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Considering Offering "Final Settlement"

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My credit file is pretty patchy; I've got 10+ closed accounts, one of which was a ~£2000 credit card write off that happened in late '11, another was a credit card that went to default and then I paid off the balance (~£750) in full, in Mid 2009. Unfortunately it was at this point that I decided my credit score was ruined and stopped making payments to Barclaycard (and my circumstances have since changed and I have hardly been able to afford rent most of the time since then).

I'm currently living with one of my parents (and previously was living with the other), and they've offered to assist me in clearing my main debt, which is a £5200 credit card balance which I've made no payments to since two small payments in August and June 2009, and no proper payment since maybe early 2009. Early 2011 this was marked as closed on my credit report, with no default markers (says DA) and reappeared as MKDP (who I believe are owned by Barclaycard in some way). Late 2011 thru to present there is a default marker on this, and the record will exist until early 2017 according to the credit report I've got.

I've also got current open records with two banks and t-mobile and they're all up-to-date, although that's because I pay my mobile bill and barely use my active bank account for anything else (and the other bank acc is a dormant account I'd forgotten I had until I saw it on my file today).

I also owe (in three separate amounts totalling) ~£200 to a debt collector, on behalf of some mobile companies I think.


I've got income of around £250 a month, though I'm unsure whether I should disclose this income as I'm paid cash in hand.

I'm very careful how I spend what money I do have, and don't claim any benefits because I'd rather be working even if I can't find anything decent.


I've read on this website that I might be able to offer a lump sum payment considerably lower than the amount outstanding, for old debts, do you think I've got the right sort of scenario for this to happen? I don't see much point in making token payments of £1 a month since according to CCCS this can only be a very temporary solution so it doesn't solve anything..


Any help very much appreciated :)

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Your question is kind of buried so I will answer the following one:


How do I make a full and final settlement offer on a £5,200 credit card debt. And how much should I offer?


1. You do it all in writing. You must be very careful to make the offer conditional. They must agree in writing that they will accept your payment in Full and Final settlement and not pass any remainder on. Please see this good advice from NDL:



2. The creditor will be crying in his tea at the lack of contact with you. Thinking that you will not pay anything towards his cherished profit. So you have a good case for getting an offer accepted. Personally, I would start at 25%. And stop at 60%.


Some people may advise that they MUST mark you credit file as fully settled. This is not a legal representation of the debt and most creditors will now refuse this condition of a F&F offer if you make it. Be prepared to accept your credit fle as being marked partially settled and you should be OK.


Lastly, if they do not agree to write the balance off and not send it on for further collection - they refused your offer. No matter what else the letter says...

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Lastly, if they do not agree to write the balance off and not send it on for further collection - they refused your offer. No matter what else the letter says...


Please accept my apologies for interrupting this thread, but can you explain what you mean by this?

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