Mum to the rescue!

Achelois_2

what full and final settlements do you think would be reasonable to equal my mums offer and pay off as much as possible?

welshangel

pointless asking my mam. She has less money than me

Oneday77

With what your mum has offered I would clear the Marbles now anyway. Unless you think the CCA wont be valid.
Then as I said before build the remainder up, you could try £1500 with RMA an dthen barter upto £2000 as a try.
They are all a law unto themselves so mere mortals can't always give a reliable guess.

Achelois_2

Have a plan and wondered what you all thought?

Thinking of offering a F&F settlement to three of my debts. This would equal only 27% of the debt though.

So

Marbles - £2058.50 = Balance, £564 Settle Offer
Barclaycard - £3767.93 = Balance, £1030.35 Settle Offer
M&S - £7338.06 = Balance, £2006.61 Settle Offer

This would cover the £3600 I get from Mum and clear three of my debts leaving me an additional £300 I can pay off the remaining three debts per month. Within 5 months or less I could clear RMA and then I would have 400 a month which I could apply to Northern Rock. What do you think?
Now the problem with the offers is 1) To date I have paid M&S on time without default, 2) To date I have paid Marbles on time without default 3) I have an agreement with Barclaycard to freeze interest and am paying the £58.67 per month
So, how would I write and offer the above and do I have a hope in hell?

My other option is to contact CCCS and maybe go on a DMP? Any advice would be gratefully receieved. I will be requesting CCA's from all of them.

Thanks

Happytogetdebtfree

I am confused how you work full and final settlements out how can you offer 564 for a 2050 loan ? id be curious to see how people work it out and i dont know when companys take payments if you are paying on time and each month they may want to wait for the full amount than take 1500 less, however maybe in instances where you cant always make the payment they may just snap your hand off ?? but wait for someone else to clarify x

twistedmoosie

Given that Marbles are charging you such a high APR at the moment and clearly offered you a fairly high amount to borrow, their interest is unfortunately not in letting you pay off £564! There's no harm in making an offer but IMHO that seems just too low given what they expect to make off you in interest etc.

Plus leave the loans be. There may be extra fees etc. to take into consideration for early payment, and it's the CC's you need to worry about first.

Happytogetdebtfree

No help at all was just curious how offering 564 for a 2050 loan would work? I'm confused at full and final settlements what percentage have you knocked off? X good luck and how nice your mum is offering to help xx

Oneday77

I think your getting ahead of yourself with F&Fs.

F&Fs tend to be accepted if a company thinks that it will be a good way to write off a bad debt quickly or they know it isn't enforceable. In your case there is only one default and the other 2 know nothing of you being in financial difficulties.

If you read my first post regarding the Marbles card and RMA I see that as the best option. F&Fs are not for evey situation but you have one pretty sure bet with RMA if you go down my suggestion.

Please remember that whilst I know a lot of debt is bad, I have the T-shirt. Don't hang your hat on what appears to be easy ways out, they can hurt when you base your hopes and they don't work ie. my life story.

JasX

do you have any assets? if not should you not be considering bankruptcy in which case your mum's £3600 would be completly wasted. difficult to tell without a full soa