Has anyone had any luck offering full and final settlements?

[ecb]

Hi, Im considering offering a full and final settlement for two debts I have outstanding.

 

Was just wondering if anyone has had any luck with offering full and final?

 

If so, what percentage/amount did you offer?

I havent got access to much so wondered if its worth it or not.

 

Any advice would be gratefully received.

[brokebutnotbeatn]

That would depend on the history of the debt and who the debts are now with plus whether there is a properly executed agreement in place. I suggest you post up a history and then people can comment more sepcifically. As a general rule 75% is accepted with little fight but offers as low as 10% are known to have been accepted. As I say, it depends on a lot of things!

[rennuz]

Its all about negotiation, something to them in a lump sum is better than say £1 a month for 20 yrs to get the same lump sum.

 

If they wont accept it then perhaps your other creditors will accept the lump sum and they will have to keep getting the small amount you are paying now....

 

I have had 6 creditors and have offered between 25% and 40% and this has been accepted by most.

 

Of course this does depend on the total owed, if its say £1000 expect a 40% offer if its £30k £6k may work as it did with me. Good luck and you dont have to get an answer on the first phone call.

[dx100uk]

never F&F before reclaiming

 

CCA them first too.

 

and make sure it is a CONDITION of your F&F that they mark the debt SETTLEd

 

not

PARTIAL settlement

and remove ALL negative data too.

 

a PS or an S will be of no use credit wise if a default or markers remain

 

dx

[brokebutnotbeatn]

No one will remove a default, few will mark fully settled or remove negative data so a F&F only on these grounds will most likely fail. The account should be closed, marked as PS (or settled if you can get this, you should ask but don't be surprised if it doesn't happen) and then drops off after 6 years. But make sure you have it all in writing for when the remainder of the debt is sold on to someone else to collect as in many cases it will be.

[ecb]

never F&F before reclaiming

 

CCA them first too.

 

 

dx

 

Thanks for the reply.

Reclaiming what? and what is CCA?

[dx100uk]

consumer credit agreement

that anyone whom demands money of you must hold.

 

reclaiming..........

 

ever had PENALTY charges for over/late/letter/DD fail etc etc.

 

or PPI?

 

dx

[brokebutnotbeatn]

to be frack ecb, if you don't what what CCAA is or about reclaiming penalty charges then in my personal view your are not ready for F&F negotiations. Have a read around this (and other) forums. Visit the National Debtline and have a read there. Then, when you are more gemmed up you can think about how best to approach your personal situation.

[National Debtline]

Hello there.

 

We've a fact sheet that explains more about full & final settlemements, you can find it here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

 

Best wishes,

 

National Debtline.

[ecb]

to be frack ecb, if you don't what what CCAA is or about reclaiming penalty charges then in my personal view your are not ready for F&F negotiations. Have a read around this (and other) forums. Visit the National Debtline and have a read there. Then, when you are more gemmed up you can think about how best to approach your personal situation.

 

Hi BBNB

Maybe its the wording of the advice that I dont understand. I get the CCA - agreement, but its the 'CCA them first?' as in.....? How do 'I' CCA them? thats the supposed agreement that they cant seem to supply me with, right?

 

Ive not heard anything from them since summer 2011, but they have placed a default marker on my credit record, so i want that gone asap in order to be able to move house etc in the future. Ive got advice from a debt management prog (free) but its a drastic reduction in our standard of living and tbh Im not sure its doable for us realistically. So was thinking of trying to solve it this way in order to move on... providing it works of course.

[ecb]

consumer credit agreement

that anyone whom demands money of you must hold.

 

reclaiming..........

 

ever had PENALTY charges for over/late/letter/DD fail etc etc.

 

or PPI?

 

dx

 

 

thanks for that. yes, there are some penalty charges for late payment on there.

I didnt realise I could challenge those. Will they give it all back or just partial like the banks? tbh, theyve stopped hounding me, so ive left it to fester until now.

 

I havent ever taken PPI - used to work for one of the insurance companies many years ago, so know it never pays out!!

[dx100uk]

Hi BBNB

Maybe its the wording of the advice that I dont understand. I get the CCA - agreement, but its the 'CCA them first?' as in.....? How do 'I' CCA them? thats the supposed agreement that they cant seem to supply me with, right?

 

Ive not heard anything from them since summer 2011, but they have placed a default marker on my credit record, so i want that gone asap in order to be able to move house etc in the future. Ive got advice from a debt management prog (free) but its a drastic reduction in our standard of living and tbh Im not sure its doable for us realistically. So was thinking of trying to solve it this way in order to move on... providing it works of course.

 

 

fire the CCA request off to them if you must do anything at all.

 

pers i'd let sleeping dogs llie

 

dx

[ecb]

fire the CCA request off to them if you must do anything at all.

 

pers i'd let sleeping dogs llie

 

dx

 

I did all that over a year ago and still havent received anything from them. I pay £1 per month at the moment and havent heard only annual statements from them.

 

Interested in your comment. Thats my worry that I will kick something off by highlighting it to them?

 

I understand that after 6 years the default will disappear, but Ive also seen other posts on here of companies moving default notices. Would they just continue to post D on my credit rating for ever?

[Bandit127]

To summarise your position:

They have failed to provide a compliant CCA (agreement)?

You are paying token payments (£1 a month).

The account contains penalty charges.

 

Does the above apply to both accounts?

[ecb]

To summarise your position:

They have failed to provide a compliant CCA (agreement) yes?

You are paying token payments (£1 a month) yes .

The account contains penalty charges yes.

 

Does the above apply to both accounts?yes, these are with different companies

 

thanks

[rennuz]

I honestly wouldn't bother with it. If you are paying £1 a month and are fine with that then keep it up. If you feel you shouldn't have a default and want it off your credit record unless you can prove it shouldn't have gone on and you perhaps don't owe the money or they have done something wrong you will be lucky to get it wiped.

 

Unfortunately it's going to affect your credit file and your just going to have to put up with it but I do realise you are looking to move, some lenders will discount it after 2 or 3 yrs. just need to ask them.

[ecb]

Further to my previous questions.

Last month the company rejected my bank payment of £1. This is the first time that this has happened since it was set up, about 4 years ago.

I dont want to ring them to ask why.

Since they returned the payment to me, my bank cancelled the SO. Ive asked the bank to reinstate the payment for this month.

 

Im wondering is this is the beginning of them taking a more hard line on this?

Does anyone know if this is a typical way for them to behave in returning payments. Can they start to claim that Im not doing anything about the debt without a credit to the account (even though they have returned it).

 

Any advice on this please?

[dx100uk]

good

 

dunno why you continued to pay

 

no cca = no pay anyhow.

 

dx

[FateInMotion]

Lloyds accepted 40% and marked my file as PS

HBOS accepted 30% and marked my file as S

Lowell would not accept 70%, still in negoation

 

Neither that accepted would remove the default information

[dx100uk]

Lloyds accepted 40% and marked my file as PS

HBOS accepted 30% and marked my file as S

Lowell would not accept 70%, still in negoation

 

Neither that accepted would remove the default information

 

wasted that money then?

 

dx

[ecb]

Further to my previous questions.

Last month the company rejected my bank payment of £1. This is the first time that this has happened since it was set up, about 4 years ago.

I dont want to ring them to ask why.

Since they returned the payment to me, my bank cancelled the SO. Ive asked the bank to reinstate the payment for this month.

 

Im wondering is this is the beginning of them taking a more hard line on this?

Does anyone know if this is a typical way for them to behave in returning payments. Can they start to claim that Im not doing anything about the debt without a credit to the account (even though they have returned it).

 

Any advice on this please?

 

Hi, the company has rejected my monthly payment, I got the bank to reinstate the SO.

Same thing happened the next month too. This time I didnt ask the bank to set it up again.

 

Does anyone know if this is the usual way for them to behave?

If they do this for 3 months and reject the payment, can they then claim that I have done nothing to reduce the debt?

Is this the start of them vigorously pursuing me, since they have been quiet for so long................?

Anyone any ideas?

[dx100uk]

why are you still trying to pay them when they have no enforceable agreement?

 

dx