Recieved a letter from my creditors.

Beaded_Lady

I had written to my creditors offering them around 50% of my outstanding balance as a final settlement, one of these have now responded with this:

Thank you for your recent letter. We regret to inform you that your recent offer of settlement has been declined.

Our clients require an increased offer and have asked that you contact us with a revised settlement figure as soon as possible.

Please contact us on freephone number *********** within 48 hours to discuss the matter.

In the meantime, if you have agreed an installment arrangement, please continue your payments.

Does anyone have any advice for when i do this tomorrow?

file_wizzard

I would write back and tell them this is your final offer, like it or lump it, they only want you to call to bully you into paying more.

Broken_hearted

file_wizzard wrote:

I would write back and tell them this is your final offer, like it or lump it, they only want you to call to bully you into paying more.

You could also include a bit giving them the option to suggest a number.

Beaded_Lady

file_wizzard wrote:

I would write back and tell them this is your final offer, like it or lump it, they only want you to call to bully you into paying more.

I have decided to ring them as I want this settled now to avoid further stress and worry, and am determined not to be bullied.

The outstanding amount totals £1,700 and I had actually offered £930 (above the 50% I had originally planned) and would ideally like to pay no more than £1,100.

What else can i do?

GUMPO

I was once taught that the first rule of negotiation is "Never make the first offer, never accept the first offer" they are obviously applying this.

Beaded_Lady

Beaded_Lady wrote:

I have decided to ring them as I want this settled now to avoid further stress and worry, and am determined not to be bullied.

The outstanding amount totals £1,700 and I had actually offered £930 (above the 50% I had originally planned) and would ideally like to pay no more than £1,100.

What else can i do?

If it helps at all the creditors i'm dealing with are Metropolitan Collection Services Ltd.

CLAPTON

do nothing for 2 weeks and see what happens
repost here then and seek views
nothing to lose is there?

Beaded_Lady

CLAPTON wrote:

do nothing for 2 weeks and see what happens
repost here then and seek views
nothing to lose is there?

Thanks for that, but I really do want a quick resolution and I will lose a LOT of sleep over this and my nails will suffer until its sorted.

I was rather hoping for more advice about speaking with them.

BrandNewDay

If you want a quick resolution, then you're losing power in negotiations. The creditors have all the time in the world. They're not worried about paying their rent on time. They only worry that you may stop paying altogether.

Write them and ask them what amount they'd accept.

Beaded_Lady

BrandNewDay wrote:

If you want a quick resolution, then you're losing power in negotiations. The creditors have all the time in the world. They're not worried about paying their rent on time. They only worry that you may stop paying altogether.

Write them and ask them what amount they'd accept.

Can I not just ask them this over the phone?

EllieB_2

Don't forget you are in the negotiation game - look at from MCS's point of view - you have offered them a lump sum and they are obviously going to try and find out if there is any more on offer. Did you tell them where the lump sum was coming from? For example if a family member has offered you an amount to pay them all off and you only have a fixed amount it is worth telling them this. It is a commercial decision for them, and other considerations are how old the debt is, and what other options they have, which depend on your circumstances. If you are renting and on benefit they are more likely to accept than if you are worlking and/or a home owner. It is in any event worth pointing out that if they refuse the alternative is to pay instalments over the next xxx number of years. Have a maximum amount in mind and don't offer them more than this. If they refuse you could always continue with instalment payments and try again in a year or so....