What % to offer for Full and Final payments

too_much_debt_2

Hi,

We are thinking of offering a full and final payment by borrowing money from a relative. We stopped paying when the debt was about 9000, not sure what it is now as it has been transferred to a DCA but we're wondering how much other people offer in order to start the ball rolling.

Thanks

lvm

Start very very low.

How long ago did you last make a payment? Who are the DCAs they're with now?

I'd recommend starting at 20-25%. Personally, Equidebt phoned me offering a 50% settlement. I declined and offered about 30%. They rejected and just said they'd continue with my small payments. Wescot also offered 50% after my initial 20% offer. I've re-offered about 40%. Awaiting reply. Lowell taking ages to reply but I offered about 20% and they said they needed to contact people to see if it was accepted (despite them owning the debt).

Good luck if you do decide to settle and come back and let us know what the outcome is!

too_much_debt_2

Thanks for your reply. Last made a payment July 2010. Looks like the debt is with Debt Managers Ltd. now.