Offers Prepared, Your thoughts?

jimmer1980

They do seem like quite low amounts for a settlement offer. I'm not sure how favourably your creditors would view the fact you are offering different percentages to each of them.

I would have thought they would be more likely to accept if you offered say 25% to each of them.

snowball1_2

jimmer1980 wrote: »

They do seem like quite low amounts for a settlement offer. I'm not sure how favourably your creditors would view the fact you are offering different percentages to each of them.

I would have thought they would be more likely to accept if you offered say 25% to each of them.

I have sent out seperate letter to each creditor

saucymare

I have just made an offer to pay one of my debts with a reduced amount waiting to here. I have been lurking around this site for a while and I was always afraid to post anything ( this is my second post ) but after reading one or two replies to posts today it puts me off putting my SOA on some people seem to be very judgemental
[SIZE=+2]Let him who is without sin cast the first stone[/SIZE]

jimmer1980

Saucymare,

Do not let other people put you off. You are correct in that some people on here can be very judgemental. But the support & understanding that you get from other members far outweighs the negative comments.

Sites like this are great for sharing & you will get a myriad of support & advice.

GeorgeUK

Hi Snowball.
You may need to amend the amounts a little if you get turned down, but you can probably do that based on their replies. It looks like you've offerred the smaller creditors about 30%, then 25% and 20% - probably as you were running out of funds. If any make a counter offer, this is possibly more hopeful, although i doubt link will be willing to settle for that amount. If they aren't though, you may be able to offer your other creditors more.

If any of them are still charging interest, these are the ones you want rid of asap, but i think you've given them all a pretty fair cut. Hopefully some will settle and you'll be able to haggle a little with others.

good luck

Let him who is without debt throw snowball's

snowball1_2

GeorgeUK wrote: »

Hi Snowball.
You may need to amend the amounts a little if you get turned down, but you can probably do that based on their replies. It looks like you've offerred the smaller creditors about 30%, then 25% and 20% - probably as you were running out of funds. If any make a counter offer, this is possibly more hopeful, although i doubt link will be willing to settle for that amount. If they aren't though, you may be able to offer your other creditors more.

If any of them are still charging interest, these are the ones you want rid of asap, but i think you've given them all a pretty fair cut. Hopefully some will settle and you'll be able to haggle a little with others.

good luck

Let him who is without debt throw snowball's

Great reply there george, many thanks

Will keep you all updated on the progress, keep your fingers crossed for me!

jimmer1980

please do keep us updated on any responses from your creditors. I am hoping to be in a position to offer settlements in the next few months.

It would be interesting to see how creditors are handling settlements in the light of the current economic situation.

cheets99

How does one go about doing this, is it legal to tell my loan company I can only pay them half of my loan amount left.

milliemonster

cheets99 wrote: »

How does one go about doing this, is it legal to tell my loan company I can only pay them half of my loan amount left.

hang on a minute cheets, weren't you earlier in this thread having a go at the OP about not paying their debts off in full and now you are wanting to do the same:rotfl:

Anyway, of course it is legal but to be honest you would get nowhere offering F&F unless you have defaulted on your current payments, your financial circumstances have changed and you are no longer able to afford the minimum payments

debtdafty

I've recently had an offer to Link Financial accepted although it was 40%. Actually, they snatched my hand off and I quickly received the letter confirming the register entry would be 'satisfied'. Waiting for another one to acknowledge the payment which was 75% - they refused my initial 40% offer and had me over a barrel really as it was already in process for court action. Moorcroft refused my 40% offer so I've told them I will offer the money to other creditors and continue my £5 a month instalments. I must say that generally speaking it is my smaller debts whose collectors are being the most awkward and short-sighted. (see my thread about Debt Managers today). I am in debt due to a serious health issue and giving up a well-paid job to nurse a terminally ill parent so to the mean spirited who think we're all to blame for our debts, I just hope you're never in my position. I've been dealing with my debt for over three years and because of my healyh it's literally nearly killed me. Anyway, I know your offers are only 20% but I hope you're lucky and they all get accepted. Hope you're4 soon debt-free.