Full and final settlement-various creditors.

[Butterflygarden]

How are they on accepting settlement figures?

 

Also if anyone has any advice on if the following accept settlement figures I'd be very grateful......newby and still learning so please bear with me:

 

My debts in total are 26k my relative GENUINLY has offered 8.5k to clear EVERYTHING or NO MONEY and by the 7th July or they have their own plans for the money

 

I pay into a DMP but have been doing for 7 LONG years now....with what I'm paying now there is 6 years left but I cannot stand this any longer after not sleeping and the chance of starting fresh with this very generous offer from my relatives SO my question is DO YOU THINK I HAVE A CHANCE IN HELL WITH THE MONIES I HAVE AGAINST THE DEBT I HAVE? and my debts are with lowell, M&S, Moorcroft, Robinson Way, Blackhorse, CL Finance and Barclays Partner Finance.....do I stand a chance with any of these people? heard so horror stories about all of them to be fair....please give as much free and open advice as you can I'm ready to listen!! Thanks guys

[silverfox1961]

Hi

I think you are going to struggle getting the creditors to accept a F&F by the 7th however, you would need to work out exactly what is owing to each creditor and make the offer. Debts that are still with the original creditor may not be so easy as (from what i have seen) but debts that are with DCAs you may have more chance. They bought the debts for less than the book value so they may be willing to accept the F&F so long as the amount clears what they paid for it (less any payments already made)

 

Before you go near a F&F, please check out the link in my signature so that you are aware of any potential pitfalls

[Butterflygarden]

Thanks Silverfox.....great advice. My M&S, Blackhorse and Barclays Partner Finance are all the original Debts.....the others are DCA's.

 

Could they fax me a reply if they where willing to accept an offer by the 7th July? Is this enough for me to make a payment to them?

 

Sorry for stupid questions.....I am confused.com. What a world we live in when we have to consider all this nonsense when trying to actually pay something back on our debts ie are they authorised to collect the debt, will they persue you in the future if you don't get "satisfied" or "settled in full" on your credit file......Wouldn't it be so nice to call, make a payment (come to some arrangement if you can't afford the full amount or an arrangement) and KNOW that when the debt has been dealt with it's been dealt with END OF......no bite you in the bum tactics later down the line.

 

I have to say I can't see one of my debts been cleared by the 7th to be fair

[MARTIN3030]

I will move your thread from here.

[the_shadow]

Just a word to say a settled debt on your credit file is almost as bad as a default, only the full removal of the account information will give you a cleaner credit file once you've defaulted... or after the 6 years.

 

If you were to pick one for attempting to get a deal done by the 7th I'd pick a DCA rather than original creditor but you need a guarantee in writing that they will not pass the remainder of the debt on and that its a full and final settlement. If you can get them to remove the data from the credit file then thats utopia

 

S.

[MARTIN3030]

Yes agree with that.

But it also has to be said that a clean credit file with nothing on is also not good.

This is where companies like Vanquis target customers-they will give a card to people with bad or no credit history and say its a good way to build up a good credit rating.

This is true to some extent for those keeping to repayments,but we should not forget that any lenders doing a search and seeing Vanquis on your credit file,are perfectly aware that this is a sub prime type lender.