Full and final settlement help thread
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Daisydance wrote: »Thank you LOVEHB. I pay a total of £80 p/m and have done for years. I have emailed all of the companies and offered 10% - I have to start somewhere! I think I will call tomorrow.
Good plan - remember to get the creditor to confirm in writing that they accept your offer and that your credit file will be marked as partially settled. I called all of mine and within 48 hours I had settled most of them. Such a great feeling and I suspect you will be able to settle for lower percentages than me!! I was paying £217 a month off my DMP! Let me know how you get on
I also found that keeping a spreadsheet with all the figures in was quite handy as you start to lose track after a while. I called everyone got an offer from them then said I would call back, then did a second wave of calling everyone to get them closer to the 40% marker. 0 -
Good plan - remember to get the creditor to confirm in writing that they accept your offer and that your credit file will be marked as partially settled. I called all of mine and within 48 hours I had settled most of them. Such a great feeling and I suspect you will be able to settle for lower percentages than me!! I was paying £217 a month off my DMP! Let me know how you get on I also found that keeping a spreadsheet with all the figures in was quite handy as you start to lose track after a while. I called everyone got an offer from them then said I would call back, then did a second wave of calling everyone to get them closer to the 40% marker.
Well done on negotiating your offers and getting so much knocked off and paid off:T:beer:. Thanks too for your advice to others on how you went about it.
I know your response was to someone else but I'm sure the same situation applies to others too, myself included. I'm still sitting on the fence over whether to get my first F&F offers in now or wait a bit longer until I've had a few more months paying just token £1 to each of my creditors. I know I overthink things, I suspect I'd be better just getting off my backside and having a go. The worst that can happen is that they say no and I can have a rethink then.
Just one query, did you make your phone calls to any companies who are just administering/collecting debts for the original creditor? Most of mine have been sold on so they might be easier but the one I really want to be rid of first is my biggest debt which is being administered by Wescot but still owned by Lloyds. I've heard that original creditors aren't as amenable to offers as companies who have bought debts for a pittance.0 -
carbootcrazy wrote: »Well done on negotiating your offers and getting so much knocked off and paid off:T:beer:. Thanks too for your advice to others on how you went about it.
I know your response was to someone else but I'm sure the same situation applies to others too, myself included. I'm still sitting on the fence over whether to get my first F&F offers in now or wait a bit longer until I've had a few more months paying just token £1 to each of my creditors. I know I overthink things, I suspect I'd be better just getting off my backside and having a go. The worst that can happen is that they say no and I can have a rethink then.
Just one query, did you make your phone calls to any companies who are just administering/collecting debts for the original creditor? Most of mine have been sold on so they might be easier but the one I really want to be rid of first is my biggest debt which is being administered by Wescot but still owned by Lloyds. I've heard that original creditors aren't as amenable to offers as companies who have bought debts for a pittance.
So Wescot wouldnt offer me a partial settlement because the debt was so small, it was around £103. I didnt think that they would accept a settlement but I wanted it to be noted on my file that I had treated them fairly as I did my other creditors. They did look to see if they had a figure in mind so I have absolutely no doubt that they would have a figure for you.
I started big debts first, because I find it helps to motivate you. Please let me know how you get on wishing you luck!!0 -
Daisydance wrote: »Thank you LOVEHB. I pay a total of £80 p/m and have done for years. I have emailed all of the companies and offered 10% - I have to start somewhere! I think I will call tomorrow.
I found calling them did get the ball rolling quicker!! Let me know how you get on!!0 -
I found calling them did get the ball rolling quicker!! Let me know how you get on!!
Thanks very much for your reply to me (post before your reply to LOVEHB):T. I have a few thousands still outstanding with Lloyds so they might be very happy to see the back of me, eh?;)
As for your reply to LOVEHB, I hate having to deal with creditors over the phone:o. I was thinking of writing ( a real letter not an email) but you've set me thinking a phone call might be better. At least there'll be less hanging around waiting and even if it means a call back after they've made a decision it might be worth it. It's just so nice now all phone calls from them all has stopped and they all contact me just by post as I'd asked them to. I don't want the phoning to start again:(. If I did it by phone I'd still insist on it all being put officially in writing before I would pay them anything though.0 -
carbootcrazy wrote: »If I did it by phone I'd still insist on it all being put officially in writing before I would pay them anything though.
That's the key.
I find it works well to make the initial offer in writing, then if it gets rejected phone to see if you can get agreement on any figure.
Then get the agreement in writing before you pay them.0 -
carbootcrazy wrote: »Thanks very much for your reply to me (post before your reply to LOVEHB):T. I have a few thousands still outstanding with Lloyds so they might be very happy to see the back of me, eh?;)
As for your reply to LOVEHB, I hate having to deal with creditors over the phone:o. I was thinking of writing ( a real letter not an email) but you've set me thinking a phone call might be better. At least there'll be less hanging around waiting and even if it means a call back after they've made a decision it might be worth it. It's just so nice now all phone calls from them all has stopped and they all contact me just by post as I'd asked them to. I don't want the phoning to start again:(. If I did it by phone I'd still insist on it all being put officially in writing before I would pay them anything though.
I have to say I was a bit scared to call after they had left me alone, but I found that they were actually all really pleasant to deal with!! Surprised myself by saying that!0 -
Eek I just wrote to Zopa who I owe over £9k to offerign them £4500 as final settlement. fingers crossed! Been so scared about contacting my creditors so thought I'd start with the biggest one first. I'm be surprised if they accept such a reduction though.0
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And now I'm on a roll and decided to just contact the rest offering 50%! fingers crossed0
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woohoo Zopa have accepted my 50% ff offer! So just paying off that debt has now halved my total debt in one go :j:j:j0
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