What should i do???

Minimork

I hope somebody can help me, i have past loan and credit card debts up to about 20k at the last count. I had defaualted on them 3 or 4 years ago after losing my job, and buried my head in the sand. The letters and phone calls kept coming, until i found another job. I attempted to pay off my debts with a dmp, asking interest to be frozen etc but i could not keep up the payments and went back to square 1.
Just as i did not know what to do, fate forced its hand and i suffered an injury at work which kept me off for almost 2 years.
After my injury when my creditors contacted me i explained my situation that i qas not working and they agreed token payments of between £1-£5 per month.

My quandary is that i am close to recieving a compensation claim for around half my debt and want to pay off my debts, and one debt collection agency has already offered me a 60% discount off my debt.

Will other debt collectors do the same? All my debts are now with agencies.

I am also unsure as to whether i have been recieving correspondence from some of my creditors, once i find out who they are should i go to them or wait for them to get in touch with me??


Sorry so many questions i just want to clear the slate with my compensation!

chevalier

i would think that most debt agencies will agree to discounts on the total of the debt after this length of time. BUT get it in writing that these settlements are FULL AND FINAL offers for the debt. Otherwise lets say agency A offers to settle for 3000 or a 5000 debt and you pay it, but if it isn't a full and final settlement, they could sell on the other 2000 pounds to another agency and then the new agency would chase you for it. You could write to agencies and make really low percentage offers, and see what they say.
good luck
chev