Full and Final settlement offers

[anywhere]

Hi Guys,

 

I wonder if anyone has had any experience in offering full and final settlement offers to any of the DCA's... I have managed to beg and borrow from family and friends and sell a few things in order to try and clear debts owed from old credit cards dating from when I had a fairly decent income from a business I was running (which went bust last year, and since then I am skint !) and am ready to make some offers, but I cannot raise anywhere near the full amounts due

 

Trevor Nunn (Egg debt) £12000

Westcot (Barclaycard debt) £3900

Debt Managers Ltd (another Barclaycard) £1800

 

How much realistically can I offer ?

 

I am still going to have to pay back family eventually (even though they wont be on the phone ten times a day !!) so dont want to offer more than I might need to.. I should be able to raise about 8k

 

Any thoughts of past experiences much appreciated !

[Trojan1401]

Hi Anywhere.

 

You've come to the right place for advice & I'm sure someone "more qualified" will be along soon. However, to get the ball rolling ;-

 

1. Have you statements relating to these debts & does the debt(s) include penalty charges etc. If you don't have statements, send a DPA request to each lender/cc company - see template library.

2. CCA each one to obtain copies of agreements & see if enforceable.

3. Finally, have a good read around the forum where there is an abundance of good advice.

 

Personally, I would not borrow from family but agree a payment strategy with each creditor after you've DPA &CCA'd them.

 

Hope this helps a bit.

[anywhere]

Thanks Trojan, appreciate your help

[sequenci]

Hello there,

 

Full & Finals are an excellent way of getting your debts paid. The important thing to consider is whether or not the money is owed to the original creditor or a firm who has purchased the debt for a small amount. The reason being is that the puchaser will be more receptive to a low offer.

 

Have a read of this fact sheet, if you have any further questions please get back to me

 

National Debtline England & Wales | Debt Advice | Factsheet 24 Full And Final Settlement Offers

[anywhere]

Excellent, thanks sequenci, thats a great Link..

 

I think the 2 barclaycard debts have been "bought" as they have both offered me "a substantial discount", without ever committing to how substantial is substantial !!.. The Largest one is still with Egg though I think

 

I think I will do the calcualtions as suggested and offer, you never know your luck I suppose !

[rory32]

Before offering a full and final you really need to find out if the debt is enforceable through a CCA request. If the debt is unenforceable this puts you in a very strong negotiating position.

[cateeyre]

Can you offer full and final's on a secured loans does anyone know

[saezaman]

Hi

I got a reduced settlement on an alliance and leicester loan for £800 on a £1600 outstanding balance

[rory32]

Can you offer full and final's on a secured loans does anyone know

Highly unlikely as they will get their money eventually as it's secured on your property - unless of course you have negative equity.