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Full and Final Settlement - clarification needed


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Hi, I have a question about ffs which I may need up my sleeve to prevent a judgement in the near future.

 

Years ago my ex employers tried to bankrupt me over a company loan for a car, which they had demanded full repayment on when I went on maternity leave:mad:. Their solicitors said before the hearing that they would accept £800 in ffs but I said I couldn't pay it, and ended up paying them a lot more in the end. (Got my revenge though cos took them to the tribunals for sex discrimination - the loan agreement said it was repayable in full on termination of my employment therefore they terminated my employment when I was pregnant lol - didn't win as out of time by six years:), but cost them far more in legal fees defending the case than I had paid them).

 

After I had turned down the ffs offer someone told me that I should have agreed to it and that I could later have said - OK well I have agreed to pay you £800 but it will be in installments of £50 per month. Does anyone know if you can actually do this with ffs offers? I am hoping our case won't come to that but would be interested to hear people's thoughts.

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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:) Hi GL, how ya doin?

 

I was reading this thread earlier, http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/122454-some-interesting-points-debt.html

 

i don't what you'll think of it. It does mention offering a f & f and then paying in installments.

I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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TBH it will depend very much how F&F offers are phrased. If you said to me I can offer you a F&F of $800 paying $50 a month, I would say you can afford to pay me $50 a month full stop and we'll stick with the original balance. In reality I think you will find that you either pay in instalments or raise a lump sum and try to intice them with that.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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