Realistic settlement on £25,454 - ideas please!

stugall

I want to make a settlement and have been saving hard on an original Halifax loan of 25,454. I've already paid off the interest (was in order of £32,000 total) so paid off 7k.

Recently it was sold to Cabot Financial, no idea what for.

I took it out in 2003 and paid it for a while, then defaulted, recently Cabot offered to settle at 30 % off. Am paying £50 month standing order to it.

Please can I have some realistic settlement figures from anyone out there?????? Obviously not 5k but anyone had any experience of an ''''accepted''''' settlement with these companies???????????????????????????????????????

Thx
STUART

[Deleted User]

They may accept £16k

POSSETTE

16k is approx 2/3rds so i would go with that..suppose they can only say no, then cant you go in with another of 18k?

johnllew

Let's see - you owe £25,454? How about paying off what you owe: £25,454?

cos_2

Let's not start the usual judgmental vitriol, please?

Hippocampus

johnllew wrote: »

Let's see - you owe £25,454? How about paying off what you owe: £25,454?

Erm. Because Cabot will have paid MAYBE somewhere in the region of 10 pence in the pound for the account.

So why not negotiate? Once the original creditor dumps you, it's all just one big game really. You don't OWE Cabot anything. All that happens is, they are assigned the right to sue.

So don't come preaching morals here; when it comes to debt purchase companies, morals are the last thing they are blessed with.

Hippocampus

By the way, Cabot are quite often quick off the mark to offer a reduced settlement figure when they know full well that the account they hold is completely unenforcable. That knowledge makes for a nice bargaining chip.

[Deleted User]

Yea, i mean first off try the old 'Unenforcable' Debt Card, however dont be suprised when you come out the other side with £50k Court Fees

johnllew

Apparently the OP is really sincere about repaying the lot:

stugall wrote: »

I will (in June 2009) be in a position to pay off all of my debts, thanks to saving a substantial sum through substantial amounts of tutoring and other projects.

That is, if he can find the time between holidaying:

stugall wrote: »

Algarve in Portugal is nice in May
I go to Clube Praia da Oura in Albufeira
Or Ireland - not top of everyone's list at that time of year, Cork, Tipperary, West coast, big Ireland fan!!

Hippocampus

Like me, you mean? No court fees as yet. In fact, Cabot have yet to show they have balls and actually initiate court proceedings.

johnllew

This should be in the "Debt-Free Wannabe" forum where there is more expertise in reneging on debts.

http://forums.moneysavingexpert.com/forumdisplay.html?f=76