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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 114
    • LOVEHB
    • By LOVEHB 26th Jul 18, 12:20 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    Good luck. 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. 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


    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. 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.
    Originally posted by carbootcrazy
    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
    • LOVEHB
    • By LOVEHB 26th Jul 18, 6:34 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    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!
    Originally posted by BraLo
    Congrats!! Im in a similar situation DMP with total debt around 11,500 in the process of requesting full and final settlements! I can only hope I can do as well as you!
    • LOVEHB
    • By LOVEHB 27th Jul 18, 4:03 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    Have received an offer from Capital One advising on a 50% settlement figure. I have countered back as I just dont have the funds for 50% and wondered if anyone had any luck in getting them to accept at around 40%?

    Thank youu
    • ploppy57
    • By ploppy57 29th Jul 18, 4:42 PM
    • 754 Posts
    • 4,800 Thanks
    ploppy57
    [QUOTE=BraLo;74565655]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![/QUOT



    Amazing! Well done
    DMP March '15 57,549. Now 43,023. 25% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... 500.

    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • SSDD23
    • By SSDD23 31st Jul 18, 5:12 PM
    • 472 Posts
    • 1,153 Thanks
    SSDD23
    What are people's experiences like with Lantern?
    When they first wrote to me about two debts I offered one that was a bit over 200 for 100 which was agreed to be repaid at 50 per month for two months, in the end I couldn't afford it.

    I have just offered 75 settlement after a few months of only paying 5pm. Hoping to get a yes and the same offer as before to repay over 2 months, will save myself 140. If not I will keep on paying 5 a month until I can afford to settle for a little more
    • LOVEHB
    • By LOVEHB 31st Jul 18, 7:52 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    What are people's experiences like with Lantern?
    When they first wrote to me about two debts I offered one that was a bit over 200 for 100 which was agreed to be repaid at 50 per month for two months, in the end I couldn't afford it.

    I have just offered 75 settlement after a few months of only paying 5pm. Hoping to get a yes and the same offer as before to repay over 2 months, will save myself 140. If not I will keep on paying 5 a month until I can afford to settle for a little more
    Originally posted by SSDD23
    I personally found them difficult, they would not budge on the 80% partial settlement figure. But i guess they take into account everyones individual case and debt management plan. Good luck!
    • LOVEHB
    • By LOVEHB 31st Jul 18, 8:05 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    Im so close!!!
    I just thought I would post on here and update you all on how I got on with my partial settlement offers:-

    Lowells accepted a 60% reduction
    Cabot accepted a 50% reduction on two loans
    Oakbrook accepted a 40% reduction split over two payments
    Capital one accepted a 50% reduction
    Vanquis accepted a 50% reduction
    Lantern offered 20% reduction
    Wescot did not feel it appropriate to offer me a reduction

    I have now paid the majority of the above off. I have one final partial payment to make to Oakbrook at the end of August and then Lantern and Wescot. The debt between Lantern and Wescot totals 136. I figured I wanted to tackle the larger debts first. I started off owing 11,523.67 and have saved myself over 6,000 and I am over the moon.

    My DMP with stepchange has now ended as of today and I am so close to being debt free - i truly cannot tell you how happy I am to be in this position. I can now start to rebuild my credit file and then eventually obtain a mortgage!! I have spent hours upon hours reading all your advice on here, I am so grateful. Thank you all! Xx
    • Daisydance
    • By Daisydance 31st Jul 18, 8:31 PM
    • 4 Posts
    • 1 Thanks
    Daisydance
    How much to offer?
    I have inherited some money and would like to make full and final settlement offers.

    Do you have any suggestions about what percentage to offer? are some companies easier to work with than others?

    8 years on DMP with SC.

    Wescot Credit Services
    10,600
    1269
    1083

    PRA Group 3682

    TBI financial 815

    Moorcroft Arrow 3369

    Thank you
    • LOVEHB
    • By LOVEHB 31st Jul 18, 8:59 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    I have inherited some money and would like to make full and final settlement offers.

    Do you have any suggestions about what percentage to offer? are some companies easier to work with than others?

    8 years on DMP with SC.

    Wescot Credit Services
    10,600
    1269
    1083

    PRA Group 3682

    TBI financial 815

    Moorcroft Arrow 3369

    Thank you
    Originally posted by Daisydance
    Hello! I went in and offered 20% to everyone. I managed to get one creditor down to 40% and the highest percentage was 60% i figured if you offered low you would have some wiggle room. Which I did need. It does depend on how much you are paying per month I think the less you pay each month the lower the Percentage they will accept. I called everyone and asked what they would accept.
    • Daisydance
    • By Daisydance 31st Jul 18, 9:58 PM
    • 4 Posts
    • 1 Thanks
    Daisydance
    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.
    • Daisydance
    • By Daisydance 31st Jul 18, 10:01 PM
    • 4 Posts
    • 1 Thanks
    Daisydance
    Just read your previous message LOVEHB - congratulations, what an amazing feeling. Good luck in owning your own house!
    • LOVEHB
    • By LOVEHB 1st Aug 18, 9:46 AM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    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.
    Originally posted by Daisydance
    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.
    • carbootcrazy
    • By carbootcrazy 1st Aug 18, 10:46 AM
    • 5,444 Posts
    • 31,510 Thanks
    carbootcrazy
    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.
    Originally posted by LOVEHB
    Well done on negotiating your offers and getting so much knocked off and paid off. 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.
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • LOVEHB
    • By LOVEHB 1st Aug 18, 5:13 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    Well done on negotiating your offers and getting so much knocked off and paid off. 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.
    Originally posted by carbootcrazy
    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!!
    • LOVEHB
    • By LOVEHB 1st Aug 18, 5:16 PM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    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.
    Originally posted by Daisydance
    I found calling them did get the ball rolling quicker!! Let me know how you get on!!
    • carbootcrazy
    • By carbootcrazy 2nd Aug 18, 6:15 AM
    • 5,444 Posts
    • 31,510 Thanks
    carbootcrazy
    I found calling them did get the ball rolling quicker!! Let me know how you get on!!
    Originally posted by LOVEHB
    Thanks very much for your reply to me (post before your reply to LOVEHB). 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. 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.
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • fatbelly
    • By fatbelly 2nd Aug 18, 8:25 AM
    • 13,129 Posts
    • 10,190 Thanks
    fatbelly
    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.
    Originally posted by carbootcrazy
    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.
    • LOVEHB
    • By LOVEHB 2nd Aug 18, 10:02 AM
    • 35 Posts
    • 25 Thanks
    LOVEHB
    Thanks very much for your reply to me (post before your reply to LOVEHB). 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. 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.
    Originally posted by carbootcrazy
    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!
    • mica2
    • By mica2 6th Aug 18, 4:21 PM
    • 66 Posts
    • 31 Thanks
    mica2
    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.
    • mica2
    • By mica2 6th Aug 18, 4:46 PM
    • 66 Posts
    • 31 Thanks
    mica2
    And now I'm on a roll and decided to just contact the rest offering 50%! fingers crossed
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