(UPDATE pg 2) I've received ANOTHER letter from my creditors, and NEED advice!!

Beaded_Lady

In reply to your letters dated 27th June 2006 on the above accounts which requested I make an increased offer as settlement, due to my first being declined by your clients.

I would like to explain that I have been offered £1,000 by a relative to settle the above accounts, but this will only be available for a limited time. If this amount is not acceptable could you please ask your clients to suggest a more appropriate settlement figure.

As my resources are limited, if an agreed settlement figure cannot be reached, the alternative will be to continue with monthly instalments on the above accounts for around 16 months.

I look forward to receiving your reply

As some of you may have read, I sent the above letter to the creditors after having my first offer rejected.

I have now recieved another letter back and annoyingly it reads EXACTLY the same as the first.

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.

What do I do now? I am desperate to rid myself of this debt and DO NOT intend waiting over a year before completely paying it off. :mad:

HELP!!!

original thread

amosworks

DO NOT offer them more, tell them again this is the maximum you can offer, and while your relatives are able to stump up the cash. Otherwise it'll be £2 a month by DD for a very long time. If you do offer more, they will know you're bluffing and they will try their luck again.

Are they collecting on the debt or do they own it? If the own it, it's likely they bought it for around 15% of its actual value, so if your offer is more than they they're trying their luck.

Stay strong friend

Beaded_Lady

amosworks wrote:

DO NOT offer them more, tell them again this is the maximum you can offer, and while your relatives are able to stump up the cash. Otherwise it'll be £2 a month by DD for a very long time. If you do offer more, they will know you're bluffing and they will try their luck again.

Are they collecting on the debt or do they own it? If the own it, it's likely they bought it for around 15% of its actual value, so if your offer is more than they they're trying their luck.

Stay strong friend

The help is very much appreciated, I have really started to stress again due to this letter.

I have been paying them £141 each month through a DMC who I have just cancelled with (as they were charging £35 per month fee), and they actually collect the debt rather than own it. So I am not sure where this leaves me.

james32_uk

Where do you get the 15% from? Is that a normal amount or can it vary? Cheers for any info...

james32_uk

Payplan or CCCS will do the same job for free. Get onto them right away!

Beaded_Lady

james23_uk wrote:

Payplan or CCCS will do the same job for free. Get onto them right away!

I may do this, but was hoping to pay off my debts, this being my largest, over the next few months (seems unlikely now).

milliejon

amosworks wrote:

DO NOT offer them more, tell them again this is the maximum you can offer, and while your relatives are able to stump up the cash. Otherwise it'll be £2 a month by DD for a very long time. If you do offer more, they will know you're bluffing and they will try their luck again.

I agree with this. If you offer more, they'll keep sending the same letter until you're at 100% of the debt.

Try not to stress about the debt. They'll be hoping that you'll get stressed and lose your cool, and end up paying the total.

Beaded_Lady

milliejon wrote:

I agree with this. If you offer more, they'll keep sending the same letter until you're at 100% of the debt.

Try not to stress about the debt. They'll be hoping that you'll get stressed and lose your cool, and end up paying the total.

So in this instance, what should I do, send another letter? and if so what should it contain, I really dont want the same letter sent back to me a 3rd time.

Sugar_Coated_Owl

There are some very good template letters on the National Debt Helpline website. There is a letter for when a creditor refuses your offer of payment. I would send them that.

Sample letters

Beaded_Lady

razorbladekisses wrote:

There are some very good template letters on the National Debt Helpline website. There is a letter for when a creditor refuses your offer of payment. I would send them that.

Sample letters

Seems very useful, but none seem to fit my circumstances

james32_uk

I would write another letter in a similar vein. Simply restate you have £x available but it's a limited offer. If youre feeling really brave you could call their bluff by either quoting a time limit of the end of the month before your friend withdraws the offer, or if you have other creditors you could even say this is their final offer before you offer it to another creditor.