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Debt Settlements

jojopa123_2
jojopa123_2 Posts: 18 Forumite
in Debt-free wannabe
hi

Can someone please advise, say you had debts totaly about 7 grand 3 different creditors and you can afford to pay them off how much discout do you think they would give to clear the debt and close this.

Grattan £1700
Apex £4139
CapQuest £1700

much appreciated

Thanks

Jo

Comments

  • harveybobbles
    harveybobbles Posts: 8,973 Forumite
    Depends if the debt is still owned by the original creditor or if it has been sold/assigned to a DCA.

    Apex and CrapFest are DCA's. So there is every chance they could have bought the debts for a penny per pound.


    Explain you are in financial difficulty and have always taken your debts seriously (lol). Mention some rubbish about the continued stress is having a negative affect on your health and would like the debts to be written off.

    They will write back and refuse... so then So iI'd be offering Grattan £100, Apex £100 and CrapFest £50 as Full and Final, to be marked as satisfied in FULL, not PARTIALLY.
  • happyeverafter2011
    happyeverafter2011 Posts: 22 Forumite
    Hi, I'm looking to settle my mortgage shortfall of £26k. Debt was with Santander, now been passed on to 'Enact' DCA. My boyfriend also has a mortgage shortfall he owes with his ex wife, £58k!!!
    Wanting to move back home to live with parents so we can save £1700 per nth between us. Then in 12 myths time start offering. Really don't know what Northern Rock will accept for my boyfriends £58k?! Anyone else offered on mortgage shortfalls?thanks
  • harveybobbles
    harveybobbles Posts: 8,973 Forumite
    happyeverafter2011 wrote: »
    Hi, I'm looking to settle my mortgage shortfall of £26k. Debt was with Santander, now been passed on to 'Enact' DCA. My boyfriend also has a mortgage shortfall he owes with his ex wife, £58k!!!
    Wanting to move back home to live with parents so we can save £1700 per nth between us. Then in 12 myths time start offering. Really don't know what Northern Rock will accept for my boyfriends £58k?! Anyone else offered on mortgage shortfalls?thanks


    could you start your own thread?
  • happyeverafter2011
    happyeverafter2011 Posts: 22 Forumite
    edited 9 April 2013 at 11:28AM
    Yes.

    And i have. Just not many replies.
    Many thanks for your help.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    harveybobbles wrote: »
    Depends if the debt is still owned by the original creditor or if it has been sold/assigned to a DCA.

    Apex and CrapFest are DCA's. So there is every chance they could have bought the debts for a penny per pound.


    Explain you are in financial difficulty and have always taken your debts seriously (lol). Mention some rubbish about the continued stress is having a negative affect on your health and would like the debts to be written off.

    They will write back and refuse... so then So iI'd be offering Grattan £100, Apex £100 and CrapFest £50 as Full and Final, to be marked as satisfied in FULL, not PARTIALLY.

    I don't think it's wise to offer a laughable amount when the debts are still enforceable. I know it's not worth DCA's pursuing a lot of debts through the courts and such threats are usually just scare tactics, but it seems to me it's still better to make a reasonable offer to extinguish the threat of court proceedings entirely.

    I'd start by offering 20% of each debt and work your way up.
    What will your verse be?

    R.I.P Robin Williams.
  • simeyb
    simeyb Posts: 212 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    It really depends on what you have been paying them so far - with my DMP, I have been paying substantial instalments for the last 6 years. Now that they are coming to an end and the outstanding amounts are that much lower, I could be in a position to offer, say 50% of the o/s amount. However, they take one look at my payment history and reject offers as they know pretty much that if they just wait a little bit longer they will get all their money. If perhaps I had been paying a pound a month forever, or a minimal amount, they would be keener to do a settlement. I too wouldn't offer them a daft amount as they will reject it.
  • jojopa123_2
    jojopa123_2 Posts: 18 Forumite
    Thank you all so much, you have been a great help. I am new to this and I am so gratefull. I am a very panicky person who imagines the worse each and every time.

    Thanks very muchf or the advice.
    xx
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