Advice on F&F settlements

terriblesaver

I have just been started negotiations and offered all of my creditors 10% of the debts left outstanding in full and final settlement.

I have been paying them thru a DMP for 3.5 years and have some spare cash thanks to remortgage hence the offers.

I have included in each letter a forecast of how long it will take if I continue to pay thru the DMP. Average length of time is 17 years.

What do you think the likelihood of acceptance is?

savvykaz

Understand where you're coming from but I think 10% is being just a little optimistic!

Does this mean from your debt of £55,000 you are offering £5,500?

terriblesaver

Its all I have at the moment - i know its optimistic and probably cheeky. In fact it is cheeky. I met someone in a pub who works for a DCA and she said they pay 10 - 15 pence in the pound for the debts AT THE MOST

I have been paying them token amounts from £5 to £45 for the last 3.5 years and hope that they would rather have a lump sum than a bit at a time for ever.

Soon as I have settled them I want to claim my charges back which is probably half of the £55k in total.

the ones I have offered 10% to are just for starters - they are all around the 7k mark