offering debt companies final settlements

garryo

i've just been on the phone to increase my monthly payments to various companies who have 'bought' my debts...

most of them offered a 25% discount if im ever in a position to pay one final payment...

i remember reading something on here saying you can get away with 50 or 60 %?

do any of you think they would accept 50 or 60% if they've only said 25%

any help appreciated!

flaura

it's always worth an offer .

Tell them you have £*** (whatever you can afford) and you could close the debt no there are some great letters on the nationaldebtline website where you put in the figures..! and the letters as good as done.

http://www.nationaldebtline.co.uk/england_wales/forms/sample_letter_e.php

tango

hi garryo , i am in a similar position, and they have always only offered 25% reduction, but i strongly suspect, if you had the funds and wanted to clear them they may well accept 50/60% reduction, when i am in that position that is what i will do. in fact when i last spoke to them they said no reasonable offer would be ruled out. hope that helps

garryo

cheers! thanks for the help...think that letter will come in useful

Karma67

I've recently contacted 3 companies about F&F offers...

1 said 'no', not discussion

The other 2 both reduced it by 28% in their first offer I didn't have the guts to haggle for more off

tango

karmaa 67, sending you some "guts" :money: for when you ring them next time

carolbee

Hi Garryo, out of interest can you tell us who the companies are, would be useful for those of us in a similar position, understand if you don't want to identify them though

garryo

off the top of my head they're

newman, red knight, fredrickson international and wescott

newman are a bit of a nightmare though...ive been trying to set a dd up with them since july and it still isnt sorted...

Karma67

tango wrote:

karmaa 67, sending you some "guts" :money: for when you ring them next time

LOL thanks tango!! :rotfl:

I was hoping to pay them this month...but money didn't come through :mad:
I contacted them and told them but I need to call them up again in Feb and ask again...I may be cheeky and try for more reductions

us,thecat&thedebt

garryo wrote:

off the top of my head they're

newman, red knight, fredrickson international and wescott

newman are a bit of a nightmare though...ive been trying to set a dd up with them since july and it still isnt sorted...

hi not sure bout the first two..

fredricksons.... i rang for a settlememt and was told it would be 25% less than balance i said i couldnt settle this month but maybe next month guy said thats ok 25% will always be avalible rang last week as i can pay next month and guy only offered me 10%!!! i pushed my luck and said previous guy told me 30% and he honnered it!!!
im still waiting for it in writing though

wescot lovely westcot we had two accounts with westcot one which i paid in full another for vodaphone for current balance 280 with no reduction..
westcot have said their client has specified no discount!!!! :mad:

i think you just have to try your luck

good luck

livilou

it's always worth a go, put it in writing though , I negotiated a ff of £5k on a 11K debt for my husband in writing, it was accepted, although circumstances changed and hubby was then bankrupt but point being give it a go, if they say no, offer a bit more.

xx