Full and final settlement help thread
Comments
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Thanks StokieBecksStokieBecks wrote: »Hi Mica
Firstly are your debts still with the original lender ? Settlement offers are usually more accepted once a debt has been sold on. Secondly how long would it take to have paid your debs off fully on the DMP (before having to take this enforced break) - a settlement offer is more likely if this would have taken the collector a long time to collect everything outstanding.
You should speak to step change they may be able to help you negotiate (they will insist though that you treat creditors fairly) - start off low, it is unlikely they will accep straight away but starting low gives some room for movement.
Get everything in writing - do not accept any offer over the phone without written back up, do not pay any money unti you have it confirmed in writing that the settlement leaves the balance as zero and they wont chase or sell on the remainder.
Most of them have been sold on. The amount of time I'd be able to pay them all off is ridicolous, something like 13 years? Thanks for the advice, very helpful!:) 0 -
Hello!
Just wanted to post a quick thanks. Been lurking around here for the past day on the advice of someone on the mortgages board.
I have a DMP worth £12000
Decided today that I!!!8217;d just ring up and have a blast at negotiating a reduced settlement, see how it goes.
12 accounts across 5 DCA all settled for the sum of £3100. I haven!!!8217;t paid yet as I wanted each one in writing but upon checking my e-mails it!!!8217;s all there in black and white.
That!!!8217;s a pretty good settlement if I do say so myself haha...I!!!8217;m just off to do some more cartwheels!0 -
Hello!
Just wanted to post a quick thanks. Been lurking around here for the past day on the advice of someone on the mortgages board.
I have a DMP worth £12000
Decided today that I!!!8217;d just ring up and have a blast at negotiating a reduced settlement, see how it goes.
12 accounts across 5 DCA all settled for the sum of £3100. I haven!!!8217;t paid yet as I wanted each one in writing but upon checking my e-mails it!!!8217;s all there in black and white.
That!!!8217;s a pretty good settlement if I do say so myself haha...I!!!8217;m just off to do some more cartwheels!
That's excellent. Might be safest to get the deals confirmed in writing and sent by snail mail0 -
They’ve put the letters as PDFs on headed paper and emailed them to me as attachments. 0
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I am just starting the process of offering full and final settlement figures, most of my debts except for two (capital one and vanquis) have been sold on to DCAs. Not sure how likely those two will be to accept a lower figure. I am under a DMP with Stepchange!
I have written to all creditors who have purchased my debt requesting the date they purchased it, how much they purchased it for, if they have access to my CCA docs and the figure owing as of todays date I have requested this info under a SAR although I note im not legally privileged to the purchase price but i figure its worth an ask - I would be curious to know how much they bought the debt for.
I have around 45% of the total funds I owe due to a family member gifting it to me, I am starting lower than offering 45% so it gives me some wiggle room. I seriously hope I can clear the debts with this money. I am desperate to be debt free and move on with my life.
It gives me hope seeing everyones success stories and I hope I can join in with the success!0 -
I am just starting the process of offering full and final settlement figures, most of my debts except for two (capital one and vanquis) have been sold on to DCAs. Not sure how likely those two will be to accept a lower figure. I am under a DMP with Stepchange!
I have written to all creditors who have purchased my debt requesting the date they purchased it, how much they purchased it for, if they have access to my CCA docs and the figure owing as of todays date I have requested this info under a SAR although I note im not legally privileged to the purchase price but i figure its worth an ask - I would be curious to know how much they bought the debt for.
I have around 45% of the total funds I owe due to a family member gifting it to me, I am starting lower than offering 45% so it gives me some wiggle room. I seriously hope I can clear the debts with this money. I am desperate to be debt free and move on with my life.
It gives me hope seeing everyones success stories and I hope I can join in with the success!
Good luck:beer:. Let us know of developments.
My biggest debt (Lloyds, now managed by Wescot but not sold on to them) is the one I would really like to be rid off first. I have now had 3 letters from Wescot telling me that Lloyds have given them permission to negotiate a settlement figure if I would like to phone them to discuss it. I'm not at all happy about doing that as they are only contacting me by letter at the moment after I requested no phone contact. I get easily flustered on the phone:o. No mention in their letters of even a ballpark figure for the reduction though, it's presumably up to me to go in with a preliminary offer which they will no doubt put to Lloyds who'll laugh their socks off and tell me to try harder:rotfl:
Is this how these things work? I'm now in a position to start offering F&Fs as I've been paying token payments to all creditors for the best part of a year and have a nice little fighting fund built up:j. I'm still needing the default date backdated too. All my other debts will fall off my file next spring but this one will be hanging around until late autumn 2019:(. I was thinking asking for the default change first and then making a settlement offer when that's been done might be the sensible way to do it.0 -
carbootcrazy wrote: »Good luck:beer:. Let us know of developments.
My biggest debt (Lloyds, now managed by Wescot but not sold on to them) is the one I would really like to be rid off first. I have now had 3 letters from Wescot telling me that Lloyds have given them permission to negotiate a settlement figure if I would like to phone them to discuss it. I'm not at all happy about doing that as they are only contacting me by letter at the moment after I requested no phone contact. I get easily flustered on the phone:o. No mention in their letters of even a ballpark figure for the reduction though, it's presumably up to me to go in with a preliminary offer which they will no doubt put to Lloyds who'll laugh their socks off and tell me to try harder:rotfl:
Is this how these things work? I'm now in a position to start offering F&Fs as I've been paying token payments to all creditors for the best part of a year and have a nice little fighting fund built up:j. I'm still needing the default date backdated too. All my other debts will fall off my file next spring but this one will be hanging around until late autumn 2019:(. I was thinking asking for the default change first and then making a settlement offer when that's been done might be the sensible way to do it.
I would go back to Wescot and start with an offer of 20% - noting that it is a gift from a family member to help you clear your debts and is only available to you if it clears the debt in F&F. Also as part of the settlement you would require the default to be backdated to xx/xx/xxxx. Tell them why you believe the existing default date is unfair.
Worth trying but I would link the default backdate and the settlement offer together. If they want to accept the settlement and be rid of you they may well consider backdating the default to achieve that.
That's my thoughts anyway :beer:DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
January2015 wrote: »I would go back to Wescot and start with an offer of 20% - noting that it is a gift from a family member to help you clear your debts and is only available to you if it clears the debt in F&F. Also as part of the settlement you would require the default to be backdated to xx/xx/xxxx. Tell them why you believe the existing default date is unfair.
Worth trying but I would link the default backdate and the settlement offer together. If they want to accept the settlement and be rid of you they may well consider backdating the default to achieve that.
That's my thoughts anyway :beer:
Thanks, January:T. I never thought of linking default date request and settlement offer. I make things more complicated than they need be:o. Your idea sounds good:).
I hope things are chugging along happily for you in debtland at the moment:beer:0 -
carbootcrazy wrote: »Good luck:beer:. Let us know of developments.
My biggest debt (Lloyds, now managed by Wescot but not sold on to them) is the one I would really like to be rid off first. I have now had 3 letters from Wescot telling me that Lloyds have given them permission to negotiate a settlement figure if I would like to phone them to discuss it. I'm not at all happy about doing that as they are only contacting me by letter at the moment after I requested no phone contact. I get easily flustered on the phone:o. No mention in their letters of even a ballpark figure for the reduction though, it's presumably up to me to go in with a preliminary offer which they will no doubt put to Lloyds who'll laugh their socks off and tell me to try harder:rotfl:
Is this how these things work? I'm now in a position to start offering F&Fs as I've been paying token payments to all creditors for the best part of a year and have a nice little fighting fund built up:j. I'm still needing the default date backdated too. All my other debts will fall off my file next spring but this one will be hanging around until late autumn 2019:(. I was thinking asking for the default change first and then making a settlement offer when that's been done might be the sensible way to do it.
Thanks for your good luck wishes I have gone in with a 25% of the total offer to start with I am sure not one will accept it, but im paying back such a small amount every month I just want the debts to dissappear. I think it would be worth your while starting at a lower figure too, whats the worst that can happen! Good luck x 0
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