Full and final settlement help thread

myamyamoo · 10 August 2018 at 6:08PM

Thank you for your help and I took your advice and got postal orders today so it's just a waiting game. Thank you again.

System · 10 August 2018 at 8:04PM

nextyeartina wrote: »

I owe £650 to Aqua which was passed on to 1st Credit. On numerous occasions I have tried partial settlements offers starting from 25%. They always came back with a discount of 10%. It's now been passed onto Intrum. I received a letter from them today offering an 80% discount if I pay in August, my default will be marked as partially satisfied and I won't be pursued by Intrum or any other third party for the remainder of the balance. Happy days

Wow, that's a great settlement. Well done:T

mica2 · 15 August 2018 at 2:29PM

Hiya, had a reply from Wescot of my offer of 25% @ £370 but they've come back with this: "We have noted your comments and we can confirm that our client can accept a partial settlement of £1,330.26. This can be paid over three consecutive monthly instalments or as a one off lump sum payment."
I'm not sure if it's a typo but it's way off my offer? The total balance I owe is £1,478.07 so it's not even much of a reduction.

[Deleted User] · 15 August 2018 at 3:10PM

mica2 wrote: »

Hiya, had a reply from Wescot of my offer of 25% @ £370 but they've come back with this: "We have noted your comments and we can confirm that our client can accept a partial settlement of £1,330.26. This can be paid over three consecutive monthly instalments or as a one off lump sum payment."
I'm not sure if it's a typo but it's way off my offer? The total balance I owe is £1,478.07 so it's not even much of a reduction.

What a disappointment for you, especially after your earlier success with another creditor.

I've been ill and have a bit of brain-fade at the moment and no energy to trawl through earlier posts to seek the answer:o. Sorry. Could you remind us how old theses debts are please (if you even told us before), especially the Wescot one (with whom I was hoping to get a really good settlement offer as soon as I get my act together)? Maybe Wescot's client think time is on their side and they'll dig in and wait it out for a while longer.

Thanks:beer:

DMP_Tiger · 15 August 2018 at 3:48PM

mica2 wrote: »

our client can accept a partial settlement of £1,330.26.
I'm not sure if it's a typo but it's way off my offer? The total balance I owe is £1,478.07 so it's not even much of a reduction.

It's a 10% reduction. I'm no expert but they've used the term "our client" which suggests that they are managing the debt, rather than having bought it for next-to-nothing. I think I'm right in saying that this means low settlement offers are more difficult.

mica2 · 15 August 2018 at 7:41PM

carbootcrazy wrote: »

What a disappointment for you, especially after your earlier success with another creditor.

I've been ill and have a bit of brain-fade at the moment and no energy to trawl through earlier posts to seek the answer:o. Sorry. Could you remind us how old theses debts are please (if you even told us before), especially the Wescot one (with whom I was hoping to get a really good settlement offer as soon as I get my act together)? Maybe Wescot's client think time is on their side and they'll dig in and wait it out for a while longer.

Thanks:beer:

Yeah I'm feeling the same, just moved house and am too knackered to deal with this stuff! Really appreciate the help!
I've only been with Step Change for 18 months, the debt was for Barclaycard which I've had for years. My situation is a bit different to most which I explained to them. my partner lost his job and I only work part time in London. So we've had to move to my parents in Norfolk and I'm spending a fortune commuting and staying in air bnb's in London. I told them a month ago about this and asked to have 2 months holiday from my step change payments until we figure out our next steps. My mum has offered to clear my debts but I don't want her to use up all her saving for me and really want to get as much of it reduced as possible. Do you think I should counter their offer with say £500?

myamyamoo · 16 August 2018 at 10:54AM

I'm after a bit of advice or a slap upside the head for being daft.
I'm on a dmp for just over 3 years both creditors defaulted me straight away.
Barclays loan now Pra just over £14000 receiving £73ish per month.
Barclaycard now link £2600 £27 per month.
Both debts approx 5 years old.
I've been offered some money £4500. Is it worth offering a f&f?
Can I just offer PRA the money to get the biggest one out of the way?
Or should I just let the dmp run for longer and try and settle at a later date?
My circumstances are very unlikely to change any time soon.
I appreciate any of your replies and/or reality check.

Suseka97 · 21 August 2018 at 11:47AM

myamyamoo wrote: »

........I'm on a dmp for just over 3 years both creditors defaulted me straight away. Barclays loan now Pra just over £14000 receiving £73ish per month. Barclaycard now link £2600 £27 per month. Both debts approx 5 years old.
I've been offered some money £4500. Is it worth offering a f&f? Can I just offer PRA the money to get the biggest one out of the way? Or should I just let the dmp run for longer and try and settle at a later date? My circumstances are very unlikely to change any time soon. I appreciate any of your replies and/or reality check.

Don't offer any F&Fs just yet.

Firstly, are you self-managing your DMP or is it with a third party (such as StepChange or Payplan)? I ask because if the latter I'm about to suggest you go down the SM route. Self-managing gives you much more flexibility when it comes to F&Fs.

Secondly - have you issued CCA requests to PRA and Link - if not that's your first step. What that does is put collection on hold until they provide the documentation required under a CCA request (search CCA requests on this forum, or go check out the DMP Support Thread for more info about the whys and wherefores for doing this). That will give you some time to save even more towards the F&F amounts.

If any come back unenforceable (UE) you can then choose what to do. Some don't pay anything to a UE debt, others offer token payments for several months (if not more) and then follow up with an F&F -and in that situation you are likely to be able to get some good discounts agreed with DCAs.

I have 3 debts with PRA and all are currently UE (and I haven't paid them anything in over a year). I'm saving DMP amounts into an F&F pot.

myamyamoo · 22 August 2018 at 10:11PM

Thank you Suseka for your reply. I am with Stepchange at the minute but I have been thinking about go self managed to get more flexibility.
I did think it wasn't the best idea to offer the f&fs just yet but wanted to ask the forum for their advice with the experiences they have.
My bf is also on a dmp, I had no idea until I was talking about mine. She was so embarrassed and didn't want me to know and would never post on a forum so I've asked questions for her. I think it's a sign of strength to ask for help when you need it
Thank you again for your reply.

RW01 · 23 August 2018 at 10:58AM

Hi Link are the only debt I have which is currently still showing on my credit file (and impacting negatively quite significantly). If I agree a f&f settlement they’ve said they’ll mark my file as partially settled. Does anyone know how this then impacts my credit score, do I really need it to be fully settled to improve my credit score?Thanks

Full and final settlement help thread

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