Full and final settlement help thread

fatbelly · 22 September 2018 at 4:34PM

Simonjp wrote: »

So...

I have 8 creditors on my DMP with SC

1 student loan
1 overdraft managed by wescot(not in default as far as I know, as doesn’t show on any credit report)
6 other debts(loans, cc etc) that are in default

Have been paying more than token payment for 3ish years

I am shortly going to have the funds to be able to pay them all off in full if i so choose(property sale)

Any benefit to me in doing so, or should I make F & F offers ?

Thoughts please

I would do F&Fs on all of them - the money's better in your pocket than theirs.

If wescot are managing your old overdraft the account will have been terminated and they will be open to an offer - sometimes accounts don't show on a credit file and there's no good reason for it.

Simonjp · 22 September 2018 at 4:49PM

Thanks fatbelly,

Was thinking the same, as they are defaulted can’t get any worse!

I’ll give them all a try and see what they say, I’ll try a 20%offer and see how that goes down(8yrs to pay off at current rate)

Can I do a F&F offer on the student loan? It’s still held by honours student loans I think?

System · 24 September 2018 at 10:53AM

We have had replies from W*scot in relation to our F&F offer on 2 of our debts. We offered 15% and they have come back saying they will accept 30%. Do you think its worth use countering with 20 or 25%?

This is how they have worded the offer, is this the correct wording we should accept?......
"Please be advised that our client will only accept settlements as "partial". This would mean that the account will be recorded on your credit file as "partially settled". Our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue. This information will remain on your credit file for 6 years from the original date of default. If you were able to repay the balance in full your credit file would be recorded as "fully" satisfied.

Obviously we can't afford to repay in full and can't afford their 30% offer. Although we probably could pay one of them off at 30%. But my thinking is to go back and try lower....any thoughts?

[Deleted User] · 24 September 2018 at 11:11AM

ploppy57 wrote: »

We have had replies from W*scot in relation to our F&F offer on 2 of our debts. We offered 15% and they have come back saying they will accept 30%. Do you think its worth use countering with 20 or 25%?

This is how they have worded the offer, is this the correct wording we should accept?......
"Please be advised that our client will only accept settlements as "partial". This would mean that the account will be recorded on your credit file as "partially settled". Our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue. This information will remain on your credit file for 6 years from the original date of default. If you were able to repay the balance in full your credit file would be recorded as "fully" satisfied.

Obviously we can't afford to repay in full and can't afford their 30% offer. Although we probably could pay one of them off at 30%. But my thinking is to go back and try lower....any thoughts?

Well done on getting a response, although hard luck on it being more than you want to/can pay. If I were you I'd go back to them and try something lower. They probably won't accept 20% but may go for 25%. You can't lose anything by asking. Go for it:beer:

As for your query about the wording of the offer. I think it looks like what you would expect but I hope someone else will be along to confirm.

As far as I'm aware, although we call them Full and Final settlements and to all intents and purposes that's the end of our indebtedness and we don't hear any more about them once they are settled, credit files are marked as 'Partially settled'. It depends when defaults were registered on these accounts as to whether the wording may bother you or not. They will disappear from sight completely once 6 years from default date is up. No one will ever know that were Fully or Partially settled once they've dropped of your file:j

Please keep us posted. Good luck:beer:

System · 24 September 2018 at 4:30PM

carbootcrazy wrote: »

Well done on getting a response, although hard luck on it being more than you want to/can pay. If I were you I'd go back to them and try something lower. They probably won't accept 20% but may go for 25%. You can't lose anything by asking. Go for it:beer:

As for your query about the wording of the offer. I think it looks like what you would expect but I hope someone else will be along to confirm.

As far as I'm aware, although we call them Full and Final settlements and to all intents and purposes that's the end of our indebtedness and we don't hear any more about them once they are settled, credit files are marked as 'Partially settled'. It depends when defaults were registered on these accounts as to whether the wording may bother you or not. They will disappear from sight completely once 6 years from default date is up. No one will ever know that were Fully or Partially settled once they've dropped of your file:j

Please keep us posted. Good luck:beer:

Thanks for your response CBC. Yes defaults were registered in 2015/16 so well on the way to being off our files, so that doesn't bother me.
Think I will write back with another offer, might try 20% and then maybe they will come down to 25...lol

January2015 · 24 September 2018 at 4:38PM

ploppy57 wrote: »

Thanks for your response CBC. Yes defaults were registered in 2015/16 so well on the way to being off our files, so that doesn't bother me.
Think I will write back with another offer, might try 20% and then maybe they will come down to 25...lol

Good luck and.... Keep us posted :beer:

System · 24 September 2018 at 5:14PM

January2015 wrote: »

Good luck and.... Keep us posted :beer:

Will do. Thanks:)

make_the_change · 25 September 2018 at 10:42AM

I have offered a very low F&F settlement to Robinson Way and they want info on my income and expenditure, other debts, what I pay and what I am offering them. I am only asking for an F&F with one creditor so what do I do?

Walker42 · 25 September 2018 at 3:17PM

Hi,

I have been on a DMP with Step Change for the last 9 months paying £127 off debt which totals just over £8000.

My debtors are as follows

PRA group £2700 ( orignally Barclay Loan)
Intrum £5400 (originally Barclay card)
Barlcays unsecured overdraft £270

I have recently been awarded some money from criminal injuries compensation authority and am wanting to pay off my debt as cheaply as possible by offering a full and final settlement lower than the amount owed.

I have emailed PRA and Intrum to ask for a copy of my credit agreement. They have both replied saying that they will contact the original lender and get back to me. Intrum wouldnt ask for the agreement until I told them why I wanted it. I told them the reason, I’m not sure if this was a good idea or not, but it’s done now. I didn't contact Barlcays re the overdraft I thought that there is no point, not sure If I am right on that one

I defaulted on the debt in Jan 2014, I can’t remember when it was originally taken out, I think at least 2012.

What I would like to know is if I should try to start negotiating with them now or if I should wait for a response to my request for a copy of the credit agreement. I am not very good a sitting tight and I am very keen to get the matter sorted and move on with my life.

Also is there any way that they can find out how much compensation I was awarded? Should I put the money elsewhere for the time being?

Any help you could give me with the above would be gratefully received

Thanks to everyone who posts on here. Good to know I'm not alone.

Marie

fatbelly · 25 September 2018 at 6:19PM

Walker42 wrote: »

I have emailed PRA and Intrum to ask for a copy of my credit agreement. They have both replied saying that they will contact the original lender and get back to me. Intrum wouldnt ask for the agreement until I told them why I wanted it. I told them the reason, I’m not sure if this was a good idea or not, but it’s done now. I didn't contact Barlcays re the overdraft I thought that there is no point, not sure If I am right on that one

What I would like to know is if I should try to start negotiating with them now or if I should wait for a response to my request for a copy of the credit agreement. I am not very good a sitting tight and I am very keen to get the matter sorted and move on with my life.

Also is there any way that they can find out how much compensation I was awarded? Should I put the money elsewhere for the time being?

Marie

The money needs to be somewhere unconnected to your debts.

So definitely nowhere near Barclays.

They will only know what you tell them.

Wait for the response on the credit agreements. You should have done this as a formal s77 request under the consumer credit act, by letter and enclosing £1. Only then does the debt become unenforceable under the Act if they cannot comply.

You do not need to give a reason - it's your statutory right.

But overdrafts are not covered by the Act

Full and final settlement help thread

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