Weggy
    • By Weggy 21st Dec 05, 10:06 AM
    • 463 Posts
    • 98 Thanks
    Strangely enough, the two outstanding debts that I am being chased for by 1st Credit, are with Barclaycard. I've settled all my other debts except these two Barclaycard ones.

    Are 1st Credit actually part of Barclaycard, rather than a true DCA? Perhaps the hint is that Barclays issued the '1st' ever 'Credit' card......... coincidence?
  • SJN
    Thank for the advice guys. So do you reckon that I should hang on in there and try again with Barclaycard, maybe write in rather than just phone with my request? I told them that they'd be getting slagged off on MSE, did tey believe me...
  • Metropolitan Anthony
    what to do
    Have just found this site. I owe to around 10 or more credit card companies. I am in default with 3 of them. Currently I am making minimum monthly repayments on all cards and am up to date with all creditors.

    What's the best approach to negotiating a f&f settlement on some of these cards. Should I stop making minimum payments first and then write?
    • Weggy
    • By Weggy 19th Jun 06, 8:29 AM
    • 463 Posts
    • 98 Thanks
    Are you making the official minimum repayments or have you entered into a much lower payment figure with them? If you're still making the 'official' repayment, then they wont accept a full and final settlement....
  • Loopy_Laura
    This post is really helpful, I am in a similar position myself..I get paid at the end of the month and will get a bonus so will be able to pay off a few of my smaller debts. Two of them are in the £600 region and have been passed to DCAs as I have not been making sufficient monthly payments. Should I start my offer at 50% or less than that..or more?!

    Also does anyone know of an example of a letter you send making your offer?

    Have champagne tastes...but got a beer budget!!
    • Weggy
    • By Weggy 19th Jun 06, 3:06 PM
    • 463 Posts
    • 98 Thanks
    I started them all off at 25% offers. All were refused but just keep plugging away. If I remember rightly, best I settled on was 30%..... however, the worst was 70% so it's definitely not clear cut.....

    Which DCA's are they, and how long have they held the debt?
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