How much to offer as settlement to Bank

maxhat

Hi

My brother has an unsacred bank loan of £8500 and an unsecured bank overdraft of £1000 outstanding to the HSBC. They have passed this to the debt collectors to collect the outstanding amounts. Our parents are thinking of settling the debt for him what percentage of the debt should they offer to pay to settle these amounts?

Thanks

Max

advent1122

What about 100%.

mexicanwaver

What makes you think the debt collectors will settle for anything less than 100% (+ their costs)?

CLAPTON

if you would like to post some information about your brother's situation you may receive a wider range of responses.

e.g. debt of 9,500 while large is usually handleable..what is his income and why can't he pay it back ?
how long ago were his debts sold/transferred to DCA
is he currently paying them anything atall
has interest been frozen
etc.

Broken_hearted

I would start with an offer of 50% and see what the bank/DCA comes back with.

Money-come-lately

Yes, 50% is a good starting point.