21 Oct 2020

A question about : Santander Full and Final Settlement Question

Hi everybody,

I am looking for a bit of advice with regards to full and final settlements.

We have come into a small inheritance and hope to use it to clear as much of our debt as we can. I sent a full and final settlement offer letter to Santander starting off low as suggested on this website - debt Ј1512.44 offered 25%. I rang them today to check they had received my letter as the first one never arrived and the person I spoke to said they have and have refused my offer (which I expected) but they have offered to settle at Ј1164.33. He did say if I provided an income and expenditure form they may be able to reduce this but didn't sound very hopeful.

I'm not sure what to do now, is it worth filling in the income and expenditure form and see what they come back with or just accept their offer? Also if I accept what is the best way to pay - cheque or debit card?

Thanks in advance for your advice title=Smile

Best answers:

  • You've offered 25%; they've said 77%.
    What about trying 50% as a final offer?
    If your i/e shows that you can only afford a very small monthly payment, then you could try maybe 30%, pointing out that it's either that or Ј5 per month for the next 300 months.
    It depends whether you can face a long process, and whether a ccj would be a real threat if they decided to go for one (primarily do you own property or have earned income)
    If you pay, pay by cheque.
  • Thanks for the reply.
    Would you just send a letter offering 50% as the final offer or would you send the income and expeniture with it?
  • Depends what it shows...
    If it shows income only from benefits, rent not mortgage and shows surplus income of Ј5 per month, I'd send it.
    Otherwise probably not.
  • Ok thanks again. Will go back to them and see what they say
  • Hi not sure if I need a new post as new to this so apologies if in wrong place. I've become a single parent and now work time. As a ampdptdmad I offered santander a full and final settlement on a loan which had just over 800 left.I offered 250
    Original loan had been ten thousand.
    Than have refused and said they need full amount or may accept partial settlement but rest may be passed to debt agency. I'm prepared to offer a little more but they are just not moving at all. Sent them expenditures so clear I have no money. Just want some advice on next steps. Thanks
Category: 
Debt-Free Wannabe
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