Full and final settelment offer

mariat

Hi all,

I'm in need of some advice please.

I'm ashamed to say that, 2 years ago and out of desperation, I sold a debt to Credit Card Killer. I now realise this was a scam, and I've just received a solicitors letter acting on behalf of Iqor. They are probably the 6th debt collection agency this has been passed to. The others gave up when they learned that CCK was involved.

The debit is for £12,500. I also have 4 other credit card debts, all under £2K, which are being paid back at around £5 a month each. I have been unable to work for the last 6 years due to a back injury and there's no prospect of me ever being able to work again, and I have very little disposable income.

My son has offered to help me with this large debt, so I plan to offer them a sum as full and final settlement. I understand that this offer needs to be made in writing, but how much should I offer them and what's the likelyhood of them accepting, taking into account my circumstances?

wrightk

Put in a cheeky offer of around 40% of 12,500 (5k), have known companies in the past with especially large debts like this to offer this sort of a reduction. I know it doesnt sound like it at the moment but when companies are selling your debt on and on they are desperate for your money and now (with the help of your son) you are really in the driving seat with regards to massive reductions and a clear future

mariat

Thanks for the reply. In that case it's a no go as I can't raise that much. The most he can help me with is about 3K.

wrightk

well you can always ask, the worst they can say is no. explain your circumstances. do it by letter and not telephone and offer 3k, see what they say

sickasachip13

Hey, you may as well give it a go, you've got that much and that's it. Make sure you make that clear in the letter (there's a template somewhere) and that it's a loan from a family member who has no more to offer.

Worth a try I reckon.

PNPSUKNET

bankrupcy may be an option.

fatbelly

PNPSUKNET wrote: »

bankrupcy may be an option.

Only £600 (or maybe £450 if on certain benefits) for this route - try posting on the bankruptcy board.

mariat

No, bankruptcy isn't an option. I've sent the F&F letter so I'll see what happens. Failing that they'll have to take me to court. But before I let that happen I'll write and ask for a copy of the original CC agreement.