Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ella2ethan1
    • By ella2ethan1 9th May 18, 10:08 AM
    • 187Posts
    • 154Thanks
    ella2ethan1
    Settlement figure
    • #1
    • 9th May 18, 10:08 AM
    Settlement figure 9th May 18 at 10:08 AM
    Hiya, Iíve been on my DMP for nearly a year and am soon coming into some money, what is the best way to ask for the settlement figure? Is it called f&f?

    And if itís too much and I decline do they normally come back with a lower offer in the future?

    Thanks for any advice you can give me

    Sarah x
Page 1
    • efes shareholder
    • By efes shareholder 9th May 18, 10:22 AM
    • 55 Posts
    • 42 Thanks
    efes shareholder
    • #2
    • 9th May 18, 10:22 AM
    • #2
    • 9th May 18, 10:22 AM
    I just called and asked if there was an incentive offered if I settled early , they gave me a figure and I then said I didnt quite have that amount and was there any flexibility
    They asked what i was thinking off and basically we met in the middle
    They did hold the fee open for me for the month at my request too
  • National Debtline
    • #3
    • 9th May 18, 10:32 AM
    • #3
    • 9th May 18, 10:32 AM
    Hi there,


    There is no set amount required to do full and final offers, so you need to consider carefully what you would be prepared to pay. You don't need to ask the creditors what they are willing to accept, you can make the proposal based on what you can afford/ want to spend. Some people choose to start slightly lower than their best offer, so they can increase it if necessary.


    Once you have decided how much you would like to pay, you will need to divide the money fairly between the debts so they all get the same percentage offer. You will need to get the creditors to agree, in writing, not to chase you for the shortfall, and not to pass to any other organisation that will chase you for the shortfall.

    They will need to agree to mark your credit file as partially settled and with a £0 and that the account will be closed. If they agree to all of that, in writing, then you make the payment to settle the account. Do not accept confirmation over the phone and keep a copy of everything for 6 years. We have a sample letter to help you - https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx



    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • ella2ethan1
    • By ella2ethan1 9th May 18, 8:25 PM
    • 187 Posts
    • 154 Thanks
    ella2ethan1
    • #4
    • 9th May 18, 8:25 PM
    • #4
    • 9th May 18, 8:25 PM
    Thank you both youve been very helpful.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,134Posts Today

6,877Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin