!!!!!!

mb007

I have £28.000 outstanding debt with three debt collection agencies, have repaid £12000 over previous four years. I will receive a lump sum in January, which will be enough to settle most of it, but not all. If I suggest !!!!!! to them how much by your experience will I have to settle ( in % ). Please advise if you have been there.

westernpromise

what does !!!!!! stand for? Where I come from it stands for "fer phuck's sake".

Debt_Free_Chick

I have £28.000 outstanding debt with three debt collection agencies, have repaid £12000 over previous four years. I will receive a lump sum in January, which will be enough to settle most of it, but not all. If I suggest !!!!!! to them how much by your experience will I have to settle ( in % ). Please advise if you have been there.

Not been there, but from what I know, it seems that somewhere between 50% & 75% is the norm.

You have a choice.

You could offer 50% and see if they counter offer.

Or

You could ask them what they would accept and, if high, offer lower.

Sorry ... can't help with any specific experience here. But I hope you succeed. It would be good to see the back of that debt, eh

mb007

thanks for that advise, want to offer 45% so I can settle for 60%

Debt_Free_Chick

thanks for that advise, want to offer 45% so I can settle for 60%

Way t'go!!

Hope it works out. If you have a moment, post back your successes or "tribulations" as I'm sure it will be helpful to others.

Good luck

Debt_Free_Chick

what does !!!!!! stand for? Where I come from it stands for "fer phuck's sake".

Full & Final Settlement.

Sometimes, your creditors will accept a one-off payment now, in full settlement of the amount you owe. Can be useful if you have a windfall ... beats paying all that interest for the next xx months