Full and Final

[Massamum]

I'm now in a position to offer some small f&f's to my creditors and looking for a bit of advice. Not sure of the best way to go about it as there seems to be so many conflicting information on here. Is it worth doing? Has anyone successfully had f&f's accepted? Or has anyone been hassled after f&f's been accepted? Grateful for any info please. Thanks.

Edited April 13, 2011 by Massamum
typo

[firstship]

Hi Massamum.to answer your questions. F&F well worth doing.

 

Many of us have made successful F&Fs and yes many have been hassled after paying F&F.

 

The most important thing is to ensure you write the correct letter and do not pay any money until you have in writing what your F&F will achieve.

 

Is your credit file trashed?

 

Assuming it is,you need to make your F&F offer on the strict understanding that your credit file is marked" settled in full" it would be great if all markers where withdrawn,this is unlikely.You also need confirmation from your creditor that there will be no 3rd party involved at a future date

 

Get the creditors agreement in writing before you part with any money,they will try to get you to pay first,DO NOT.

 

Bit more info on the value of your debt that you wish to F&F and what % you intend to offer,and also who with.

 

Regards FS

[OnMyWayOut]

I'd add to that - if any of the debts to be cleared are in more than one name, no other party will be pursued for the balance (unless it's and ex that you aren't on good terms with!).

[silverfox1961]

Before going the F&F route, it would be wise to know the pros and cons of doing so. Look at the link in my signature or go HERE

[Bazooka Boo]

http://www.voltimum.co.uk/news/2312/cm/the-law----full-and-final-settlement-.html

 

Some more reading there.

[Massamum]

That was interesting reading Silverfox and BB, thanks.

 

Thanks for the advice Firstship. My credit file was well and truly trashed a long time ago! I have five creditors and owe in the region of £55k.

 

MBNA debt was sold on before the date given by creditor for me to resolve so rescission of contract applies – that debt is £15k but arrears were only about £2k – any ideas of how much I should offer here?

 

I have a £10k loan and £5k overdraft with Lloyds that are still doing the rounds of various DCAs, I’ve been ignoring them for years but want to get rid of them once and for all.

 

Also a very old Lloyds credit card debt of £15k, they can’t find the original agreement but I want to offer f&f just to get it off my credit file.

 

And lastly, £8k on an old Egg debt that was sold on (probably for not very much).

 

This letter was at the bottom of Sequenci’s debt diaries (offered by Sevenhorses)

 

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

 

Dear Sir/Madam

 

Without Prejudice

 

Account No: 4563210025897412

 

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

 

We can confirm that we are unable to offer to pay the money which we owe in full. . However, we can raise £_____ and we 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 we will be released from any liability.

 

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as having been paid and the account closed.

 

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

 

We look forward to receiving your reply.

Yours faithfully

Mr A N Other

 

Is that enough do you think or are there any other letters out there that are foolproof? Would really appreciate some help with writing correct letter.

 

Thanks folks. Please bear with me, my internet access is extremely sporadic at the moment.

[rebel11]

The wording is important, so is the Third Party cheque, heres some info:- http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

 

Also read number (7) in my signature.

 

At the end of the day you want to clear your debts, so a question of actions, rather then debating whether to have a go.

[dx100uk]

i'd pay no-one nothing till you cca them & reclaim unlawfull charges / PPI>

 

waste of money.

 

dx

[Massamum]

i'd pay no-one nothing till you cca them & reclaim unlawfull charges / PPI>

 

waste of money.

 

dx

 

Thanks DX. I CCA'd them all a very long time ago, some enforceable(ish), others not. Not too worried whether they accept or not to be honest as I can carry on ignoring them til the debts go SB Only reason I'm doing this is to clean up my credit file. Not going to offer them very much - compensation for all the stress they caused me at the start and before I wised-up.

[Massamum]

The wording is important, so is the Third Party cheque, heres some info:- http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

 

Also read number (7) in my signature.

 

At the end of the day you want to clear your debts, so a question of actions, rather then debating whether to have a go.

 

Cheers Rebel. I do want to get rid of them, just unsure of the best wording to use.

[sleepingdog]

Hi Massamum , Just wondering how you got on with your F&F settlements. Did any accept ? , what sort of percentages did you offer? is there any advice you could offer as I am about to go down same road . Thank you.

sleepingdog