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

CLAPTON

what did you write to the CCs? presumably you asked them to freeze interest and charges etc.

you can write essentially the same to the loan (HFC) too. I would say there is about zero chance of them simply writing off the loans but you can simply pay them what you can afford.
Its best to treat all your creditors in the same way

Crisp_£_note

Yes I offered CC £1 token payment. I will now also offer HFC the same. I have just seen posts refering to final settlement offers and become a bit confused and over hopeful I think!

Thanks again.

CLAPTON

Full and Final settlements (F&Fs) are sometimes offered by creditors after the accounts have been defaulted and are in substantial arears i.e. a year or more.
They will then sometimes accept say 50% of the outstanding balance but they don't generally write them off for nothing.