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

Beaded_Lady

james23_uk wrote:

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.

I may just try this one, I plan to sit down after work tomorrow and draft something out, which ill probably post on here for further tips (thanks to milliejon for doing this in the past) after that I may call the CCCS too just to set things clear in my own head.

CLAPTON

if you dont like this then ignore it.

i'm sorry to say every single DCA has heard the one about a relative willing to pay a limited sum for a limited time...they have heard it probably (lets say) 10 time a week for years. and they know its from people who are stressed out and want to settle quickly....so ..think as a DCA would... ..what would you do if you were a DCA..you would wait and make no real response because you know they want a quick resolution and so will pay more.

be cool offer nothing more.

Toto

I would also add to the letter a reason why it would be in their interest other than the limited time and the alternative of the monthly payments. Has there been or likely to be a change of circumstances? How secure is your job? Are your hours likely to change?

If there is a remote chance that you might find yourself unable to pay the full amount monthly I would certainly point that out, this would make your offer much more attractive to them.

milliejon

Beaded_Lady wrote:

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.

I hope I'm not too late. I would write the same letter as before (but amended slightly) just reiterating the first letter.

I'm not sure that I agree with changing the reason for offering a lump sum at this stage. You've already given the reason, and they may not believe you if you change now.

I've got a feeling you'll keep batting these letters back and fore. But, what ever you do, don't increase the offer even slightly, they'll keep insisting you increase your offer.

Beaded_Lady

This is the latest letter I have drafted to my creditors, does anyone think I should add or adapt anything?

In reply to your letters dated 4th July 2006 on the above accounts which requested I make an increased offer as settlement, due to my previous offers being declined by your clients.

I would like to reiterate that I have been offered a maximum of £1,000 by a relative to settle the above accounts, but this is only available for a limited time, if this amount is not acceptable could you please ask your clients to suggest a more appropriate settlement figure, otherwise I shall take the money being offered to settle with another of my creditors

My resources are limited, so if an agreed settlement figure cannot be reached the alternative will be to continue with monthly instalments on the above accounts for a further 16 months minimum.

I look forward to receiving your reply.

Yours faithfully

All help is much appreciated!!

Broken_hearted

Well I've sent off to moorcroft for the 4th time offering £400 on behalf of my OH. I hope they listen this time. Good luck beaded lady.

dizzy_izz

When making a full and final settlement offer, my advice would be to cut out the middleman - DCA - deal directly with the creditor, this way they will get a larger amount as the DCA won't take a cut.

Not only that but creditors themselves are more likely to negotiate.

Obviously this only works were the debt is still owned by the creditor and not assigned.

Beaded_Lady

Any more suggestions?

milliejon

Hi Beaded Lady. I would take out the bit about offering to another creditor as they may see this as threatening. Otherwise, it's great. You're sticking to your original letter and not giving them anything more. Remember, give them an inch and they'll take a mile!

Best of luck.

Beaded_Lady

The above letter was sent a couple of weeks back, I have now recieved yet another unfruitful reply which reads:

Thanks 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 etc etc

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

Now, as of yet I have not contacted them about setting up a monthly payment due to cancelling with my DMC, so what should my next step be, call them and discuss both issues or write back?