• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Negotiating a settlement payment

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Negotiating a settlement payment

    Hi, I've been paying off a Halifax debt to Robinson Way for a long while, £120 per month, and now I have the debt down to around £1000. I know these companies are usually willing to settle it all for a swift, one-off payment and I'm now in a position to pay around £800.

    Has anyone ever contacted a DCA with this intention? What's a good strategy? I thought, rather than come straight out with this, I should maybe phone them with a sob story and say I can't afford the payments any more - go down and cancel the standing order no matter what they say - call them again in a few days' time to 'see what payment plan we can arrange'. That should get them in a bargaining mood. Or might they charge me some fee or something? Can they? Would it be best to come clean right away and open negotiations with a tiny amount? Any advice appreciated, thanks for reading
    Tags: None

  • #2
    Re: Negotiating a settlement payment

    Oh - just had another idea. Could I phone them and say I've already negotiated a payment with one of their advisors? Like, a week ago we agreed on £700 and we agreed I would phone back once I'd begged and sold and borrowed? 'Cos I'd imagine they tend not to make a note of things like that that are agreed, and instead just harass any such people for more when they call back - so they'd probably assume I was telling the truth.

    Comment


    • #3
      Re: Negotiating a settlement payment

      Read the guide on Full and Final settlements. The fact that it has gone to a DCA is good as they will most likely have paid between 10 and 20p in the pound for the debt.

      This means you should start very low with your first offer and work from there.

      There are several things that are essential to making a F&F as watertight as possible, so it may be worth posting your letter up here first for people to comment on.

      Comment


      • #4
        Re: Negotiating a settlement payment

        So I see! I just looked it up. It's all new to me. There are several companies listed that will negotiate a good F+F on your behalf, is this worth doing? I guess they charge a percentage and I could do it myself if I were savvy enough... maybe I'm not..

        Comment


        • #5
          Re: Negotiating a settlement payment

          I would not suggest you pay someone else to do this for you. There is plenty of expertise and help on this site, and people will be very happy to help you draft and redraft the letter until it is right.

          Comment


          • #6
            Re: Negotiating a settlement payment

            You should be able to settle fro 40 - 50% of the total outstanding if you are working and 10% if you are not.

            It is better if paymetn is made by a third party on your behalf

            Do have a look at the link above.

            Comment

            View our Terms and Conditions

            LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

            If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


            If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
            Working...
            X