Settlement offers- any advice much appreciated

pielegs

Hi guys,

Once again thankyou in advance for your advice. I have read so much on here I feel like an expert on all debt and bankruptcy matters.

Taking all my knowledge onboard I have concluded that Bankruptcy looks best for me. However, I am thinking about one last offer to my creditors before going forward with it.

Is there any way my creditors will accept a final settlement of 20p in the £1? I can hardly take the moral highground when I have got myself in this mess but at the same time I know my rights and what these creditors can and cant do. I have no assets at all and I known full well they cant get anything off me.So on this basis is it worth sending them all letters offering them this settlement. Surely thats better to then than me taking the bankruptcy route?

So does anyone have any experience of what their reaction will be? Does anyone have any advice to what to write or include to give weight to my settlement offer?

Once again, thankyou all in advance

moneymakestheworldgoround

Hi

Not an expert but my questions to you would be:

Who are the creditors?
Balances?
How long have you been in arrears?
What payments are you making, and for how long?
Are the debts still with the companies or DCA?
What stages are you up to with them?


with regards to f&f, my experience would be 60p in £1 unless someone has been paying £1 for the last 2 years through DCA. But it depends on your circumstances.

I would include in letter
time offer open for
why you have come to this figure
action you will take if refused
where money coming from
etc..

pielegs

i owe 15.5k to 7 companies.

HSBC CC £3889- Havent made any payments or even had contact since late 2005, tracked down last week with a debt recovery company.

HSBC CURRENT ACC £638- Same as above

ABBEY £4763- Completely rinsed this account between sept 08 and April 09. No payments or contact and the account has just been closed and moved to a recovery company

Dollar finance (moneyshop) £725 Owed for at least 3 years, no payments whatsoever, just tracked to recovery company.

Barclays £1789 No payments whatsovever, had this debt since 2005. currently with recovery company called Mackenzie Hall (which I had to mention because they are the most aggressive and rude company debt company I have come accross)

Storecard £680- this went to a recovery company and I now have a CCJ. Didnt realise until I did a credit check and tracked down the case number, around 1.5 years old.

Lloyds account £2650.This account has regular payments and although not ideal, it is being maintained and they are happy

Lloyds C C £860- same as above

I am thinking I can pay the others off and maybe live with the Lloyds accounts, or even pay them all?

hope all that makes sense.

thankyou