Reasonable assumption?

Stewart_78

Following from my other thread and reading plenty of other threads on F+F settlements, is it realistic to consider that your debt is actually about half of reality or less if you have been in a DMP for a long time?

What I mean is that if you owe say £40k, is it reasonable to start thinking that if you could come up with 15-20k then there is a good chance to settle these debts?

Just a thought and it does change the way you look at things. Of course, coming up with the lump sum is the issue. But £15k is a lot less than £40k.

Hmmm.

Bored

I've read lots of stories on here of people who have had success offering amounts such as 30% - 40% of the remaining balance so as soon as you have this amount saved, it's worth trying out F & F's.

However I wouldn't ever assume that a creditor would accept a reduced full and final payment, because they can very easily reject the offer. Probably better to think of your debt in its totality and take anything below the full amount written off as a bonus.