paying off debts in one go advice needed

dazzaman_2

I am about to sell my house to partly clear my debts with the profit from the sale , and have spoken to someone from Sinclair Debt Management who said they can get all my debits knocked down from around £28k to around £20k thing is they want £1200 for the privilege , can I do this myself when I have sold the house and if so how do I go about it , also they said cccs was funded by the banks and would not get me a good deal. Any ideas what to do next? Cheers for any help

southernscouser

dazzaman wrote:

I am about to sell my house to partly clear my debts with the profit from the sale , and have spoken to someone from Sinclair Debt Management who said they can get all my debits knocked down from around £28k to around £20k thing is they want £1200 for the privilege , can I do this myself when I have sold the house and if so how do I go about it , also they said cccs was funded by the banks and would not get me a good deal. Any ideas what to do next? Cheers for any help

The ****ing cheeky barstewards! :mad:

Next time you talk to this bloke tell him you have found a place called moneysavingexpert.com who have 140 nerds who are leading a crusade to rid the world of you slimey money stealing to$$ers!

Welcome by the way mate! :beer:

OK, firstly the CCCS are a registered charity and do receive donations from the credit industry. They are however 100% impartial and totally free. Look at it from your creditors point of view. Would you rather deal with someone who you help fund and know aren't making a profit from someone who owes them money or would you rather deal with a company that every month are taking a % of the money that should be coming to you!

It sounds like they are talking about an IVA! :think: These aren't free whoever you go with but I beg you not to go with Sinclair. They don't have your interest at heart.

Firstly take a look at this thread and if you want post a SOA and we will be able to give you the best advice as we will know the fuller picture!

dazzaman_2

Here goes
debts
Barclays Loan (has been payed in bits thru payplan) £12,200
A&L Loan (has been payed in bits thru payplan) £9,000
Double glazing finance upto date so far £5,000
Bank Overdraft £1300

I was recently made unemployed but am starting work this week , house is on the market and profit after selling fees is around £22k
Can the total debts be got down?
Thanks for any help

Let_Robinson_Sing

dazzaman wrote:

Here goes
debts
Barclays Loan (has been payed in bits thru payplan) £12,200
A&L Loan (has been payed in bits thru payplan) £9,000
Double glazing finance upto date so far £5,000
Bank Overdraft £1300

I was recently made unemployed but am starting work this week , house is on the market and profit after selling fees is around £22k
Can the total debts be got down?
Thanks for any help

see if your creditors will offer you early settlement figures try and get £4000 of the barclays loan. £3000 off the A&L loan then £2000 of the double glazing finance and £400 off the bank over draft taking debts down too

£8200 for barclays
£6000 for A&L
£3000 for Double glazing
£900 for Overdraft

if the dont accept those low settlement offers negotiate up a bit but not much.

hope this helps

Xbigman

Is the double glazing loan secured? If it is you won't get a reduction because your solicitor will pay it off from the proceeds of the house sale. If it isn't secured you will be unlikely to get a reduction because you have not defaulted on it. You should certainly offer a settlement figure though, it costs nothing to try (if its unsecured that is).

The two bank loans are your best bet. Have you been defaulted? Have these been passed to debt collectors? It makes a big difference. You should make a full and final settlement offer on these two. Start at 50% of the current debt value. You will need to negotiate but you should be able to clear the debts for somewhere between 50% and 80%.

Your overdraft could be a problem. If it's with your current account and authorised, you will not get anywhere. In this instance it will disappear by default when the cash surplus from the sale gets paid into your account, which will then be in credit.
If you no longer use the account the overdraft is on, and it is defaulted you can try a full and final but don't get too hopefull. If the overdraft get passed to a debt collection agency it just turns into any other debt and a full and final is more likely to be accepted.
Regards



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