Full and final settlement help thread

TimeToDoIt wrote: »

Hi all. I have five credit cards that I would love to get off my back by way of giving them full and final settlements. Thing is - only one of them has been passed on to a collector.

The other four are still being handled by the original card issues. Does this lesson my chances of getting them to accept a f&f?

Have the accounts fallen in to 'defaulted' status yet?, if not there's slim chance of F&F's being accepted - and presumably the debts/defaults aren't that old if they've not been sold on? If that's the case then yes it's likely to affect things. The longer/older the debt remains the better chance of F&F's being accepted.

HTH?

TimeToDoIt wrote: »

Hi there and thank you for the response.

Yes the other four are littered with defaults as they all were getting reduced dmp payments for about 9 months and then have been getting £1 token payments for a couple of months.

Age wise - one is 2001, one 2011 and two 2013.

I'd say just try it (as long as you have access to the funds in place to be able follow through if accepted)...it's all a game of poker really, you have x amount that you'll want to keep as much as possible of, you owe y amount and the settlements would be the z amount.

Start off offering them 10% and see how you go, anything less than repaying the total amount owed is a result, even better if you repay in total less than the amount you actually have access to.

Do you want to share an approximate amount of each debt so that other more experienced people will be able to say 'oh for that DCA/creditor I was able to achieve a 75% discount from what was owed' etc.

I was making regular payments to a DCA - Collect Direct (UK) via a DMP with Payplan for a Citi Bank credit card I had. I can't remember exactly when I took out the card but it's a long time ago - must be around 2002/3.
The debt was £4468.42. I decided to send them a request for the CCA.
First of all, I received a letter saying that if I wanted a copy, I should contact their client - Cabot Financial - directly. They said that they were closing my account with them.
I did so and then I received a letter from Cabot saying:-
'it appears that CitiFinancial are unlikely to be able to provide the requested documentation. Therefore I can confirm that Cabot Financial (Europe) Limited have taken the decision to no longer pursue collection of this account unless this information is obtained in the future.'
Please note that this decision is not to be confused or interpreted as a write-off of the outstanding balance on your account as the debt legally remains. In addition, I can confirm due to the time elapsed; this entry should no longer appear on your credit file.'
It all sounds quite positive and I've asked Payplan to remove this account from my DMC (I still have a few other Creditors I'm negotiating with) which they have done, saying that I understand that the debt may be re-instated if they come up with the paperwork. They've now done so.
I know there aren't any guarantees but I just have this nagging concern at the back of my mind. Just how likely is it that they just might find the right paperwork eventually? Should I really worry about it or does it look like they've given up on the debt?

That's a right result.

Unfortunately for me Santander via Wescott DCA turned up a full CCA (6 months after asking!) for me on a 2002/3 agreement.

Oh, and has anyone had any experience of the PRA Group? Barclaycard have passed my debt onto them so was going to give them a try for a partial settlement.