Letter to my creditors, call from my DMC. Worrying!!

Beaded_Lady

I have made a 1st draft of my letter to my creditors, could anyone please take a look at this and give me any useful basic advice which would improve it.

Thanks in advance.

Dear Sir or Madam:

Loan Account RE: ******

With regards to the above account, I am currently with DMC Ltd, but am now in a position to manage my own account and the moneys owing on this.
For this reason I would like to ideally negotiate a full and final settlement figure with yourselves, and failing this pay my outstanding money via direct debit.
With regards to the full and final settlement figure I am willing to offer 50% of the monies outstanding on the above account, as I feel this would not only be a reasonable offer but also be beneficial to both parties in the immediate future.

Yours sincerely

Blah blah

tawnyowls

I think I'd be inclined to remove the bit about paying by DD - you want to persuade them to settle now rather than hold out in the hope they'll get more. I would suggest running that para into the next, thus:

For this reason I would like to ideally negotiate a full and final settlement figure - I am offering 50% of the monies outstanding on the above account, as I feel this would not only be a reasonable offer but also be beneficial to both parties in the immediate future.

Beaded_Lady

Thanks a million, I have made the changes as advised!!

Fingers crossed now, as ill be posting this tonight.

amosworks

I would also include a time limit on the offer to prompt them to action quicker. Say it's only feasible for you to entertain such an agreement for a couple of weeks before it's not financially viable etc. etc. etc.
HTH

milliejon

amosworks wrote:

I would also include a time limit on the offer to prompt them to action quicker. Say it's only feasible for you to entertain such an agreement for a couple of weeks before it's not financially viable etc. etc. etc.
HTH

I agree with this. I've seen on here advice that you should state that a relative or friend is willing to lend you the money to pay the debt, but this would only be available for a limited time.

Best of luck with the letters.

MCBIRNIE25

I also wouldnt offer 50% immediately, maybe 40%, this leaves room for negotiation. They will try to negotiate in my experience.

LolStevo

Hi just wondering, i am currently in a payment scheme to pay off a £200 bill with La Redoute (i only missed 1 £15 month payment n went straight to debt management!) is it possible to offer a full amount but not the £200 if you get me! Can i offer them say £100 and close it or do i legally have to pay the full amount? Im struggling u see! Thanks x

Beaded_Lady

MCBIRNIE25 wrote:

I also wouldnt offer 50% immediately, maybe 40%, this leaves room for negotiation. They will try to negotiate in my experience.

I had already sent the letters offprior to the additional posts but did add that I wanted a reply with some urgency as I wanted the problem resolved as soon as possible.

I also set the figure at 50% as I doubted they would accept this and would negotiate but I would be more than willing to accept 55 - 60% if this is offered.

milliejon

I've just found this template letter for full and final settlement on the National Debtline website.

I hope it helps.

milliejon

Sorry Beaded Lady - I got there too late.

Best of luck.

Beaded_Lady

milliejon wrote:

I've just found this template letter for full and final settlement on the National Debtline website.

I hope it helps.

Thanks, if nothing comes of the ones i sent, ill be sending something along these lines in the future.