full and final settlement offer

GeorgeUK

Here's the link for the Full and Final Offer

http://www.nationaldebtline.co.uk/england_wales/temp/7066_34231.pdf

MrsTinks

Sorry but I am being brutally honest here and I don't think you'll get them to come down to 30%... one or two might at a push, but some of them I am 99% certain won't...

My view on your options are: you enter a DMP through CCCS or one of the other non-profit organisations or Bankruptcy.

Borrowing from your brother to pay yours debts... well ofcourse it's his and your choice but I honestly don't think 30% (so what? about £20-£30k?) will help you get out of this hole...

Ofcourse you can ask them if they will accept 30% - after all nothing ventured nothing gained!!!

helpmeee

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helpmeee

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GeorgeUK

I would try to settle the larger debt first purely because it will allow you to see what you have to work with one way or another. You will need to treat all your creditors equally which is how a DMP works, but can you afford to do a DMP?

If you currently have more money coming in than going out in household expenditure then it may be possible to do a DMP.
If you have any large assetts such as a house or land, then they may try to secure the debt to the property.

I must admit that 30% is as low as i have heard companies going and these have been debt collection agencies, but if things are as bad as you say, then you have nothing to lose by trying. Just make sure that all communication is in writing.

helpmeee

I'm about to write letters

Is it worth me including photocopies of my statements etcetra showing my debt situation? they might not realise that i'm such a pickle and not 'trying it' like some others.

helpmeee

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NikkiP_2

If indeed you have a company, what type is it, sole trader , limited company etc.
Seems to contradict you being concwerned about career, implies you have an employer.
You must have assets or you wouldnt have been able to get 70k personal and 100k business debt.
Full disclosure please if you want people to help you.

GeorgeUK

I think first you need to just notify then of the situation. They may respond asking for proof or you can ask them what documents they may require to see. Structuring the letter in a way that is easily understandable may help instead of jumping about.
Outline the situation - you could probably give a brief disclosure of both personal and business debts,
obstacles faced - why you have fallen further behind and deeper into debt,
action - what you intend to do for all your creditors and that CCCS have advised bankruptcy,

Your brother however is putting the money up so that you can sort yourself out. This MAY take care of the personal debts, but do you have a plan to deal with the business debts? Throwing good money after bad is not going to get you "sorted".

helpmeee

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