Full and final settlement help thread

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  • fatbelly
    fatbelly Posts: 20,380
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    Daisypop wrote: »
    Hi parkie93

    I have a debt formally with Citibank now with Cabot. I am looking to see if I can agree f & f's so based on your post I think it's worth pursuing! Mine was from 2003/4 ish when I first got the card.
    Anyone had any luck with northern rock now with Cabot? This was from about 2005/6.
    Really want to try and pay things off as quick as possible been on a DMP 3 years and paid a lot back but still have another 3 years to go and figured my credit is shot anyway so if I can agree f &f's would be good.
    TIA

    Unlikely Cabot have any proper paperwork on your Citicard debt.

    cca them and see if they will agree not to pursue.
  • Thanks fatbelly will certainly request one and on another couple of old ones :T
  • JJM26
    JJM26 Posts: 19
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    hi guys

    Any advice on my post above?

    Thanks

    JJM26
  • If a credit card company doesn't respond to a f&f settlement offer at all, are you better off continuing to pay the min amount to them and try again is six months or so, or drop to £1 a month so they get in touch....
    ~~I am debt free~~
  • HaydenB
    HaydenB Posts: 155
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    I wouldnt recommend purposely getting on their wrong side.
  • Hi I sent my requests off to my creditors last week using the template letter which mentioned that they should reply in so many days but I read on the thread it could take a long time for them to reply, if at all, are they obliged to take notice of the time span? I have included the £1 payment in each of the letters & recorded them thanks
  • sourcrates
    sourcrates Posts: 28,711
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    traceydc49 wrote: »
    Hi I sent my requests off to my creditors last week using the template letter which mentioned that they should reply in so many days but I read on the thread it could take a long time for them to reply, if at all, are they obliged to take notice of the time span? I have included the £1 payment in each of the letters & recorded them thanks

    Hi,
    I'm assuming you mean CCA requests.
    The quoted timescales are just guidelines.
    They should acknowledge your letter on receipt, how soon you receive your documents depends on wether the accounts are still with original creditors or DCA's.

    Expect to wait anywhere between 4-8 weeks, any longer than this, send a reminder.
    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-letter
  • Lola23
    Lola23 Posts: 1,650
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    Hi


    Looking for some advice for my husband re an MBNA debt he has been paying to DLC for about 6 years at £25 a month with postal orders.


    He hadn't had any word from them for about 3 years, so he wrote asking for a balance.


    They sent us a statement showing he still owes £1360.


    As it has been going on so long and might struggle soon, my son offered to help if he asked for a full and final settlement.


    After reading on here he wrote and asked them if they would accept £400...all that came back was a letter asking for a breakdown of his incomings, outgoings finances.


    He phoned today to discuss with them and to offer £600.


    No way they said...the girl spoke to manager and said they would only accept £1020 and no less.


    After further discussion with son he phoned back to offer £850, but they are not budging.


    The girl said if he wanted they could reduce the monthly payment but tbh just want it out the way.


    Any suggestions please if we should just accept this or keep trying to get it cut down.


    Thanks for reading and sorry for the long post.


    Lola
    :hello: Never say Never :smileyhea
  • Hi. Can anyone please tell me how a F & F works with your credit report. I made a full and final settlement on a Preference account with HBOS over two years ago, but my report still shows this as a red default. Is this correct?
    Always remember, every cloud has a silver lining:rotfl:
  • fermi
    fermi Posts: 40,546
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    ceecee31 wrote: »
    Hi. Can anyone please tell me how a F & F works with your credit report. I made a full and final settlement on a Preference account with HBOS over two years ago, but my report still shows this as a red default. Is this correct?

    It remains a default, just a satisfied one - perhaps marked as a partial satisfaction/settlement.

    Should be marked in some way to show the settlement, and that no balance is left outstanding.

    If you are not sure it's correct then post up a screenshot etc...
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

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