Settlement Offer - Successes

[worldtour]

Just wondered what sort of offers are being accepted at the moment by creditor/dca

 

I have settled 2 cards so far;

 

MBNA/Debt Clear Recoveries & Investigations Ltd/ MAY 2011 - 35%

NATWEST/TRITON/ MAY 2011 - 25%

 

both were PARTIAL/SHORT settlements (due to my personal circumstance and wording provided by the creditor/dca, I am happy with partial settlement) & they were enforceable.

 

still working on the following;

 

TESCO/MOORCROFT (unenforceable) - offered 20% they want 80%

M&S/ROCKWELL - offered 20% - declined

BARCLAYS/MERCERS (enforceable)

EGG/CAPITAL CREDIT SERVICES (enforceable) - offered 25%,waiting response

NATWEST (LOAN/OVERDRAFT)/WESTCOT

 

what offers were successful for fellow members? in particular for the companies above.

[worldtour]

must add that NATWEST/TRITON were very easy to deal with, agreed £5p/m with them, then suggest my father might help to settle the debt - they asked how much, offered 25%, they rounded it up to nearest hundred pounds and that was it, done albeit partial. But NATWEST/WESTCOT are not interested (agreed £10p/m debt £10k+) this surprises me as I thought Triton were in-house collections.

 

Moorcroft have been a nightmare to even speak to

Edited July 24, 2011 by worldtour

[dx100uk]

sorry but you are wasting your money

partial settlement marking on your CRA is as bad as a CCJ, and stays there for another 6yrs and leaves the rest open for future collection.

 

dx

[worldtour]

Thanks for your reply.

 

 

The MBNA letter stated;

 

".....MBNA will register a partial settlement with licensed Credit Reference Agencies and a default will remain registered. You will not be liable for the remaining balance of £xxx. Neither MBNA,DCRI nor will any other external collection agent pursue the matter further. ......"

 

 

NATWEST letter;

 

"..... £xxx in full and final settlement ..." then goes on to say the debt will be marked partially satisfied & no-one will chase

 

 

 

I know what you are saying with regards to partial settlement and them being just as bad as CCJ's (specially when trying to get credit)...

For my Job CCJ would be a lot worse than default hence why I am doing this.

 

What settlement figures are people achieving Partial/ F&F ?

 

I think it would be good for us to know what each creditor's/DCA's are currently accepting, it would certainly help me.

 

thanks

[waddington24]

just reading with interest here,did your creditor say that they would not persue

you for the remainder of the debt ? and that your credit file would be marked as a partial settlement

 

if iam correct its marked as a default under section 87 of the consumer credit act ?

whos to say that they wont sell off the remainder owed to another dca.

[dx100uk]

partial settlement is as bad as a CCJ

 

unless the creditor will remove ALL neg CRA data

and mark the debt 'satisfied'

 

then IMHO an F&F is a waste of money you might as well burn it.

 

dx

[worldtour]

Hi waddington24,

 

 

My MBNA letter stated:

 

"...You will not be liable for the remaining balance of £xxx. Neither MBNA,DCRI nor will any other external collection agent pursue the matter further. ......"

 

Natwest letter:

 

""..... £xxx in full and final settlement ..." then goes on to say the debt will be marked partially satisfied & no-one will chase"

 

Natwest/Triton have also given a followup letter saying they have received the money and the file is closed...

 

I appreciate what dx is saying above and value dx's posts greatly but for my personal circumstance (CCJ's would be much worse than defaults for my job) I am happy to do partial settlements furthermore, I'm satisfied with the wording in the letters and feel if the remaining debt was sold on I would be confident to argue my case in court....This is primarily a peace of mind for my job more than anything else.

 

I have recently contacted the other creditor and all seem to feel 25% is to low as I am not behind for more than a year yet the 2 that did settle were done very early on ( MBNA within 4 months missed & natwest prob 7 months or so)....

[worldtour]

Prob worth adding that I own a few properties (even though I am renting myself)...

[worldtour]

Right....

 

Offered all remaining creditors 25% of outstanding (don't have enough to cover all, the idea was ask all and clear the ones that accept offer if any).

 

Alot of my debt directly or indirectly are RBS debt (Natwest, M&S, Tesco etc). Now I have been informed by one of the DCA that the OC has taken the account back even though I had an arrangement in place (all up to date) to pay x amount a month and they would freeze interest.

 

Phoned OC who confirmed this is the case, now I'm wondering if they've done this because of all the settlements offers (assuming as they all are ultimately RBS maybe they can see all offers and think I have loads of money (dad's paying)?).

 

They also confirmed the account will be passed to Anderson Fyfe solicitor which sounds serious unlike Green & Co.

 

What to do?

 

Can they do this given I had arrangement in place and was up to date (provided I/E etc)

[Amy100]

Sadly, yes they can. A DMP is an informal arrangement and can be changed or abandoned by either party at any time.

[BRIGADIER2JCS]

That has set me thinking there is

it seems a fair amount of ''RBS''

debt from many trading styles

going back to the OC may be

worth watching I think.