Negotiating with Creditors?

coocoo79

Does anyone have any experience of trying to settle debt with creditors?

I was on a DMP for quite a few years but lost my job early last year (I've since relocated to Ireland)...so they wouldn't continue to work with me
I still have a few thousand to pay back to a few creditors but I just wondered the best way to try and negotiate a reduced debt settlement figure? One of the debts has been written off (i.e. passed on to a collection agency) - do I deal directly with the agency?

Can I be cheeky and offer an amount way lower than what I owe?? Or, do they have to come up with the figure?

Thanks for your help

Hax

You can certainly make an offer - they may, of course, say no. Then again, it may prompt them to make a counter-offer.

Whatever happens - BEFORE you pay any money, make sure that you get written confirmation that the amount being paid is for "full and final settlement of the account" and that no further monies will be due to that account.