Full and final settlement help thread

fatbelly · 29 June 2019 at 6:18PM

PMarie1981 wrote: »

Can I just ask why they shouldn't pay the 10k into my account?

It may be ok but you need to be careful.

If you are on a means tested benefit anything over 6k will affect your benefits.

If you have a debt with an organisation linked to your current account they are allowed to take what they are owed under the rule of setoff. They would take the whole amount owed

They may be able to see what is in your current account and that might affect what they would accept. I was surprised recently when talking to someone at Halifax that they clearly could see what I had with Lloyds.

Also, are you going to be tempted to dip into it if you need to pay something else?

moneyangel22 · 16 July 2019 at 5:41PM

Hi everyone,

I think I may have messed up my F&F with Wescot (Lloyds).

In 2017 I negotiated a F&F to be paid in 10 instalments which they agreed to. The last payment was in Oct 2017 and I didnt hear from them again.
Today I got a letter chasing the balance. I dug out the letter accepting my F&F offer and I notice it says "we accept £xx in partial settlement of your account." When I got that letter I assumed that meant they would mark my credit file as partially settled and not chase me for the rest.
Did they con me by using this wording??

Thanks.

Willing2Learn · 16 July 2019 at 5:51PM

Hi moneyangel22,

I would send them a copy of that letter in the post. Attach a new letter stressing that this would mean the account is satisfied. How is the account marked on your three credit files?

fatbelly · 16 July 2019 at 6:30PM

moneyangel22 wrote: »

Hi everyone,

I think I may have messed up my F&F with Wescot (Lloyds).

In 2017 I negotiated a F&F to be paid in 10 instalments which they agreed to. The last payment was in Oct 2017 and I didnt hear from them again.
Today I got a letter chasing the balance. I dug out the letter accepting my F&F offer and I notice it says "we accept £xx in partial settlement of your account." When I got that letter I assumed that meant they would mark my credit file as partially settled and not chase me for the rest.
Did they con me by using this wording??

Thanks.

Partial settlement is the correct mark for an F&F deal. Hopefully they will admit a mistake on their part. Ask them for a final response within 8 weeks.

JimTracy · 16 July 2019 at 6:32PM

hi, a quick question, what is a decent % of payment on a relatively small debt with a debt company ?
Im talking around £2,000 paying £20 a month currently, what would be an acceptable offer on my part to clear the debt ? (i understand about partial and full settlements etc, i just need to know what type of offer is likely accepted)

motivated · 18 July 2019 at 3:05PM

Hi all

I have just been offered a F&F offer from PRA I owe £4584 and they have offered £2522 payable over 6 months. I have cheekily counter offered £150 over 10 months.

I doubt they will play ball but at least I know they are open to offers.

fatbelly · 18 July 2019 at 5:33PM

JimTracy wrote: »

hi, a quick question, what is a decent % of payment on a relatively small debt with a debt company ?
Im talking around £2,000 paying £20 a month currently, what would be an acceptable offer on my part to clear the debt ? (i understand about partial and full settlements etc, i just need to know what type of offer is likely accepted)

It's not an exact science. Maybe make your opening offer at 25%

motivated wrote: »

Hi all

I have just been offered a F&F offer from PRA I owe £4584 and they have offered £2522 payable over 6 months. I have cheekily counter offered £150 over 10 months. I doubt they will play ball but at least I know they are open to offers.

That's the spirit. Never accept their opening offer. They wouldn't have accepted yours.

motivated · 19 July 2019 at 11:47AM

motivated wrote: »

Hi all

I have just been offered a F&F offer from PRA I owe £4584 and they have offered £2522 payable over 6 months. I have cheekily counter offered £150 over 10 months. I doubt they will play ball but at least I know they are open to offers.

F&F offer refused so will plod along and try again in a few months. Also just received letters regarding 2 BIG debts that are currently with Wescot (originally Halifax) They too are open to negotiation now. Will be hopefully working out a plan of action. They say the maximum they can do a settlement payment plan is over 6 months. I tried for longer to no avail but again at least they are open to negotiation.
M

Keezing · 21 July 2019 at 5:07PM

Keezing wrote: »

I’m working on settling some debts at the moment and here’s what I’ve achieved so far:

American Express (Managed by NCO but not sold) accepted a 30% settlement on 9k

Arrow (Managed by Capquest) accepted a 30% settlement on 9k

Barclays (Managed by Westcot but not sold) accepted 30% on 22k

Zopa (not Managed or sold to anyone) accepted 50% on 12k

Intrum and Creation are not playing ball, reusing to accept less than 90%.

Proves that it’s possible to achieve good settlement figures with some original lenders that haven’t yet sold the debt.

Creation have now settled for exactly 5k on a 12.5k debt.

Once again another debt settled with the original lender.

Daisydance · 21 July 2019 at 6:38PM

I have 10+ year old debts and I am really keen to make full and final offers to settle these debts.

I was previously with StepChange, but decided to manage them myself at the beginning of the year.

It appears all of the debts have been sold on.

1. Moorcroft/Arrow/Wescot - £9,500
2. TBI - £750
3. PRA /Arrow - £3.450
4. Moorcroft/Arrow - £3,400

I have sent a CCA request (6 weeks ago) and have only received documentation from TBI. Wescot have written to say they are looking into it.

If the debts are not enforceable, do they let me know?

How do I go about reaching the best possible offer?

Thank you for your support.

Full and final settlement help thread

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