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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 115
    • mica2
    • By mica2 7th Aug 18, 8:31 PM
    • 60 Posts
    • 30 Thanks
    mica2
    woohoo Zopa have accepted my 50% ff offer! So just paying off that debt has now halved my total debt in one go
    • StokieBecks
    • By StokieBecks 8th Aug 18, 9:04 AM
    • 4,569 Posts
    • 27,497 Thanks
    StokieBecks
    Mica have you got it confirmed in writing that this will settle the debt with a zero balance outstanding. You need this before you make any payment to them. Also you need to keep this paperwork for six years
    • mica2
    • By mica2 8th Aug 18, 1:32 PM
    • 60 Posts
    • 30 Thanks
    mica2
    Is an email enough? They only said this though:
    "I can confirm we can accept a partial payment of 4,500.00 to settle your loan."
    • mica2
    • By mica2 8th Aug 18, 5:37 PM
    • 60 Posts
    • 30 Thanks
    mica2
    I have now had a response from Wescot but I have yet to make an offer as I didn't know what the balance was. They are asking me to send them a detailed income and expenditure plus details of other settlements made? Should I not tell them the first settlement with Zopa (as it's only been confirmed today)? Or is it better to be transparent? My debt with Wescot is 1,478.07 so if they prove to be difficult I might just pay the full amount or whatever they agree.
    • fatbelly
    • By fatbelly 8th Aug 18, 7:30 PM
    • 12,557 Posts
    • 9,631 Thanks
    fatbelly
    I have now had a response from Wescot but I have yet to make an offer as I didn't know what the balance was. They are asking me to send them a detailed income and expenditure plus details of other settlements made? Should I not tell them the first settlement with Zopa (as it's only been confirmed today)? Or is it better to be transparent? My debt with Wescot is 1,478.07 so if they prove to be difficult I might just pay the full amount or whatever they agree.
    Originally posted by mica2
    Give them an income/expenditure showing zero surplus, and tell them everyone else settled at 25%

    And I'm only slightly joking.
    • mica2
    • By mica2 9th Aug 18, 11:06 AM
    • 60 Posts
    • 30 Thanks
    mica2
    Give them an income/expenditure showing zero surplus, and tell them everyone else settled at 25%

    And I'm only slightly joking.
    Originally posted by fatbelly
    OK thanks!! I will give it a try
    • myamyamoo
    • By myamyamoo 9th Aug 18, 10:59 PM
    • 38 Posts
    • 51 Thanks
    myamyamoo
    I am in the process of sending off cca letters but am in need of a little guidance. Both cards are early 2000s. 1 natsvest now cabot the other berkleycard was egg. I had a successful ppi claim against egg does this affect the enforceability of the debt?
    Lastly postal order or cheque (I'll have to dust it first)
    Emergency fund 1000
    1 debt vs 100 part 20: 1000/1000
    DFD May 2032 trying to make it sooner
    • fatbelly
    • By fatbelly 10th Aug 18, 8:17 AM
    • 12,557 Posts
    • 9,631 Thanks
    fatbelly
    I am in the process of sending off cca letters but am in need of a little guidance. Both cards are early 2000s. 1 natsvest now cabot the other berkleycard was egg. I had a successful ppi claim against egg does this affect the enforceability of the debt?
    Lastly postal order or cheque (I'll have to dust it first)
    Originally posted by myamyamoo
    I've always used postal orders but cheque is OK in the sense that it complies with the Act. It's just that there's no way I want creditors to see my bank account. However, I am usually doing them for third parties.

    When did you last make a payment to Bayclaycard/egg and Natwest/Cabot?
    • myamyamoo
    • By myamyamoo 10th Aug 18, 11:29 AM
    • 38 Posts
    • 51 Thanks
    myamyamoo
    Hi fatbelly
    I am in a dmp with Stepchange so the payment have been monthly 25 to each for 3 years. Does this make a difference?
    Emergency fund 1000
    1 debt vs 100 part 20: 1000/1000
    DFD May 2032 trying to make it sooner
    • nextyeartina
    • By nextyeartina 10th Aug 18, 4:24 PM
    • 723 Posts
    • 1,055 Thanks
    nextyeartina
    I owe 650 to Aqua which was passed on to 1st Credit. On numerous occasions I have tried partial settlements offers starting from 25%. They always came back with a discount of 10%. It's now been passed onto Intrum. I received a letter from them today offering an 80% discount if I pay in August, my default will be marked as partially satisfied and I won't be pursued by Intrum or any other third party for the remainder of the balance. Happy days
    The 1,000 emergency fund challenge #163 - 536.16/1000
    • fatbelly
    • By fatbelly 10th Aug 18, 5:58 PM
    • 12,557 Posts
    • 9,631 Thanks
    fatbelly
    Hi fatbelly
    I am in a dmp with Stepchange so the payment have been monthly 25 to each for 3 years. Does this make a difference?
    Originally posted by myamyamoo
    No - that's fine. It's just that you were asking whether a ppi claim affects enforceability. In your case it doesn't have any effect.
    • myamyamoo
    • By myamyamoo 10th Aug 18, 6:08 PM
    • 38 Posts
    • 51 Thanks
    myamyamoo
    Thank you for your help and I took your advice and got postal orders today so it's just a waiting game. Thank you again.
    Emergency fund 1000
    1 debt vs 100 part 20: 1000/1000
    DFD May 2032 trying to make it sooner
    • ploppy57
    • By ploppy57 10th Aug 18, 8:04 PM
    • 737 Posts
    • 4,684 Thanks
    ploppy57
    I owe 650 to Aqua which was passed on to 1st Credit. On numerous occasions I have tried partial settlements offers starting from 25%. They always came back with a discount of 10%. It's now been passed onto Intrum. I received a letter from them today offering an 80% discount if I pay in August, my default will be marked as partially satisfied and I won't be pursued by Intrum or any other third party for the remainder of the balance. Happy days
    Originally posted by nextyeartina

    Wow, that's a great settlement. Well done
    DMP March '15 57,549. Now 43,583. 24% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... 1500.
    Christmas '18 challenge... 300 /300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • mica2
    • By mica2 15th Aug 18, 2:29 PM
    • 60 Posts
    • 30 Thanks
    mica2
    Hiya, had a reply from Wescot of my offer of 25% @ 370 but they've come back with this: "We have noted your comments and we can confirm that our client can accept a partial settlement of 1,330.26. This can be paid over three consecutive monthly instalments or as a one off lump sum payment."
    I'm not sure if it's a typo but it's way off my offer? The total balance I owe is 1,478.07 so it's not even much of a reduction.
    • carbootcrazy
    • By carbootcrazy 15th Aug 18, 3:10 PM
    • 4,874 Posts
    • 27,715 Thanks
    carbootcrazy
    Hiya, had a reply from Wescot of my offer of 25% @ 370 but they've come back with this: "We have noted your comments and we can confirm that our client can accept a partial settlement of 1,330.26. This can be paid over three consecutive monthly instalments or as a one off lump sum payment."
    I'm not sure if it's a typo but it's way off my offer? The total balance I owe is 1,478.07 so it's not even much of a reduction.
    Originally posted by mica2
    What a disappointment for you, especially after your earlier success with another creditor.

    I've been ill and have a bit of brain-fade at the moment and no energy to trawl through earlier posts to seek the answer. Sorry. Could you remind us how old theses debts are please (if you even told us before), especially the Wescot one (with whom I was hoping to get a really good settlement offer as soon as I get my act together)? Maybe Wescot's client think time is on their side and they'll dig in and wait it out for a while longer.


    Thanks
    Last edited by carbootcrazy; 15-08-2018 at 3:12 PM.
    Original Debt: 56804 (@02/13). Now: 9129. Under 10K at long last.
    • DMP_Tiger
    • By DMP_Tiger 15th Aug 18, 3:48 PM
    • 131 Posts
    • 282 Thanks
    DMP_Tiger
    our client can accept a partial settlement of 1,330.26.
    I'm not sure if it's a typo but it's way off my offer? The total balance I owe is 1,478.07 so it's not even much of a reduction.
    Originally posted by mica2
    It's a 10% reduction. I'm no expert but they've used the term "our client" which suggests that they are managing the debt, rather than having bought it for next-to-nothing. I think I'm right in saying that this means low settlement offers are more difficult.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • mica2
    • By mica2 15th Aug 18, 7:41 PM
    • 60 Posts
    • 30 Thanks
    mica2
    What a disappointment for you, especially after your earlier success with another creditor.

    I've been ill and have a bit of brain-fade at the moment and no energy to trawl through earlier posts to seek the answer. Sorry. Could you remind us how old theses debts are please (if you even told us before), especially the Wescot one (with whom I was hoping to get a really good settlement offer as soon as I get my act together)? Maybe Wescot's client think time is on their side and they'll dig in and wait it out for a while longer.

    Thanks
    Originally posted by carbootcrazy
    Yeah I'm feeling the same, just moved house and am too knackered to deal with this stuff! Really appreciate the help!
    I've only been with Step Change for 18 months, the debt was for Barclaycard which I've had for years. My situation is a bit different to most which I explained to them. my partner lost his job and I only work part time in London. So we've had to move to my parents in Norfolk and I'm spending a fortune commuting and staying in air bnb's in London. I told them a month ago about this and asked to have 2 months holiday from my step change payments until we figure out our next steps. My mum has offered to clear my debts but I don't want her to use up all her saving for me and really want to get as much of it reduced as possible. Do you think I should counter their offer with say 500?
    • myamyamoo
    • By myamyamoo 16th Aug 18, 10:54 AM
    • 38 Posts
    • 51 Thanks
    myamyamoo
    I'm after a bit of advice or a slap upside the head for being daft.
    I'm on a dmp for just over 3 years both creditors defaulted me straight away.
    Barclays loan now Pra just over 14000 receiving 73ish per month.
    Barclaycard now link 2600 27 per month.
    Both debts approx 5 years old.
    I've been offered some money 4500. Is it worth offering a f&f?
    Can I just offer PRA the money to get the biggest one out of the way?
    Or should I just let the dmp run for longer and try and settle at a later date?
    My circumstances are very unlikely to change any time soon.
    I appreciate any of your replies and/or reality check.
    Emergency fund 1000
    1 debt vs 100 part 20: 1000/1000
    DFD May 2032 trying to make it sooner
    • Suseka97
    • By Suseka97 21st Aug 18, 11:47 AM
    • 377 Posts
    • 475 Thanks
    Suseka97
    ........I'm on a dmp for just over 3 years both creditors defaulted me straight away. Barclays loan now Pra just over 14000 receiving 73ish per month. Barclaycard now link 2600 27 per month. Both debts approx 5 years old.
    I've been offered some money 4500. Is it worth offering a f&f? Can I just offer PRA the money to get the biggest one out of the way? Or should I just let the dmp run for longer and try and settle at a later date? My circumstances are very unlikely to change any time soon. I appreciate any of your replies and/or reality check.
    Originally posted by myamyamoo
    Don't offer any F&Fs just yet.

    Firstly, are you self-managing your DMP or is it with a third party (such as StepChange or Payplan)? I ask because if the latter I'm about to suggest you go down the SM route. Self-managing gives you much more flexibility when it comes to F&Fs.

    Secondly - have you issued CCA requests to PRA and Link - if not that's your first step. What that does is put collection on hold until they provide the documentation required under a CCA request (search CCA requests on this forum, or go check out the DMP Support Thread for more info about the whys and wherefores for doing this). That will give you some time to save even more towards the F&F amounts.

    If any come back unenforceable (UE) you can then choose what to do. Some don't pay anything to a UE debt, others offer token payments for several months (if not more) and then follow up with an F&F -and in that situation you are likely to be able to get some good discounts agreed with DCAs.

    I have 3 debts with PRA and all are currently UE (and I haven't paid them anything in over a year). I'm saving DMP amounts into an F&F pot.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x under UE dispute)
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