HELP!! Advice needed on final settlements

sickofdebt_2

I need some advice on where to start with offering full & final settlement.
My OH & myself have been left some money as a result of the recent death of my Father in law & we want to clear all (or as much of) our outstanding debt as possible. The problem is I dont know where to start.

What sort of offer should be made to the people we owe??

We dont have enough to clear everything by paying off the total amounts but I've heard if we make them an offer to settle there is a chance they migt accept.
The main bulk of debt is with RBS at around 18k then a credit card 2500 with benificial finance (oh the irony of the name!) as well as a lot of little piddly ones which we will be able to get rid of.

Any advice will be much appriciated

raq

sickofdebt wrote:

I need some advice on where to start with offering full & final settlement.
My OH & myself have been left some money as a result of the recent death of my Father in law & we want to clear all (or as much of) our outstanding debt as possible. The problem is I dont know where to start.

What sort of offer should be made to the people we owe??

We dont have enough to clear everything by paying off the total amounts but I've heard if we make them an offer to settle there is a chance they migt accept.
The main bulk of debt is with RBS at around 18k then a credit card 2500 with benificial finance (oh the irony of the name!) as well as a lot of little piddly ones which we will be able to get rid of.

Any advice will be much appriciated

Depends on how much you got. Don't forget when you do call the credit card company see if they can offer you a settlement figure. I know some cc.companies only do this if it has gone to a collection agency. I was lucky last year when RBS gave me 25% off the balance.

Other than that clear the highest one first. Or maybe if I was also you keep a little aside ,. you know that rainy day saying..

good luck

rog2

Whatever offer you decide to make, please make sure that it is an offer you can afford, as they will almost certainly refuse your first offer. I suggest that you go in a bit lower - say 50%. Many people have got F&F settlements of around 60 - 70%.
Also, I would advise that you make these offers in writing only. There is a good template letter on the National Debtline website (link at top of page).
It is often advisable to put a time limit, say two weeks, to any offer.