got a letter from SCM solicitors

susieanne

I was worried when i first got the letter but after looking up SCM on here they are actually a part of Lloyds .The debt is for a loan i have with Lloyds TSB .I owe approx £6000 does anyone have any idea what lloyds are likely to accept for a F&F offer for this amount ? When making F&F offers do Lloyds let you pay the lump sum over a few months ?
Im asking because i could pay them say £1500 now but my parents are giving me some money in July im not sure when making F&F they allow you to pay in 2 instalments anyone know ?

gonzo127

full and finals all depend on who owns the debt

if it is still with the original lender they usually hold out for between 50 - 75% (some wont accept anyhting other than 100%)

if it has been fully sold on to a debt collectors you can seomtimes get away with 25-30% however they usually push for as much as they can so you have to play the game a little with them with wording of your offer

if you are going to make a full and final offer make sure you do it in writing with a set date that the offer will be withdrawn (2 weeks is generally considered as enough time)

Tixy

Hi Susie

What is the situation with the debt at the moment? Are you making any payments towards it?

If SCM are in house they are unlikely to accept £1500. I don't think they will accept a F&F in installments.

If they won't accept the £1500 then you could arrange a monthly repayment plan. Then in summer try offering a little more (of course by Summer they may have sold on the debt to an external DCA, in which case you might want to start your offer low again).