What settlement fee do i offer

thepro

I currently have 2 debts of approx £1200 each owing to Robinson, Way & Co and Rockwell Debt Collectors(Both debts relate to credit cards ive taken out in the past).

My parents have kindly offered to clear the debt but what would the 2 companies accept has a final settlement fee?, in the past they have offered me settlement fees of around 75 % of the remaining balance, obviously they will accept less if thats there opening offer to me, has anyone had any experience with these 2 companies and what should i be offering as a opening offer?

Many Thanks

thepro

A Further Bit Of Info I Forgot To Provide, 1 Of The Debts Is Now Owned By The Debt Collection Company And The Other Is Still Owned By The Credit Card Company Who Just Use The Debt Collection Agency To Collect The Monthly Payments. I Cant Remember Which Debt Is Owned By The Debt Collection Company And Vice Versa.

Also I Make Interest Free Monthly Payments Of £30 Each To The 2 Debts.

Deep_In_Debt

Hi
As your debts are now with DCA's you might find you may be able to negotiate a good offer. I got 45% and 55% when my debts were passed to DCA's.

Make sure you get the offer in writing before you give them any money and that your credit files will be marked as satisfied and neither they nor any associate or 3rd party will chase you for the remainder at a later date and that you are released from any further liability. There is a good letter on the National Debtline website you can use - just amend it to your circumstances.

Also, don't tell them how much money you have and say that you have it for a limited time and that it is for the purpose of clearing the debt and the offer of the money will be withdrawn in a short while.

Good luck and let us know how you get on.

stapeley

Any settlement at a reduced rate will always be marked on your credit file . It will stay on there for six years . Use the guidelines available .

thepro

thank you anyone else had any experience with the 2 companies mentioned and what they would likely to be to accept

thanks

dreamchaser_3

Did these people say they will need to run a credit check on you to pay it off? I've gone to MBNA who have said they need a credit check and a financial statement before they can agree to an offer for a settlement.

thepro

im not sure yet, i believe one of them may be MBNA but not sure if they still own it or the DCA. I shall have a look when i get home and talk to them

thepro

any1 else had any experience with rockwell and robinson,way?

thepro

anymore experiences would be helpful :-)