full and final settlement

Iriahm

hi,

I wrote to all my creditors asking for settlement figures and then i'd work out which ones i'd try and settle. Also did this because I have only got estimated debt totals from Payplan and most of my creditors have not frozen the interest and their totals assume the interest was frozen. grrrr

legal and trade are the bain of my life and the debtis clearable (£197). The have offered £157 as full and final settlement. As i'm new to this "game" should I write back and offer them £100 in full and final settlement and enclose the cheque?

grateful for any advice
cheers
Ix

Wonder_Girl

Do you not have the full £197?

If you owe the full amount then you should always try and pay it in full, Settlements are for if you genuinely only have a smaller amount available.

Macduff_3

Wonder_Girl wrote:

Do you not have the full £197?

If you owe the full amount then you should always try and pay it in full, Settlements are for if you genuinely only have a smaller amount available.

hear hear :beer:

Broken_hearted

You could try to offer the £100 and see how it goes but don't enclose the cheque as they may take it as a payment rather than a settlement.

As for the other posters on this thread the OP has already stated they havn't enough to pay all their creditors in full. At least they are making an effort.

Iriahm

thanks everyone, I wondered if they may have taken the £100 as a payment. I currently don't have the full amount and if I could get the money to pay all my creditors back I would.

I have 2 weeks to find the settlement figure but hopefully by opening up negotiations I can extend this until I raise it at carboots/ebay.

cheers
ix