Advice re paying off a large debt

Gettingstraight_2 · 30 April 2012 at 9:50PM

I have had a debt repayment plan for a massive debt that I have been plugging away at for the last 5 years (& still have 12 to go!). It is possible that a family member may be sending some money in our direction so I wanted some advice about the most efficient way of settling the debts. Should I set up an IVA and ring fence the money so that I know that it can be paid (having said that I have never missed a payment yet),or is there any likelihood that I could "do a deal" with each company to see if they would reduce the settlement figure for an instant payment - is that even possible, has anyone done this?

Thanks in advance for your help!

Tr1pp · 30 April 2012 at 10:10PM

Write a letter to your debter stating that you will be getting a lump sum of money and would like to use this to settle the debt. offer a low price 30% or so and see what they say to that. they may reject as you have been a reliable payer so far. then try and haggle and up your offer a bit more.

one thing to bear in mind is that they may try an mark your credit as partially settled. I personally would not accept this unless you were getting a really good deal.

use the template on this site

and dont pay anything until you get an agreement in writing from them on headed paper.

Advice re paying off a large debt

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