Can any one help with a final settlement

p_gayle

Hi I am new to this forum and wonder if anyone can give me advice on settling my debts

I am with CCS on a debt management plan which has been in action for four
years I currently pay £645 per month on a outstanding balance of £8500
when I started with CCS the balance was £34,000
I am now in a position to offer a final settlement I will borrowing most of this
so i will offer the lest amount that will be acceptable I am dealing with five creditors TSB £4500 Barclays £1500 Sainsbury bank £1500 MBNA £1000
all credit cards has any one have a suggestions as a percentage of the outstanding amounts.
I will be very gratful for any help or advice
regards
Paul

feeling-good

I am pretty sure CCCS will do the offers for you, but as guess you are probably looking at 80% for a figure acceptable to them in the current climate as they will be looking to get as much back as they can. CCCS will do the negotiating for you though I am sure... Good Luck

bottleofred

Hi p gayle,

After 4 years I wouldn't offer anything near 80% of the debts as a settlement figure for the first offer. I'd probably start at around 25% and see what the response it. Remember though, if they make a counter offer of 80% then you could offer 40% and see how it goes. Make all offers in writing though and if you get a definite refusal, move on to the next creditor. As they've been getting regular payments, they may be less likely to accept a lower %, but its worth trying if it can save you some cash.

Good luck

Red

gabriella90

Hi,

I haven't actually had experience of F&F's yet but it is something i will be looking into in the near future. I pretty sure that CCCS don't do any negotiating with regards to f&F's. I'm on another board and they have just made an offer to MBNA for 25% and it was accepted. As already suggested start low and then it is a bartering game.

Other folk always suggest to put in your letters that they must not persue the debt, pass on to a DCA and the debt must be marked satisfied. they also suggest to put a date that your offer will expire.

Hope thats some help, good luck