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  • FIRST POST
    • Weggy
    • By Weggy 19th Nov 05, 10:20 AM
    • 463Posts
    • 98Thanks
    Weggy
    Full and final settlement help thread
    • #1
    • 19th Nov 05, 10:20 AM
    Full and final settlement help thread 19th Nov 05 at 10:20 AM
    Hi all

    Am currently trying to negotiate with debt collection agencies, to get them to accept a full and final settlement figure. Does anyone have any tips on persuading them to lower their demands?

    Thanks

    Last edited by MSE Archna; 21-06-2006 at 7:41 AM.
Page 113
    • freshstart11
    • By freshstart11 14th Jun 18, 11:40 AM
    • 410 Posts
    • 703 Thanks
    freshstart11
    Agreed a 50% F&F with Cabot over 4 instalments! lovely lady actually I spoke to and have it in writing as well .
    Official DFD: Dec 29
    Challenge DFD: July 23
    Debts Cleared: 1/13
    Building EF: £20/£600 3%
    • bumfluff73
    • By bumfluff73 14th Jun 18, 1:48 PM
    • 1 Posts
    • 0 Thanks
    bumfluff73
    Hello! Just a couple of questions...

    I'm currently on a DMP with Stepchange, which covers five accounts, all of which are obviously in default. I checked my credit file on Noddle yesterday, and it seems that each account is marked with a red D for default for each of the past two years (when I started the DMP). I was under the impression that a default notice was a one-time event on your credit file - will the default come off my credit file in four years' time, or will it remain until all debt is paid? Basically, if I still have debt owed in six years, will it show as a default? Just wondering as I want to get my file in order as soon as I can. I rent privately which is why I'm concerned about credit checks.

    Secondly, some of my debts were sold on last year - I think. The agencies my debts are with are Link Financial Outsourcing (Barclaycard), Westcot Credit Services (Lloyds, Halifax x 2, BoS) and PRA Group (MBNA)- all of which I believe are 'debt collection agencies' run by the same banks. Does this mean they may be more likely to accept F+F when I'm ready to make an offer? Or should I keep building my funds and wait to see if it is sold on once again? The amount they are all getting each month is well below the normal minimum payment - probably the absolute lowest I can pay given my income/outgoings - but they are being maintained.

    Thanks in advance!
    Last edited by bumfluff73; 14-06-2018 at 1:54 PM. Reason: clarification
    • onedaysomeday
    • By onedaysomeday 14th Jun 18, 2:08 PM
    • 559 Posts
    • 792 Thanks
    onedaysomeday
    Hello! Just a couple of questions...

    I'm currently on a DMP with Stepchange, which covers five accounts, all of which are obviously in default. I checked my credit file on Noddle yesterday, and it seems that each account is marked with a red D for default for each of the past two years (when I started the DMP). I was under the impression that a default notice was a one-time event on your credit file - will the default come off my credit file in four years' time, or will it remain until all debt is paid? Basically, if I still have debt owed in six years, will it show as a default? Just wondering as I want to get my file in order as soon as I can. I rent privately which is why I'm concerned about credit checks.
    Originally posted by bumfluff73
    It will come off in four years time, 6 years after the default date of the account (which should be the first red D )
    Just trying to make up for past mistakes and work towards the future I want
    • NeverendingDMP
    • By NeverendingDMP 15th Jun 18, 9:38 AM
    • 76 Posts
    • 414 Thanks
    NeverendingDMP
    It's official. First debt cleared via full and final. Had my letter to say balance clear won't be chased etc. Settled at slightly under 60% of amount owed with moorcroft/arrow global. Yay.
    Three of my six remaining are currently unenforceable so I've opened a help to save account. Money I would pay on unenforceable debts is going in there. I will get a bonus on any savings in two years. Im hoping I can
    Continue this and my bonus will go towards next full and final offer in a couple of years. If anyone on tax credits is reading this and thinking how will I ever save for a full and final you might be eligible to open a help to save as well.
    35,213 Jan 2018, 32195 remaining.
    Mortgage 77230 Jan 2018
    76101 remaining.
    • ella2ethan1
    • By ella2ethan1 4th Jul 18, 9:41 AM
    • 188 Posts
    • 154 Thanks
    ella2ethan1
    Hiya,

    Is it best to ask for the F&F in writing then? Iíve probably done everything backwards !!!128584; Iíve phoned up one creditor and paid 50% it was my smallest one though and cancelled my payment with stepchange as Iím now in a position to settle all my debts depending on the figures I get.

    Wescott are handelling my banks/loan/overdraft Iím not sure about barclaycard, next and very though I might just wait for letters to come in for none payment.

    Can I do wescott together or do I have to have 3 settlements?

    Thanks Sarah
    • sourcrates
    • By sourcrates 4th Jul 18, 9:54 AM
    • 14,573 Posts
    • 13,713 Thanks
    sourcrates
    Hiya,

    Is it best to ask for the F&F in writing then? Iíve probably done everything backwards !!!128584; Iíve phoned up one creditor and paid 50% it was my smallest one though and cancelled my payment with stepchange as Iím now in a position to settle all my debts depending on the figures I get.

    Wescott are handelling my banks/loan/overdraft Iím not sure about barclaycard, next and very though I might just wait for letters to come in for none payment.

    Can I do wescott together or do I have to have 3 settlements?

    Thanks Sarah
    Originally posted by ella2ethan1
    You must obtain settlements in writing before parting with any money.

    The letter must be specifically worded so you are not liable for the remaining balance been chased in the future.

    If you do not obtain this in writing, you leave yourself wide open to future problems.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Littlebigmoose
    • By Littlebigmoose 7th Jul 18, 5:19 PM
    • 30 Posts
    • 88 Thanks
    Littlebigmoose
    Hello does anyone have any experience with dealing with secure recoveries ltd? They collect for payday loan lender my jar (previously txt loan). They have marked my file with AP markers since 2014. I now owe just under £500 which I can clear by December. I have CCA!!!8217;d & received all paperwork. Currently paying tokens. Is it worth asking for a f&f settlement or requesting them to default me back to 2014? Can you even ask for this? I want to get a mortgage in the future and just want them off my file.
    GOAL: To build savings and be debt free
    1. £1000 Emergency fund challenge- number 270... £10/£1000
    2. 1% Challenge 2018- number 23... 0%
    3. 3-6 month emergency fund challenge- number 92...
    4. Sealed Pot Challenge11 - number 014
    • fatbelly
    • By fatbelly 7th Jul 18, 6:44 PM
    • 12,449 Posts
    • 9,498 Thanks
    fatbelly
    Hello does anyone have any experience with dealing with secure recoveries ltd? They collect for payday loan lender my jar (previously txt loan). They have marked my file with AP markers since 2014. I now owe just under £500 which I can clear by December. I have CCA!!!8217;d & received all paperwork. Currently paying tokens. Is it worth asking for a f&f settlement or requesting them to default me back to 2014? Can you even ask for this? I want to get a mortgage in the future and just want them off my file.
    Originally posted by Littlebigmoose
    Yes, you can do both and you can do them together. Make sure you have the deal in writing before parting with cash

    Keep us updated!
    Last edited by fatbelly; 08-07-2018 at 1:38 PM.
    • Littlebigmoose
    • By Littlebigmoose 8th Jul 18, 1:25 PM
    • 30 Posts
    • 88 Thanks
    Littlebigmoose
    Yes, you can do both and you can do them together. Make sure you have the deal in writing before parting with cash
    Originally posted by fatbelly
    Thank you. Will be writing them a letter with an offer of 30% to start with. Hopefully they accept
    GOAL: To build savings and be debt free
    1. £1000 Emergency fund challenge- number 270... £10/£1000
    2. 1% Challenge 2018- number 23... 0%
    3. 3-6 month emergency fund challenge- number 92...
    4. Sealed Pot Challenge11 - number 014
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