No discount F and F as balance low!

zenshi
zenshi Posts: 1,116 Forumite
First Anniversary First Post
in Debt-free wannabe
Wrote and offered settlement of approx 30% for a debt just under £300. Had call from DCA, I took it as hoping they’d agree. Lady on phone said they don’t do discounts on debts lower than £500

Is this the norm? Anyone else came across this situation?

She said they’ll respond to my letter in writing, so will see their wording soon I hope
LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid

£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764

Comments

  • StokieBecks
    StokieBecks Posts: 4,997 Forumite
    First Anniversary Photogenic First Post Xmas Saver!
    How much are you paying towards the debt at the moment? If the debt will be cleared with regular payments in a reasonable time frame they are unlikely to accept any settlement offers unfortunately
    £2 Savers Club for 2022 #12
  • zenshi
    zenshi Posts: 1,116 Forumite
    First Anniversary First Post
    I’m paying £5 per month which will take just over 4 and a half years to clear. Debt was sold by OC a year ago
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    Hi Zenshi,


    Full and final offers are at the discretion of the creditor, and if this is their policy, it may be something they are not willing to consider. Unfortunately, that happens sometimes, however, wait for the letter. It is possible that someone with more authority may look at it and may be willing to discuss your offer.

    With full and final offers you need to make sure that they confirm, in writing, that they will not chase you for the shortfall, not pass the debt onto anyone else to chase it and they will mark your credit file as £0 and partially settled. You must get this accepted in writing before you send any money. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    I'm not surprised that they won't do a F & F for such a trifling amount, couldn't you just pay it off and be done with it?
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • zenshi
    zenshi Posts: 1,116 Forumite
    First Anniversary First Post
    If I had enough money I would clear but I don’t therefore trying for an offer
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • fatbelly
    fatbelly Posts: 20,444 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    Sounds like someone's made up policy off the top of their head.

    Try again after you see their written response. maybe up it a bit.
  • zenshi
    zenshi Posts: 1,116 Forumite
    First Anniversary First Post
    Ok, letter came this morning.

    Ca*ot own the debt, managed by Akinika. Cabot have replied saying their agent will decide and have passed letter over.....how crazy is that. Anyway, will wait for another letter!
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • Sncjw
    Sncjw Posts: 3,504 Forumite
    First Anniversary Name Dropper First Post
    Pop a statement of affairs on here and we can have a look see where you can get more money to put towards the debt
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

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