Full and Final offers.

[Dazo]

Looking for advice regarding making full and final offers to our credit card company's. We have only been on reduced payments for 2 months or so but are obviously not managing financially. My father in law has offered to loan us some money to pay off the credit cards. This is however not enough to pay them all off but about 80% of the total credit card debt.

 

What would be the best course to take here ? Do we pay off 2 in total and part of the other card or offer a full and final payment to all 3 for the percentage we can afford ?

 

Are they likely to accept when you consider we have only been making reduced payments for a month or 2.

 

Appreciate any advice.

 

Thanks.

[Dazo]

Anyone able to offer any advice on this ?

[diamondgirl]

Hi

 

Have you CCAd the CCC to make sure that the agreements are enforceable.

If you make F&F offers they will say that whatever you offer is not enough.

I personally would CCA them all first.

It is up to you of course.

 

DG

[IdaInFife]

Hi,

 

I would start with a low figure to each,

 

around 10 - 20 % of what you owe,

 

you can edit this to suit:

(Name & Address)

 

Dear Sir/Madam,

 

Account Number:

 

I write with reference to the money which you are claiming on the above account.

 

As you aware we are in financial difficulties and making reduced payments currently. The situation has not changed and our income may be reduced further in the next few months.

 

I can confirm that we are unable to offer to pay the money which we owe in full. However, I can raise £XX and I want to offer this as an ex−gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released for any liability.

 

I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

 

Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

 

I look forward to receiving your reply.

 

Yours faithfully

 

 

you also have the option if you have had these credit cards for prior to 2007 then you can send them a cca request. this will check to ensure the appropriate paperwork is in order and if they donlt have it may out you in a better position to offer full and finals

 

ida x

[Dazo]

Thanks to both above for your replies. I have only CCA'd 1 of them. This was MBMA who have been the most unhelpful bunch of tossers I have ever came across. The other 2 if I am being honest have been extremely helpful and have accepted payments on my terms without any problems. I am quite keen to deal with these 2(Egg, Barclaycard) and get them paid off asap. However after years of paying a huge amount of interest is it wrong to want a lower Full and final amount ?

 

Ida thanks for your letter I will edit to suit and see where it gets me. Do you have any thoughts on how this will be viewed in light of only making a couple of reduced payments ?

[IdaInFife]

that's why i added the first line, they might jump at it if they think that it ainlt looking too good

 

 

you may also consider relaiming any charge if you think this will amke a dent in the balance

 

ida x

[Dazo]

Thanks again Ida. Worthwhile sending them a SAR then ? Not sure how much in charges we have had from the CC's it may be a fair amount.

[IdaInFife]

i would to get the balance down so lesser fandf

 

ida x