magsed

magsed

unfortunately my brother has a debt with MBNA it is for roughly £1500, can i negotiate a lump sum to settle the debt.i have an insurance policy about to mature and am thinking of offering it to him to pay off this debt. do other forum users think this is a good idea. and if so how does he go about it. thanks

magsed

magsed wrote: »

unfortunately my brother has a debt with MBNA it is for roughly £1500, can i negotiate a lump sum to settle the debt.i have an insurance policy about to mature and am thinking of offering it to him to pay off this debt. do other forum users think this is a good idea. and if so how does he go about it. thanks

Tixy

Hi Magsed - this may have been answered quicker/ better in one of the 'pure money' boards, but anyway..

You can certainly offer a reduced full & final settlement for a debt - if your brother is behind with his payments or making reduced payments they may well accept a lower amount - if he is currently up to date with payments they may be less likely to - here is a useful factsheet about making such offers and details what you need to do to ensure the debt is recorded as settled in full - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers