F&F Settlements. What % offers have you made, what have been accepted?

blue_monkey_2

I found a thread last week with the template for asking for F&F settlements that was of interest as we want to do this. We have debts that are 9-12 years old and we have been making small monthly payments on them for all of this time but we are due to get some money which would enable us to clear some of these debts.

The question is, what do we offer and how much % have others been offered? Are we allowed to ask this here?

I had one reduced to 50% last year and we had a letter offering us 66% discount F&F last year but what is the start out offers that people make?

I reckon if we can get them all down to 75% discount then we can clear everything and have a fresh start with no debt. Is this vaguely possible??

Broken_hearted

It is possible but highly unlikely. I would make the offers, worst they can do is say no and most of the time they come back with an offer.

blue_monkey_2

Thanks BH, yes I suppose. If they go for 50% this will clear all but the huge one and we have been made offers in the past of that so it nshould be easy enough to do, they sent a letter today offering a 'substantial' saving and as advised but another thread I will write to them. We have to send payments next week so will send a letter with an offer and see what they say. Even just having one left will make a huge difference as we can up the payment we make to that then. Tha being said, a lot of what we owe is charges and because it's dragged on for so long and because we are on token payments I've never chased this up.

GeorgeUK

It might be worth trying to cover all the bases in the settlement letter.
State that the amount offerred is taking into account unlawful charges,
Point out how much time it will take you to pay off the debt in full at the current payment rate and how much time it would take to pay the amount offerred.
State that you are getting the funds from a 3rd party and will only be able to offer this for a limited time.

From previous threads, the offers vary depending on whether the debt is with a DCA or with the original creditor. DCA could be 25%-50%, while the OC could be 50%-75%.

If the debts are with a DCA and the payments you are currently making are quite small, i would see nothing wrong with starting the negotiations at 30%.