7 years in, can I make an offer?

Mabbs_2

I racked up roughly 30k worth of debt when I was in my teens/early 20's on credit cards, a couple of loans etc. I've been with Payplan for about 7 years paying around £230 a month.

I still owe 13k spread over 8 creditiors. They are;

Barclaycard
Robinson Way
Royal Bank of Scotland
Moorcroft
NCO Financial Services
Credit Solutions
Cahoot
Aktiv Kapital

I may be able to borrow a few k from family, is it right that I can make offers to creditors for as low as 20%? What is a realistic level I could offer?

I also keep reading about the debt not being enforceable if they can't produce certain documents. Is this correct?

It would be amazing to get rid of this hanging over me.

Thanks in advance for any advice you can give me

Britwife

I realize you want to get rid of this debt and you are doing such a great job of clearing it on your own. You should be proud of that and before you know it, it will be gone.

I wouldn't go down the unenforcability road seeing that you know they are yours and you have been paying them.

I'm not sure about offers and I'm sure someone will come along with more knoweledge.

Just keep going strong!

Tixy

You can make a F&F offer at any time. But as you have been paying these for years and several are with DCAs there is a good chance they will accept low offers - you can start by doing one at a time if you like. Start with a low offer as you can gradually haggle upwards if need be (but don't give in too easily!) - look here for some advice - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

20% is a good starting percentage for debts with a DCA. Also you could add in to your letter that the offer is only available until X date and that after that the money will be offered to another creditor.

Try the ones with debt collectors first (the ones still with the original creditors are much less likely to accept, and certainly not very low offers.)

Mabbs_2

Thanks, that's very helpful.

Is it ok to make individual offers and not do a pro rata breakdown in the letters?

Re not enforceable, do I have anything to lose by requesting a copy of agreements etc?

Tixy

Yes its okay to make offers one by one (you have to do it yourself though not through Payplan) - its acceptable though as the money is coming from 'someone else'

Nothing to lose by requesting the credit agreements (especially for any that are already defaulted) - if they say they can't find them then even 20% would be generous!