HSBC and F&F offer...

sarriep

...hello all, I've a question I hope you experts can help with!
We are currently on a dmp. One of our creditors is HSBC. They have written to us saying our debt of around £2300 is about to be passed to a DCA but we can make them an offer to settle the debt before they do this. I have 2 questions:

How much do you think they will sell the debt for?

What would a reasonable offer be?
(Might be able to borrow some off a relative?)

Thanks xx:j

sarriep

Any advice?

Miss_Piggy_2

Hi

Never made a F&f offer myself but, from looking at these boards, would start at 35% and work upwards if they reject (up to what you can raise of course).

Always worth a shot

Good luck

Miss P
xx

sarriep

Thanks, that sounds about what we can afford! I was curious as to what they would sell the debt for so as to see what we can offer.
I must add we fully intend to pay off all of our creditors but HSBC are being more difficult - not reducing interest, trying to get us to have a managed loan and they owe us lots in unfair fees so I'd be very happy to be rid!

Also does anyone know what view CCCS would take of this?

TIA x

sallyx

Im in same position as you except they haven't passed it on as yet. Im wondering if I can offer a F&F too and what % to offer. Have asked the question on the "ask CCCS a question thread" but no response as yet

Miss_Piggy_2

CCCS are amenable to you making F&F's. If unsure then contact them using their on-line "contact us" method.
Good luck to al of you - HSBC are a pain in the proverbials!!

Miss P
xx

SuzySu

Hi Sarrie

I will also be interested in how you get on as I have an outstanding debt with First Direct but they have not yet passed the debt on. I am going to be writing to them in the next few days offering them 35% to settle the debt.

Can I ask how long the debt has been outstanding for and whether you have been making payments towards it?

sarriep

Hi SuzySu
We only started our DMP in November 2008 and had made one token payment of £1 in October prior to that so our final full monthly payment was in September. I'm sure I've read elsewhere guidelines about offering 50%-75% to the creditor and then 25%-50% to the DCA. We certainly can't borrow 50% but might be able to mahnage about 35% ish which I think is what hubby might try tomorrow.
xx

flatbroke49

Hi, might be wrong in this, but I am sure I have read on this site that you cannot pay off one of the creditors if you are under a dmp. This is because you have to be seen to be acting fairly with them all, and if you pay one off it is classed as prefernetial treatment. I would be interested in any responses to your question as I am in the same predicament.

sarriep

I've heard similar things too but HSBC are being such !!!!!!s! Our debt with them increases each month as they refuse to reduce/ stop adding interest! At this rate when My DMP should finish my HSBC debt will be triple what it is now so I'm not sure what choice I may have. I'm not sure what the DCA terms will be or if HSBC will really sell it on. Im loathe to settle this but will have no guilt over paying them less after the way they have/ are treating us!