What should I do?

sarahowen

I have borrowed £400 to pay some bills - whilst speaking to Moorcroft who I owe money to they said they are willing to accept £420 as F&F settlement for the £800 odd pounds I still owe to Nationwide. Am very tempted to take them up as it's one of the larger debts and I really, really dislike dealing with Moorcroft.

However, if I do that, I won't be able to pay the other bills I owe or at least not pay off the amounts requested. I know I should probably just ignore the Moorcroft offer but was hoping that I would be able to get the benefit of your collective expertise...

Of course, this offer is only valid for today etc... but if I cobble the money together later, can I just offer it to them myself? I'm fairly sure the Moorcroft employee isn't being completely truthful and that they probably will offer me some money off the amount again, but 50% seems really good.

Advice?

Thanks

Triggles

From what you've posted, it sounds like they made this offer over the phone. If this is correct, I wouldn't be comfortable accepting an offer over the phone as you have nothing in writing to back it up. I'm sure someone will be along soon that can give more concrete advice, but I would not agree to anything like that over the phone.

VanillaDelia

What are the Bills you have to pay? If they are Rent, Council Tax etc... then I would get them paid, they are more important. If you paid the debt with the money, you may land in more trouble with the Bill companies chasing you.

They will make another offer another time, I am always getting good offers, but I never have the money.

Tixy

You could make an offer yourself to moorcroft at a later date, which you would need to do in writing anyway for it to be binding.

Its not uncommon for them to agree to a settlement on the phone and then sell the rest of the debt on to someone else who will then start hounding you.

If you make an offer yourself you could always start at a lower figure as well, 50% might sound nice but why not try offering 35% to start - have a read here about f&f settlements and as vanilladelia says if your other debts are priority items then these must be paid first anyway. http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers