Best way to negotiate debt?

OberonSH

Hey guys - I'm looking into negotiating my debts for a lump sum, on the offchance shop profit will not cover everything. What's the best way to basically say 'will you reduce the debt if I pay a lump sum of xxx?'. I don't want to carry anything forward to the next chapter of my life.

Hope you're all good today, will ramble later when not snowed under!

james32_uk

You'd have to be defaulted and stuff before they'll consider it. They'll also wwant to know where this money for full and final settlement is coming from as you need to have a reason why this money isnt available to simply recommence normal repayments. A gift/loan from a arelative is the normal excuse!

Dr.Shoe_2

I have heard of people deliberately defaulting so that their creditor will accept a F&FS. Selling a house or a business but getting less than you thought is a normal reason too and this works well if you don't have much of an ongoing income.