F&F settlements - does anyone know the "going rate"??

[chrissiej]

Hi, I am going to make F&F offers when I have reclaimed old charges and interest to reduce the balances on credit cards - this process has been started following the info I have picked up from this site, template letters etc. All fantastic!!

Does anyone have any experience of what sort of percentages are found to be acceptable in F&F agreements? I understand why its important to get a third party to send in the money on one of their own cheques, but having some guidance on what sort of offer might be acceptable will give me somewhere to start.

Any info or experience gratefully received - and will of course keep this thread updated as I try and settle - successfully or otherwise ........

:beagle:

[cappo]

Re: F&F settlements - does anyone know the "going rate"??

Hi, I am going to make F&F offers when I have reclaimed old charges and interest to reduce the balances on credit cards - this process has been started following the info I have picked up from this site, template letters etc. All fantastic!!

Does anyone have any experience of what sort of percentages are found to be acceptable in F&F agreements? I understand why its important to get a third party to send in the money on one of their own cheques, but having some guidance on what sort of offer might be acceptable will give me somewhere to start.

Any info or experience gratefully received - and will of course keep this thread updated as I try and settle - successfully or otherwise ........

:beagle:

it varies i found with mine mbna were the best ones at 45% tesco wouid only accept the full balance owing and mcs(hsbc about 60%) depends who it is, i have heard creditors accepting as little as 20% but remember you can always bid up you can,t bid down,who are the debts with?


generally another thing to remember is that if you persevere and can afford to take the time to sort them out you will get a better result,your third party will find that the lenders will try to get you to settle quickly at a higher rate,the longer the wait and time you take to settle generally the better a deal you will get.

[chrissiej]

Re: F&F settlements - does anyone know the "going rate"??

Thanks for that. They are with various credit card providers - plus a loan and overdraft with Lloyds. So it may pay me to wait a while and keep my powder dry! I have not sorted out repayment of charges etc yet so I was going to wait for that to be resolved anyway. If I could settle for 50% on average that would be fantastic!

[cappo]

Re: F&F settlements - does anyone know the "going rate"??

Thanks for that. They are with various credit card providers - plus a loan and overdraft with Lloyds. So it may pay me to wait a while and keep my powder dry! I have not sorted out repayment of charges etc yet so I was going to wait for that to be resolved anyway. If I could settle for 50% on average that would be fantastic!

i,m not famiiar with f&f,s on Lloyds accounts will try to find out some info, the longer you wait the more money you shouid get deducted on your f&f,s it,s very much a waiting game generally, you might get a better deal when the debt has been sold on to a debt collection agency but of course then you risk possible defaults on your accounts.

[cappo]

Re: F&F settlements - does anyone know the "going rate"??

most of what i can find is on other forums and sites on Lioyds/tsb nothing solid the figure accepted seems to be around the 65% mark,remember you can always up it,i,d try 40-45% for starters then 50 if necessary they might not accept this but a lot of it depends on how long you,ve owed them the money for,what your payment history is like etc, you couid go lower but try not to be unrealistic as you,ll just be wasting your own time.

[jax007]

Re: F&F settlements - does anyone know the "going rate"??

I have a debt with a DCA who offered to settle for 20% provided I paid with about 6 weeks I think it was. If I'd have had the money I would have done so, but I didn't. Shame really. Their offer decreased depending on when I settled, eg settle in September at 20%, October 40% and so on.

Before you send any money - it has been advised that you get YOUR offer and terms agreed to first and in writing.

[pompeyfaith]

Re: F&F settlements - does anyone know the "going rate"??

Very good thread here that will interest you and give you an insight.

http://www.legalbeagles.info/forums/...Bf+settlements

[chrissiej]

Re: F&F settlements - does anyone know the "going rate"??

Many thanks for all your comments and the link to the thread on F&F. I will wait until later in the year, my situation has only been ongoing since November last.

:beagle: