Pls help... how much should I offer to pay off loan... full and final settlement figu

msjoanne

Hi all,

Very first time on here and after a bit of advice if possible, would be gratefully received

My sister is lending me some money to pay off my debts. Unfortunately she can only lend me around £3000 and my debts are as follows

£4933 - lloyds tsb loan (taken out dec 2002 and for the past 3 years have been paying back an agreed £45 a month instead of the original £202 a month because of my financial circumstances have dramastically change since i took out the loan)

£1100 - lloyds tsb credit card (i pay back £10 a month and they have frozen my interest, again to finanicial circumstances)

£2223 - virgin credit card (i pay back £25 a month and they have frozen my interest for the past 2 and a half years)

Does anyone have any suggestions how i go about offering a full and final settlement figure to the above companies and also how much roughly to each? Also is it actually likely any will accept or has anyone had any response by doing something similiar?

All help/advice/suggestion will be so very gratefully received

Jo x

ALEXMAC_2

hi,

Be honest with them as offer only what you can afford. If using the whole 3k, split it % between the 3. If they refused, write to them and keep trying. I expect they will want more, but hold out, as sure they will finaly agree. If the sold debt on, they would only get a fracton back.

Good luck.

Alex
the-debt-clinic.com

Deep_In_Debt

It's harder to negotiate with original creditors as they generally expect the full amount back.

If your debt is with a DCA then you can usually get a better deal as they buy debts for pennies in the £.

No harm in trying though.

Checkout the National Debtline website as they have a good template letter you can use for this purpose and also show you how to work out what to offer.

Make sure you do everything in writing and not over the phone.

tinymcfc

msjoanne wrote: »

Hi all,

Very first time on here and after a bit of advice if possible, would be gratefully received

My sister is lending me some money to pay off my debts. Unfortunately she can only lend me around £3000 and my debts are as follows

£4933 - lloyds tsb loan (taken out dec 2002 and for the past 3 years have been paying back an agreed £45 a month instead of the original £202 a month because of my financial circumstances have dramastically change since i took out the loan)

£1100 - lloyds tsb credit card (i pay back £10 a month and they have frozen my interest, again to finanicial circumstances)

£2223 - virgin credit card (i pay back £25 a month and they have frozen my interest for the past 2 and a half years)

Does anyone have any suggestions how i go about offering a full and final settlement figure to the above companies and also how much roughly to each? Also is it actually likely any will accept or has anyone had any response by doing something similiar?

All help/advice/suggestion will be so very gratefully received

Jo x

1 = £1792.51
2 = £399.70
3 = £807.77

They're the offer on a pro-rata basis. Be honest with the creditors, tell them all how much you owe each creditor, and advise what you're offering each creditor and take it from there.

msjoanne

Thank you all so much for taking time to reply, i've taken on board what you have all said

and if anyone else can contribute I would be grateful x

msjoanne

Is it best to include how I am splitting the £3000 and show each company how much I am paying the other companies or is it best not to?

msjoanne

pls help..? as i want to send letter tomorrow

lozzam

Yes, I would say show them what you owe and how you are splitting the money. That way the sums you are offering each of them makes sense and they know you are treating them all equally.

(Not an expert at this, but makes sense to me and I think I have seen it said before).