How much to offer to settle

pmf63

Byatt wrote: »

I had the exact same thing happen to me with Nat West. Back in 2005 when my now ex left me and our DD he paid nothing, not a cent to the mortgage or loans. I had no income other than my daughter's benefits. I contacted them over and over; they were adding 100+ bank charges a month, so not only did the debt get worse, but I couldn't feed myself and DD. Long story short they put a charge on the house...they got their blood money in the end. I asked them over and over again to take into account my current circumstances and that if they kept adding charges I would never be able to get on top of it. They never listened.

Sorry, it makes me so angry. :mad: And I rarely get angry.

I will never bank with Nat West again. All those adverts they have on now about their personal touch makes me feel sick! It doesn't happen.

I know what you mean ... Natwest have been the biggest prob.

feeling-good

If you are looking to make a full and final settlement then you are looking at payiny the full £25,000, as you are looking to pay an amount lower than what you owe you are instead looking at a "short settlement"
A short settle ment will stay on your file as paid but short for 6 years.
If you offer 30% it will get refused without a doubt, as a guide they will be looking for 80% minimum, and thats if you have been in financial difficulty, paying them via a DMP etc, if you have been paying them the minimum payment every month with a few missed payments or no missed payments, they will be looking for 100% for a settlement.
As a guide to help you I was on a DMP for 6 years, never missing a payment in all that time, I was then in a position to offer settlements, LLoyds accepted 80% as did barclay card, EGG would only accept 100% and nothing less.
probably not what you wanted to hear but they are looking to get as much out of you as possible sorry

pmf63

feeling-good wrote: »

If you are looking to make a full and final settlement then you are looking at payiny the full £25,000, as you are looking to pay an amount lower than what you owe you are instead looking at a "short settlement"
A short settle ment will stay on your file as paid but short for 6 years.
If you offer 30% it will get refused without a doubt, as a guide they will be looking for 80% minimum, and thats if you have been in financial difficulty, paying them via a DMP etc, if you have been paying them the minimum payment every month with a few missed payments or no missed payments, they will be looking for 100% for a settlement.
As a guide to help you I was on a DMP for 6 years, never missing a payment in all that time, I was then in a position to offer settlements, LLoyds accepted 80% as did barclay card, EGG would only accept 100% and nothing less.
probably not what you wanted to hear but they are looking to get as much out of you as possible sorry

Thanks for your input. I have already been defaulted for nearly six years and quite frankly they couldn't hurt me anymore than they have.

The main one, Natwest and £16k between loan and account, I'll be paying for the next 40 years. I am making token payments to all the DCA's. We have already had one of them settle for about 55% and that was them approaching us and we didn't have the knowledge we have now so didnt attempted to haggle. We were still at the point of believing everything they said. Surprising how much you can learn in a couple of years.

I am now unemployed with little chance of returning to work and unable to get IS because my wife earns NHS student grant that is too much for me to claim, apparantly. Even when she qualifies she will only be on £21k, take home about £1300, assuming she can get a job. We have three children and all the other expenses that everyone else has. Now the DCA can wait 40 years to get it all or they can settle for less and get some. Not forgetting that these DCA probably bought our debts for a fraction of the true value.

At least once a year for the past seven years someone with debt advice experience suggests petitioning for bankruptcy. If the DCA's try taking me to court There is a very good chance that the DCA will come off worse. Even if the court finds totally in favour of them, all my debt is mine and mine alone and as I don't have an income the court will be asking my wife to pay for it out of her student funds. No different from now. Infact the court will probably suggest that with approx £16k income £120pm on debts is too much.

Hannah_10

feeling-good wrote: »

If you are looking to make a full and final settlement then you are looking at payiny the full £25,000, as you are looking to pay an amount lower than what you owe you are instead looking at a "short settlement"
A short settle ment will stay on your file as paid but short for 6 years.
If you offer 30% it will get refused without a doubt, as a guide they will be looking for 80% minimum, and thats if you have been in financial difficulty, paying them via a DMP etc, if you have been paying them the minimum payment every month with a few missed payments or no missed payments, they will be looking for 100% for a settlement.
As a guide to help you I was on a DMP for 6 years, never missing a payment in all that time, I was then in a position to offer settlements, LLoyds accepted 80% as did barclay card, EGG would only accept 100% and nothing less.
probably not what you wanted to hear but they are looking to get as much out of you as possible sorry

I'm not sure where you're getting your information from as settlements have been accepted at far less than 30% many times. Even a full every-last-penny settlement would still stay on file 6 years because everything does. In paying up on time, every time, in a DMP you were in a far weaker position to negotiate than PMF is, not a stronger one.

feeling-good

I am getting my information form my own personal experience