f&f negotiations

[enoughisenough]

I'm at the beginning of negotiating a f&f for an old overdraft. I was paying about a £1 a month under a DMP - from about 2004 - 2010. Then did a CCA request - it turned out they worked out it was an overdraft so no joy there!

The balance is around £700 and I offered them £75 as a starting point. They've declined (not surprisingly!)...

They're requesting details of income and expenditure and offer of repayment by installments - which I'm happy to send them - obviously I'll be offering a £1 per month again.

I'm going to be asking my mum to send them the settlement (mainly because I can't afford it) and wonder if it's worth pointing this out to them in the next offer? She's a pensioner too and although she's happy to help out, she can't find a large amount of money to give them.

Any ideas for my next letter?

Thanks

[Wishfull]

Re: f&f negotiations

I'm at the beginning of negotiating a f&f for an old overdraft. I was paying about a £1 a month under a DMP - from about 2004 - 2010. Then did a CCA request - it turned out they worked out it was an overdraft so no joy there!

The balance is around £700 and I offered them £75 as a starting point. They've declined (not surprisingly!)...

They're requesting details of income and expenditure and offer of repayment by installments - which I'm happy to send them - obviously I'll be offering a £1 per month again.

I'm going to be asking my mum to send them the settlement (mainly because I can't afford it) and wonder if it's worth pointing this out to them in the next offer? She's a pensioner too and although she's happy to help out, she can't find a large amount of money to give them.

Any ideas for my next letter?

Thanks

hi i thought long and hard about f&f on my accounts then thought i will keep the money for a rainy day and keep paying the minimum as long as i can, i dont care its gonna take 10001 years to pay the crap i went thru for getting into debt and the treatment from the crediters makes me evan more determind wish i could offer 10 bob a month lol

[enoughisenough]

Re: f&f negotiations

Mmm... I half agree with you, but it's nice to have them out of your hair! If it was a bigger debt, I'd have no chance to f&f them as I'm "borrowing" this from my mum anyhow.

To date, it's the only one that's 100% confirmed as enforceable, being as it was an overdraft.

I'm thinking that I'll offer £100 or £1 per month - I've been paying token payments to this DCA now for about 6 years and they've already had their money back on what they would have paid for it.

Presumably, with token payments, they show up on your credit file - so basically for ever if you only pay £1 - and affect your rating, whereas a cleared account after 6 years would be gone.

[enoughisenough]

Re: f&f negotiations

So they replied to my mother's kind offer of £100 to f&f the account and as it turns out, before they can consider the offer they need to know my expenditure and income. So I'd done this recently with the CCCS and I sent that off to them. Their reply was that they were concerned that I hadn't completed the evidence of means form...

So this morning, I've copied all the details off the CCCS print out and written them onto their form to send back to them. Not entirely sure why it's important that I use their official piece of paper, but hey, let's play along and keep them happy! Ultimately they still have to choose between a pound a month, or a nice lump sum to clear it now.

[MrsD]

Re: f&f negotiations

petty tyrants, I would be tempted to give them another six months @50p, you could say when you were looking at all of your expenditure you realised that you couldn't afford the £1. Bampots

[enoughisenough]

Re: f&f negotiations

petty tyrants, I would be tempted to give them another six months @50p, you could say when you were looking at all of your expenditure you realised that you couldn't afford the £1. Bampots

Mmm... tempting... I thought that you had to pay a whole pound! Will pop that in the think tank...