Start of F&F Negotiations, Wish me luck

[OvertheRainbow]

A very kind man referred to me by this site helped me set up a DMP las year. Due to illness within my family, I had taken my eye of the ball and have noticed some of my creditors have been charging interest and a year later I actually owe more than I did when I started this process. However most have now been referred/sold to DCA's and almost all are in default, which should hopefully help in my negotiations.

I may now be in the position of offering F&F settlements. I plan to offer 20% in the first instance. ( I know I am being cheeky)

For your info and comment if you have had experience of dealing with of these creditors, my debts are currently:

MBNA £3972.39 sold to Aktiv Kapital
MBNA £2098.83 sold to Aktiv Kapital
Halifax £7330.77 Blair Oliver & Scott (not sure debt it is sold to them)
Halifax £1795.74 sold to iQor
HSBC £821.29 Buchanan Clark & Wells (acting for HSBC but in last letter of 13/12 stated willing to consider discounted settlement but stated I would not hear from BCW again???)
Barclaycard £3101.40 Robinson Way acting
Barclaycard £2141.02
HSBC £2150.30 BCW, same as above
Ulster Bank Personal Acc £2151.47
Ulster Bank Business £5187.69 - Debitask acting
MBNA - £2648.87 sold to Aktiv Kapital
MBNA £3642.52 sold to Aktiv Kapital
Barclaycard £3997.28 sold to Link
Santander £548.98
Santander Current Account £2315.87 - passed to CapQuest

Any insight would be most gratefully received

Many thanks

[Deepie]

Re: Start of F&F Negotiations, Wish me luck

When were all these agreements taken out ?

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

Hi InaDeep

Already checked with this site last year - all enforceable, if that was the reason for your question.

Thanks

[Deepie]

Re: Start of F&F Negotiations, Wish me luck

Hi InaDeep

Already checked with this site last year - all enforceable, if that was the reason for your question.

Thanks

Have you had a read here-----> Creditor Offer Templates

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

Yes thanks I have

[MrsD]

Re: Start of F&F Negotiations, Wish me luck

When were all these agreements taken out ?

Did you actually send for CCAs?

Quite a few are with the OC and it's never easy to get a deal on an F&F with the original OC

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

Mrs D, the person from this site who helped me set up DMP checked the UE route out for me, I didn't send for anything personally.

Yes I would agree, the bank accounts are still with OC, and I imagine they might be most difficult. I was thinking of seeing what response I get to these initial letters and then possibly reduce payments to £1 per month to see if they move any.

I am not worried about credit rating as it is currently shot to pieces and first default was only issued 13 months ago. Since I do not plan to move, will never have a cc or o/d again, not really concerning.

Thanks for taking time to reply, appreciate it.

[MrsD]

Re: Start of F&F Negotiations, Wish me luck

personally I'd be sending for the CCAs and spin it for a while, in the hope that those with the OCs will be sold on.

the F&Fs (if you pay them) will have no bearing on the defaults (they'll still be there). So really no benefit in F&Fs at the moment.

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

That's very true actually - I just wanted rid of the hassle....but could think of better things to do with the pennies x

[Deepie]

Re: Start of F&F Negotiations, Wish me luck

That's very true actually - I just wanted rid of the hassle....but could think of better things to do with the pennies x

Worth a try .........

[LippyKid]

Re: Start of F&F Negotiations, Wish me luck

Good Luck, will be intereted in the respective outcomes

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

So Blair, Oliver and Scott have come back stating ' we are unable to accept your offer of a reduced settlement. We will only consider reduced settlements if the circumstances are of an extreme nature'

Surely being on DMP is of an extreme nature!

However, they seem to ignore the fact we are already on DMP as they go on to state ' we are able to consider a reduced payment arrangement if you require this...we require an up to date financial statement from a third party DMC'...which they got a year ago!

What now?

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

Further update

Aktiv Kapital have refused 20% but offered 83% on £3605.54 debt
Iqor have refused 20% but offered 75% on £1788.60 debt
Buchanan Clark & Wells refused 20% but offered 60% on £2150.39

Santander want details of income & expenditure and confirmation of the sources of the funds.

Any comment/advice gratefully received.

Thanks

[Pixie]

Re: Start of F&F Negotiations, Wish me luck

Personally I think you started with too high an initial offer at 20% but what's done is done.

I certainly wouldn't be accepting the dcas offers.

A lot depends on how much money you have available.

Regarding Santander, have you used the formula set out in allaboutFORUMS - View Single Post - UPDATED - Full Final Settlements Explained to determine how much you can afford to pay. They probably want to know the source of the funds to see how much they can wangle out of you.

[OvertheRainbow]

Re: Start of F&F Negotiations, Wish me luck

Thanks for the reply Pixie

Re Santander I did use the forumla set out here..........I will not be giving them another income and expenditure form either (sods)

The Blair Olivier letter mentioned in post above is the one that is really annoying me.

As for how much money I have...none...my dad has asked me to see what they will settle for and then come back to him.

Is there another template for second offers, I wonder?