Full and Final Settlement with Barclaycard
Successfully Settling a Debt with Barclaycard: A Debt-Free Journey
Managing a substantial debt can be challenging, but with perseverance and strategic negotiation, it’s possible to achieve a favourable outcome. In this blog post, we’ll explore a real-life example of a debtor who successfully settled an outstanding debt with Barclaycard. Through careful negotiation, they were able to reach a full and final settlement, paying £3624 instead of the original debt amount of £12138. This remarkable achievement showcases the power of effective communication and the advantage of not owning a property. Let’s delve into the details of this inspiring story.
- Background: The debtor had an outstanding debt of £12138 owed to Barclaycard, which had become a significant burden on their financial well-being. However, armed with determination and a proactive mindset, they decided to pursue a full and final settlement in order to alleviate the debt and regain financial freedom.
- Negotiation Process: The debtor initiated contact with Barclaycard through a well-crafted written proposal for a full and final settlement. In their negotiation, they emphasised their current financial circumstances, highlighting that they did not own a property. This aspect played in their favour, as it provided them with more flexibility in negotiating a reduced settlement amount.
- Acceptance of Settlement Offer: After reviewing the debtor’s proposal, Barclaycard responded positively by accepting the settlement offer. The agreed-upon amount was set at £3624, which effectively extinguished the entire debt. This acceptance marked a significant milestone, as it meant the debtor could now achieve financial freedom without the weight of the original debt.
- Savings Achieved: The successful negotiation resulted in substantial savings for the debtor. With the full and final settlement amount of £3624, they were able to save a remarkable £8514. This translates to a significant percentage saved of approximately 70%. These savings played a pivotal role in the debtor’s journey to regaining control of their finances and moving towards a debt-free future.
- Importance of Not Owning a Property: The fact that the debtor did not own a property worked in their favour during the negotiation process. Property ownership can sometimes complicate debt settlements, as creditors may have the option to pursue legal actions such as charging orders or placing a lien on the property. In this case, the absence of property ownership provided the debtor with more leverage in negotiating a favourable settlement and securing substantial savings.
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Can I do a full and final settlement if I own a property?
When you own a property, creditors may view it as an asset that could potentially be used to satisfy the debt. As a result, they may be less inclined to accept a reduced settlement amount and may instead pursue legal avenues to recover the full outstanding debt.
It’s crucial to understand that the willingness of creditors to accept a full and final settlement can vary depending on individual circumstances, the debt amount, and the creditor’s policies. If you find yourself in a situation where you own a property and wish to negotiate a full and final settlement, it’s advisable to seek professional advice, such as consulting with a debt counsellor or a legal expert specialising in debt settlement. They can provide guidance specific to your situation and help you navigate the complexities associated with property ownership and debt negotiations.
Full and Final Settlement Examples
If you are looking for more examples of full and final/short settlements, then have a look at this Collection of Full and Final Settlements, where you will not only see more examples, but also get some good tips and tricks on conducting your own full and final settlements.
Conclusion: The successful full and final settlement with Barclaycard exemplifies the positive impact of effective negotiation and the advantages that certain circumstances, such as not owning a property, can bring. Through persistent communication and the proposal of a reduced settlement amount, the debtor was able to settle their debt for £3624 instead of the original £12138, resulting in significant savings of approximately 70%. This inspiring story serves as a reminder that proactive engagement, careful negotiation, and leveraging individual circumstances can lead to favourable outcomes in overcoming debt.
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