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lkman · 3 August 2015 at 11:30AM

Hi,

I am looking for the MSE link to the pre-populated letters that I can send my creditors so I can approach them with a sensible settlement offer.

Can you also advise what percentages are likely to be accepted, i.e. my debts are all with natwest and i owe approx 35k, split across a credit card and loan. what would be sensible offer?

Thank you.

National_Debtline · 3 August 2015 at 12:14PM

Hi

I’m not sure where the MSE link is but we have a full and final settlement factsheet here which includes a sample letter for making offers, which you might find useful.

www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx#quicklink1

The amount your creditors are likely to accept will depend on your circumstances so it’s difficult to say how much you should offer. I think it’s generally when debts have been sold on to debt collectors that they may consider lower percentages.

James
@natdebtline

fatbelly · 3 August 2015 at 9:24PM

I always link to the National Debtline factsheet - no point in reinventing the wheel.

If the debts are still with the original creditor (Nat West) but defaulted, they will be looking for 75%. It may be possible to squeeze them down a little. A sensible starting point would be 50%.

If you can't afford that you may have to wait to see if they sell the debts on.

sourcrates · 3 August 2015 at 9:36PM

You would be able to settle for less if the debts were sold on to a DCA.

Originall creditors don't tend to spend much time negotiating these matters, wearas the DCA would pick up each account for very little money, so would have more room to manoeuvre.

If you can wait, then I would do so, but if not, 50% is a good place to start.

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