full and final settlement offer

helpmeee

. . . . . . . .

NUFCnutter

I'm sorry I don't know the answer to this, but hope you get sorted out in the long run.

Runnybabbit

Hi, Currently dealing with HSBC myself so know the score there. I 'think' I may have managed to deal at 50%, but waiting for confirmation on this. Please don't be fooled into thinking that the DCA's are any better, from experience I can say, they are probably worse! (hassle, threatening phone calls etc), although you might get a better % to settle at. I think it depends on who the creditor is, as some are OK and some are pretty vile. You can but try at 30% and maybe work up from there. Wish you lots of luck.

You can also try one of the FREE debt councils, ie, CCCS, PayPlan, CAB etc, who will give you free impartial advice.

helpmeee

. . . . . . .

THE_LONE_RANGER_4

make your offer and see from my past experiance final offer payments were once they had gone to dca and after a good year of non paymeny on my part now clear of debt not all did full and final payment .

GeorgeUK

Laughing is not going to be on the cards. If they are aware of your income, expenditure and the total amount of your debts, they will be all too aware of the limited funds avalable and know they will be lucky to get anything back as bankruptcy as you say is most probably advised.

Are you not wanting to go down the bankruptcy path due to possibly losing your home?
If so, have you looked at the possibility of an IVA (from one of the free debt charities)
Are you currently on a debt management plan? and if so have you arranged this yourself with your creditors or has an organisation assisted you?

Might be worth having a look at the bankruptcy board if you have any concerns about going down this path.
http://forums.moneysavingexpert.com/forumdisplay.html?f=136

Personally, I would start offerring at 15% so that you can barter a little if you need to, but there's not much point in letting your brother pay off some of the debts while others don't agree to a reduced settlement.

I would advise not making any offers until you have a strategy worked out and possibly discussed it with your brother if he is the one paying the settlements. Also, if you do go down this path and settlement offers are made - DO NOT send any payment until you have it in writing that this it is to be a "full and final" offer. Sometimes they write offerring partial settlement and will chase you at a later date for the remaining funds - or sell on the debt for someone else to chase you.

helpmeee

. . . . . . . .

Broken_hearted

helpmeee wrote: »

The cccs recommended that i go bankrupt!

Useless arn't they:mad::mad::mad:

I would start with 30%, as to who will/won't accept that seems to depend a lot on how likely they think they will be to get more money out of you. I've done F&Fs ranging between 33% (natwest) and just under 80% (crapquest). All you can do is try. Good luck.

GeorgeUK

There is a template letter from the nationaldebtline you can adjust for making the F&F offer. I would state that you have been advised that bankruptcy has been advised by CCCS (as CCCS are funded and supported by the credit industry) and that you are currently in a position to borrow funds from a family member, but only for a limited time. Inform them that you are offerring this to all your creditors so hopefully they will snap up the opportunity at getting something back. Possibly also mention that you are reducing monthly payments to £1 while you look further into the bankruptcy proceedings.

Personally i'd send this to all creditors, but start with the largest debt and give them a week before sending out the next, then wait a few days etc. Hopefully that way you will be able to guage what may happen and if you can get rid of the larger debts - even at your max of 30% then hopefully you will be able to deal with the smaller ones.

Have you thought about what you will do if they are not willing to settle? Is your home possibly at risk or do you not have any significant assets? If this is the case then i would also include that in the letter.

I'll go hunt for the link for it now.

SpendHappy

Thanks for that, thats just whats needed right now. Cant find report post button - someone help!!!

GeorgeUK

lol

talk about 2 faced

We make you sick because he wants to try to pay a token amount then you say he should just make himself bankrupt meaning the creditors will get nothing because it's the easy way out?

I really hope you've been drinking tonight.

There's nothing in the above that says he has any assets. Only that his career will be affected if he becomes bankrupt.