Pay off early?

beachcomber_3

Hi y'all,
I would like a bit of advice on how to squeeze a good "early payoff" from some old loans and finance that we have had hanging round our necks We got into debt after losing my job through illness. We have reduced our payments and even got the interest down on a couple of them but we want rid, we have been given an early payoff price which is nearly half of the debt (Thanks to an earlier radio 2 show you did!!) Is it possible to ask if they would reduce it further or would we be pushing our luck? Is there a minimum percentage they take? Very gratefull for any help.
Many thanks,
Paul

Rafter

Paul, no minimum they will accept and it will depend where you debt has got too in the process.

The original bank may have 'sold' the debt to a collecting agent who may have paid as little as 10% so if you pay 50% they will be laughing.

Remember that the settlement will sit on your credit file for 6 years though.

Have you thought about all your options and taken some advice from citizens advice or a debt counselling charity?

Good luck.

R.

beachcomber_3

Thankyou for your help, I have gone through a lot of the processes, like writing to them and getting the interest stopped and getting monthly payments down but even with all of that we have been struggling to pay them all. We have been lucky enough to get some money together so that we can, at last, offer to pay off some of the debts. We have two loans at around £5-6,000 each. They have offered us a pay off at around £2,800. I am not sure how low to offer, would a £1,000 be too low?
Many thanks,
Paul