Full and final settlement help thread

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  • fatbelly
    fatbelly Posts: 20,483 Forumite
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    DarrenJInglis wrote: »
    I have 4 accounts with Lowell that i've been paying at £5/month for the last two years roughly. I called them up last week to ask about a settlement offer and the guy i spoke to asked me why i wanted to pay it off (is that a trick question or what?) so i said i wanted a reduced settlement offer so that i could clear the balance, to which he said that 'because i've been paying on time regularly for the past two years, they wouldn't offer a reduced settlement', and that 'wanting to pay off the balance isn't a good enough reason to authorise a reduced settlement'.

    What other reason would they be looking for?

    One of the accounts will be dropping off the 6 year mark in February '18 so at least there's that 🤞
    Put your request in writing, using the National Debtline letter, and don't talk to the idiots on the phone. At least not at this stage.

    State the sum you are offering
  • selinek
    selinek Posts: 72 Forumite
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    selinek wrote: »
    Hi would appreciate some guidance. I have sent off CCA Request back in September to 9 creditors had 3 responses. 2 have sent credit agreements I’ve had both checked. One is enforceable the other isn’t :beer:The third creditor has said Agreement is unenforceable but still requires payment . The other 5 have not responded at all apart from sending SA. I’m going to make an full and final offer the ones I know are unenforceable. Shall I wait to hear from the ones who haven’t responded before I make an offer. Can offers be made by email or is better phone/post ?

    Thanks in advance


    Any ideas?
  • fatbelly
    fatbelly Posts: 20,483 Forumite
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    selinek wrote: »
    Hi would appreciate some guidance. I have sent off CCA Request back in September to 9 creditors had 3 responses. 2 have sent credit agreements I’ve had both checked. One is enforceable the other isn’t ��. The third creditor has said Agreement is unenforceable but still requires payment . The other 5 have not responded at all apart from sending SA. I’m going to make an full and final offer the ones I know are unenforceable. Shall I wait to hear from the ones who haven’t responded before I make an offer. Can offers be made by email or is better phone/post ?

    Thanks in advance

    Make your offers by post to those who are enforceable.

    Only one so far then.

    There is an argument about making a really low F&F to unenforceable debts just to shut them up, but why pay against something worthless?

    Under CCA, those who have not responded are unenforceable until they do.
  • selinek
    selinek Posts: 72 Forumite
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    fatbelly wrote: »
    Make your offers by post to those who are enforceable.

    Only one so far then.

    There is an argument about making a really low F&F to unenforceable debts just to shut them up, but why pay against something worthless?

    Under CCA, those who have not responded are unenforceable until they do.

    Thank you fatbelly for advice helpful as usual :)

    I have been paying via DMP SC. They are not willing to stop payments but willing to negotiate a F&F on my behalf. I’m thinking of going self managed to give me more control. Is there a thread of DMPers who’ve gone self managed
  • fatbelly
    fatbelly Posts: 20,483 Forumite
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    edited 12 November 2017 at 1:19PM
    selinek wrote: »
    Thank you fatbelly for advice helpful as usual :)

    I have been paying via DMP SC. They are not willing to stop payments but willing to negotiate a F&F on my behalf. I’m thinking of going self managed to give me more control. Is there a thread of DMPers who’ve gone self managed

    You want this one

    Currently on its 12th version

    http://forums.moneysavingexpert.com/showthread.php?t=5623951

    Edit: I see you've already done that, and Keezing and Sourcrates are singing from the same hymn sheet as me!
  • selinek
    selinek Posts: 72 Forumite
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    fatbelly wrote: »
    You want this one

    Currently on its 12th version

    http://forums.moneysavingexpert.com/showthread.php?t=5623951

    Edit: I see you've already done that, and Keezing and Sourcrates are singing from the same hymn sheet as me!

    Thanks again. I was in my proactive mode :)
  • Leanneglos1
    Leanneglos1 Posts: 84 Forumite
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasn’t been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so it’s 100+ years until it’s repaid....crazy I know!
  • sourcrates
    sourcrates Posts: 28,870 Ambassador
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    Leanneglos1 wrote: »
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasn’t been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so it’s 100+ years until it’s repaid....crazy I know!

    Hi leanneglos,

    In your situation I’d be looking at some kind of insolvency or even bankrupcy.

    That loan will never be repaid unless you either come into some money, or you declare bankruptcy.
    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
  • fatbelly
    fatbelly Posts: 20,483 Forumite
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    Leanneglos1 wrote: »
    Hello all, can I ask whether anyone has had any luck with progressive money? Debt hasn’t been sold on, it was a interest front loaded loan so balance sits at £27,000 although excluding fees amount borrowed was 10K, via my DMP with step change currently paying just over £19.00 so it’s 100+ years until it’s repaid....crazy I know!

    Unfortunately, no experience with them but I will have a hunt around. They should be open to some sort of offer

    Just looked at their website - homeowner loans at 56.5% apr :eek:

    Too late for you but as a warning to others - best avoided.
  • Mrst2016
    Mrst2016 Posts: 1 Newbie
    Hi. Long story short. Family and I have all loved to oz. massive drop in salary so can’t afford repayments. Sold uk house so have some money to repay. Offered f&f but all except next have refused. 2 out of the other 4 have said we aren’t behind enough in payments (2 months arrears) and Halifax point blank said they don’t offer f&f. Halifax are calling back in a month. Nothing will have changed. Any advice? Will they eventually settle? Don’t really want to make token payments as unsure if and when things will change and want it all done and dusted ASAP. Any advice would be great. Thank you.
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