Full and final offers!

Bassplayer

hi all

Cos of my parlous financial state, I've spent most of my recent past on the Bankrupcy board.

However, having taken on board a few suggestions from those more experienced than I, especially in light of current economic gloom, I am now trying to sell my place and offer everybody (inc secured loan company and three major credit cards!) a full and final payment of around 50% of what I owe.

If I go BR, it's unlikely the secured loan company will get anything like this, while my unsecured debts (ie the credit cards) will get naff all.

The other thing is - as I've tried to explain to them - is that there's no IVA scam artists taking 15-20% of what they are owed and they'll get paid in few months, not in pennies over many years.

Anyways, has anyone got any experience of this kind of offer and it's success/failure rate!?

Love to hear your views!

Cheers and best wishes to all

BP

fatbelly

Hi

Firstly you won't be able to do f&f on the secured loan. That will need to be repaid in full by the sale of the property (If you're in negative equity, National Debtline have a factsheet...) unless it can be shown to be unenforceable due to a defective agreement.

As for the unsecured debts, search around this site. I have suggested that it would be useful to have a sticky like the 'unofficial balance transfer offers' on the credit card board. Ours would be to share info on f&f deals. But for the moment the information is scattered everywhere. I've seen 18-75% deals and one that worked out to 5%!