Full and final settlement help thread
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hannahkaty wrote: »Thank you. Yes that does make sense. I have seen (on here and other forums) people making settlements of less than the full amount owed and having their debts marked as fully satisfied? Am i misunderstanding their settlements?
Normally it would be marked as a 'partial settlement'.
But ultimately it's what kind of deal you can strike with the creditor, depends how flexible there willing to be.
Some people may of got such a settlement but what I've described above would be the norm.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I have settled two of my accounts at 40% - both were marked Partially Settled0
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Always such good advice given on here:T. Thanks to all posters:beer:
I have managed to scrape together a bit of cash and would like to pay off at least one debt. They have all been defaulted since 2013 and most of them have been sold on. My DMP with Stepchange has just over 3 years still to run.
The 2 smallest debts (the only ones I can afford to settle even partially) have only just been sold on. Would this make a difference to the likelihood of the offers being accepted please? I'm thinking that the new buyer of the debts might want to wait a bit before accepting such a quick offer, and may hold out for a higher settlement figure. Unless I get a really good settlement discount I might as well keep my money and carry on paying at the current rate;) as it feels comforting to have a bit of an emergency cushion at long last:j0 -
carbootcrazy wrote: »The 2 smallest debts (the only ones I can afford to settle even partially) have only just been sold on. Would this make a difference to the likelihood of the offers being accepted please? I'm thinking that the new buyer of the debts might want to wait a bit before accepting such a quick offer, and may hold out for a higher settlement figure. Unless I get a really good settlement discount I might as well keep my money and carry on paying at the current rate;) as it feels comforting to have a bit of an emergency cushion at long last:j
I think you're OK to start negotiations with the new debt owner. For them it's a potential quick profit, having just bought the account for a pittance. If they turn you down then they can just continue getting the monthly amount from Stepchange.0 -
Hi after making some full + final settlement offers myself - one successful, but some others not and playing a bit of letter tennis, I spoke to settlements team @ step change and they agreed to make offers on my behalf.
They have said that the money I'm offering has to be paid to them up front prior to offers being made and accepted as if the money needs to be paid quickly, then they already have it. Presuming this is standard procedure, but I was a bit surprised, so I just wondered if this sounds ok or anyone else has experienced this with step change? Many thanks0 -
My f+f settlement experiences so far is that I was successful with an original creditor for a f+f of 40% but 40% was rejected by 2 companies where the debt had been sold on to them, so was a bit surprising. One also being stubborn about dealing with a settlement negotiation by letter and only wanting to speak about it by phone which I'm reluctant to do but maybe it would have been no hassle?! I usually like to do everything in writing...0
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ive had 3 F&F settlements for between 20% and 70% of the total, two were marked settled, one marked partial, the one that got the most!!!0
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Hi after making some full + final settlement offers myself - one successful, but some others not and playing a bit of letter tennis, I spoke to settlements team @ step change and they agreed to make offers on my behalf.
They have said that the money I'm offering has to be paid to them up front prior to offers being made and accepted as if the money needs to be paid quickly, then they already have it. Presuming this is standard procedure, but I was a bit surprised, so I just wondered if this sounds ok or anyone else has experienced this with step change? Many thanks
I wouldn't be comfortable with that at all0 -
glentoran99 wrote: »I wouldn't be comfortable with that at all
Well that was my first thought! They did mention this third party thing to do with the payment. I've got anther appointment to go through it so I'll find out more then. I'm wondering if anyone else has had to do this...0 -
I would be concerned if the offers aren't accepted will they send you the money back or will ot just be put towards debts, much better off contacting creditors yourself and telling them the money is a gift and only available if it clears the debt0
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