Is it possible to ....

Crisp_£_note

Hi

I have 2 loans with HFC which were taken out in 2007 for 4 years so would end in 2011. They were for 2 separate purchases from Currys electrical store. I have been good so far and not defaulted and always kept up repayments on time to date (thanks to Direct Debit lol).

I am now experiencing severe financial hardship and have just sent letters off to my Credit Cards etc offering them token payments and was thinking is it possible for me to ask HFC to wipe my outstanding debt clear? I know they are likely to say no of course but would I be able to offer them an agreed amount substantilally lower than the 'early settlement figure'?

If so how would I go about this? Are there any template letters to help?

Many thanks



Sorry if this is wrong place to post, have just also posted it on Loans board!

Tixy

There is a template letter on the national debtline website asking a creditor to write off a debt, this is if you can explain your situation is unlikey to improve (e.g long term health problems prevent returning to work etc)
http://www.nationaldebtline.co.uk/england_wales/temp/1297_35151.pdf

There is also a letter asking them to reconsider if they refuse. I don't know how often this works for anyone but I guess for the price of postage you could give it a try.

If they say no the other option you are talking about is to offer a reduced figure in full & final settlement of the debt (again there is a template on the same website). If you go down this route you need to ensure that you have written agreement that it is in full & final settlement and that it will be marked as such on your credit record and that they will not chase you for the balance. If you have always kept up with repayments they may be less likely to consider a reduced full & final but if you can explain why will no longer be able to keep up with the payments it may be worth a shot.