Full and final settlement help thread
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Hi January, are there any template letters for this? Some of our credit cards are over 20 years old so it might be worth me having a go. Can I still do this after the DMP has been set up though?
ThanksDon't put menthol vape juice in your eyes!!!0 -
Hi January, are there any template letters for this? Some of our credit cards are over 20 years old so it might be worth me having a go. Can I still do this after the DMP has been set up though?
Thanks
Template letter here.
You can do this at any time - regardless of being in a DMP. We had been in our DMP a year before we took the plunge to CCA our debts. Only one was unenforceable....but that was almost £12k worth:jDFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Hi. This is my first post.
I owe £25k to 3 creditors. I just have phoned 2 of them for a settlement offer after being on a DMP for 2.5 years. I explained that my brother had offered me a small sum of money if I could clear a whole debt.
PRA want £11,500 of the £15,500 I owe, and Barclaycard want £8500 of the £9500 I owe... I don't have anywhere near these amounts, ideally I wanted to pay a max of 50% to each.
Any advice of what to do next? If I wait some time, do they come back with another offer?0 -
Hi. This is my first post.
I owe £25k to 3 creditors. I just have phoned 2 of them for a settlement offer after being on a DMP for 2.5 years. I explained that my brother had offered me a small sum of money if I could clear a whole debt.
PRA want £11,500 of the £15,500 I owe, and Barclaycard want £8500 of the £9500 I owe... I don't have anywhere near these amounts, ideally I wanted to pay a max of 50% to each.
Any advice of what to do next? If I wait some time, do they come back with another offer?
Write using the standard letter in this factsheet
https://www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx
offering 35%, and see what they put in writing.
They clearly will do a deal, as the 75% and 90% offers show. You're just discussing how much.0 -
Fairly quick question. I have written to my creditors offering F&F settlements. One has written back asking for Income and expenditure and details of what I owe elsewhere. I owe around £60k to 8 creditors, and am currently paying £5pm to each of them on a DMP.
Are there any advantages or disadvantages of providing this information - particularly relating to my other debts? Might they be willing to settle for a lower figure if they see how much I owe elsewhere??0 -
It depends on what information a full statement is going to reveal.
They want to check if you could be making more substantial monthly payments, whether you work (attachment to earnings?) or own a house (charging order?)0 -
As I'm already paying back £5pm, would they go for a court order? I earn around £1200 a month, and while I could "afford" to pay more back, I'm obviously not squirrelling thousands away.
Also, I've seen general advice offered here where they wouldn't go for a court order if you are paying a reasonable amount back as it costs them money and they don't get any extra in return - is this correct?0 -
Fairly quick question. I have written to my creditors offering F&F settlements. One has written back asking for Income and expenditure and details of what I owe elsewhere. I owe around £60k to 8 creditors, and am currently paying £5pm to each of them on a DMP.
Are there any advantages or disadvantages of providing this information - particularly relating to my other debts? Might they be willing to settle for a lower figure if they see how much I owe elsewhere??
I would just write back and advise that the funds for the F&F are being gifted to you by a relative, and that they will only release the funds to you if the F&F is accepted as they are doing this to support you to clear your debts. I wouldn't send an I&E unless it made it clear you cannot afford more than your low token payment.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Okay, thanks January. My DMP is managed my Stepchange, so perhaps I should just ask the creditor to contact them for the information?0
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Okay, thanks January. My DMP is managed my Stepchange, so perhaps I should just ask the creditor to contact them for the information?
I wouldn't bother. Just say there has been no change to your I&E since they were last provided with a copy by SC and confirm this offer is being gifted by a relative and only available to you if accepted by your creditor.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0
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