Whats the lowest full & final settlement?

[benboy]

Still heard nothing from MBNA . Sent them a letter of dispute.

 

Is it true that Barclaycard does not ever accept Full and Final Settlement Offers? They sent me a letter saying so. Anyone ever had one accepted by Barclaycard?

[Bigdebtor]

Still heard nothing from MBNA . Sent them a letter of dispute.

 

Is it true that Barclaycard does not ever accept Full and Final Settlement Offers? They sent me a letter saying so. Anyone ever had one accepted by Barclaycard?

 

I got a 40% or 45% F&F with then through CSL (a DCA) some time ago.

 

BD

[Dotty50]

Hi Benboy,

 

Make sure you keep your post office receipts very safe and get the signature proof of delivery when it becomes available on the post office website.

 

MBNA have just replied to me denying receiving ANY letters from me, but I have signatures, so very concerned about their postal room!

[benboy]

I got a 40% or 45% F&F with then through CSL (a DCA) some time ago.

 

BD

 

Yeah, but must be different if it's with a debt collection agency. Mind you I beleive they use in-house ones! That's a good F&F anyway BD... Good for you!

 

Hi Benboy,

 

Make sure you keep your post office receipts very safe and get the signature proof of delivery when it becomes available on the post office website.

 

MBNA have just replied to me denying receiving ANY letters from me, but I have signatures, so very concerned about their postal room!

 

 

Hey, thanks Dotty you just reminded me I need to link my laptop to printer to get the proof printed!!!

 

Must be some black-hole in Chester with all our letters in

[bobdauilda]

bump

[benboy]

Had my offer of 20% FFS turned down by Lloyds today

[Ron 2015]

Hi

 

I have an oustanding balance of 15K with Lloyds credit cards and have just had a 5K offer accepted , about 30%. I just told the DCA its 5k or nothing. Which is the truth.

 

I was told by the DCA two weeks ago that Lloyds would not settle for less than 50% in any circumstances ( load of rubish )

 

I sent in a copy of a Lloyds F&F offer I found on a thread on here which was offering a 26% F&F. Saying an offer was made to this lloyds customer so why not me.

 

Remember the DCA is on a commission so they will try and get as much as they can.

 

I am in negative equity , low income ect , so if they refused this the chance of getting any money from me in the future is slim.

 

Strange thing is my good lady wife had a Lloyds card too , this is being handled by a different DCA. We offered them 30% which they say has been refused. They called and said they had returned the debt to Lloyds!

 

I think we will wait until my offer has been accepted and paid ( just waiting for the letter ) then some letters of to Lloyds saying you took 30% from me, why not the good lady wife.

 

One piece of advice needed , the DCA says they want a bankers draft as payment.

 

I'm thinking they can have a regular cheque from my relative who is paying and like it. Do they think we are all stupid ?

 

I wonder if they will return the cheque when we send it in , I don't think so.

 

The lady on the phone ( term lady used losely ) has been really aggresive ( I know I shouldn't talk to them , but I can handdle it ) the last few calls. Then on the last call she was all ' I have some great news for you , and such.

 

I think of them as opponents in a game , it helps me.

 

So F&F can be the way forward for some , I am scared of going to court , it seems to be a lottery which Judge you get.

[benboy]

I thought the DCA buys the debt off the creditor.

 

Mine has not gone to a DCA and so maybe they will hold out for more.

[Dotty50]

Hi Ben,

 

Some do get sold others just collect on behalf of OC.

 

There doesn't seem to be any rule who accepts the lowest F & F, some on here say it's better to negotiate when the debt has been sold on as they will only have paid a percentage of the balance. Then there are others that get a better deal with the OC.

 

Just seems to be the luck of the draw

[Ron 2015]

Hi Ben

 

As Dotty says there are no rules in the game of how much they will accept. Its a negotiation , they get less than they want , you pay more than you want.

 

Neither party is happy.

 

To make it clear what happens to the debts , most of the time the original creditor passes your details to a debt collection agency and they just try and get money out of you. They hassle you on the phone and write silly letters threatening all sorts of things.

 

I have had loads and so far out of 13 credit cards only 1 has taken me to court after 1 year of not paying.

 

Two of my aleged debts have been sold to another company and they have to send you a default notice which says they are going sell the debt on and give 14 days to settle the account. Amazingly, most of the time they seemto mess up the default notices , which is very usefull if it gets as far as court.

 

Maybe if you offer them say 25% by post ( not on the phone ) saying the offer is open for two weeks and that this is the final offer ect , never to be repeated , they might take it. Let a few weeks go by with no communication with them.

 

I put in my letters ' with respect 30% of something is better than 100% of nothing '.

 

And have a good look around this site its a mine of useful info. Its helped me a lot. A year ago I thought I was finished , now a year later life is fine.

 

My life has changed beyond recognition , I spend a fraction of what I used to , but I have food and shelter a computer and a good woman. What else do you need ?

[benboy]

Hi Ron, that is very helpful, thanks, I will try that.

[benboy]

I have just written another letter offering them 30%, saying this is the maximum I can go to as my relative cannot provide any more funds. I have said that if they refuse then the funds will be distributed between my other creditors.

[Dotty50]

I have just written another letter offering them 30%, saying this is the maximum I can go to as my relative cannot provide any more funds. I have said that if they refuse then the funds will be distributed between my other creditors.

 

Well I would only have increased it to 25%, if you haven't sent it yet!

[Bigdebtor]

I have just written another letter offering them 30%, saying this is the maximum I can go to as my relative cannot provide any more funds. I have said that if they refuse then the funds will be distributed between my other creditors.

 

Benboy

 

Can you tell us roughly how much the 100% debt is? I have found it a good idea to offer a round figure - especially to DCA's. E.g. if the debt is £10,232.46 or £9876.24 then in both these balances I would offer £3000.00 or £2500 (as a 30% or 25% F&F - and definitely try 25% first).

 

If the 100% debt is just around £2000 or less then the actual differecne between 25% or 30% is neither here nor there - so I would go for 30% (i.e. £600.00) and insist it was my genuine final offer.

 

Are you certain there are no significant default charges and interest on the current debt that you can deduct first before offerring 25% or 30% of the remaining balance?

 

BD

Edited February 8, 2010 by Bigdebtor
typos

[benboy]

Hi BD and Dotty. My 100% debt is around £3,500. I guess I am a bit impatient and like you say... the difference of 5% didn't seem significant enough. This will definately be my final offer, especially as I only pay £18 interest free each month.

[Bigdebtor]

In that case I would offer £1000.00 exactly - no more no less - paid by a 3rd party's cheque only - and only after ensuring there were no default charges and interest to deduct first (even if only to play cat and mouse!)

 

On a round £1000.00 the DCA can work out his commision on that easily and I would bet it will be accepted.

 

Keep us posted.

 

BD

[benboy]

There is no DCA.

 

There could be though if I cancel my DD payment

[Bigdebtor]

Remember every further payment you make costs you 100% of that payment as any subsequent short settlement is only on the balance left after all payments to date - so better to get a short settlement ASAP - or stop payments until you do - provided you are not worried about your credit rating.

 

BD

[benboy]

That is so true, and have thought of that. I have actually cancelled my DD with Lloyds now. My credit rating is wrecked anyway.

[squidward]

Subbing

[benboy]

Lloyds turned down my offer of £1,000 so I have written to ask them to reconsider.

[Bigdebtor]

I found Lloyds brought in Wescot after I stopped paying them anything at all - and they accepted a 50% F&F - writing off over £4k after just 2 months of having the account. My OH persuaded me to do this to erduce the DCA calls hassle we were getting. I would have held out for 30- 35% but I opted for a quieter life and to keep her happy !

 

Did they suggest any figure? If £1000.00 was less than 30% then you could think about going to 30-35%. I know that is a figure many settle at.

 

Good luck

 

BD

[benboy]

Did they suggest any figure? If £1000.00 was less than 30% then you could think about going to 30-35%. I know that is a figure many settle at.

 

Good luck

 

BD

 

No, they never suggested a figure, they just said "we can't accept your offer of......"

 

My offer of £1000 is £25 short of 30%

 

Out of interest though..

Every time they have replied to my offers they say "we will send you letters before passing the account to our Consumer Debt Recovery team"

 

What do they mean? It is only recently that I have stopped paying them. Why would they be talking about this when I have been paying up to date?

Edited March 9, 2010 by benboy

[Bigdebtor]

Lloyds pass it to them pretty quickly. Perhaps they'll accept your £1000 once they get it. Unless you are worried about your Credit Rating (which will be hit by missed payments etc.) I would just hold fire and let them do this.

 

BD

[benboy]

Yes, I want the account passed onto DCA. Just wondered why they threatened this just because I make an offer of FFS.