Shortfall full and final settlement settlement

Ineedaname

I think the general guide for paying off debts with a lump sum is to pay off the highest interest rate debts first, that would probably be your credit cards.

Good news either way though and hopefully it will help you sort things out to make life easier.

silvercar

Ineedaname wrote: »

I think the general guide for paying off debts with a lump sum is to pay off the highest interest rate debts first, that would probably be your credit cards.

Good news either way though and hopefully it will help you sort things out to make life easier.

Offer full and final settlements rather than pay them off. A letter detailing that the debts were created by the ex, who has now left you with a mountain of loans you cannot cover, but you could offer F&F may get a result.

Ineedaname

I didn't think they would accept F&F offers unless the repayments were already in arrears and/or passed on to a DCA. The OP is up to date with all payments so creditors will probably not consider F&F.

No harm in trying but I didn't suggest F&F as I doubt it'll work in this instance.

facinguptothechallenge

Hi just a thought and not sure how true it is but!! before i went bankrupt i was in talks with a financial adviser who told me if a company had to sell on a debt they couldnt collect they would only sell it for 27 pence per pound owing!! not 100% on the 27 pence it could be either side but i know its 20 something. Try working that out on your debt see how it works out. Only a thought, good luck x

Ineedaname

Hence why a DCA will accept a fair F&F settlement offer.

But the OP is up to date on payments so probably hasn't had any debts sold on as yet.

fermi

SarahS wrote: »

Good morning!
Whilst this is 'small potatoes' when compared to some of the comments above, I am hoping that someone can clarify the issue of when a creditor banks the cheque offered in full and final payment of an invoice - does this stand in law as acceptence of the payment? I was told many years ago that this was the case but want to make sure. My mother was too ill herself to take her cat to the vet and they charged her £54.78 to travel 2 miles round-trip on top of the £54.45 consultation fee for a five minute visit! She says she was not told about the charge - and cannot recall a figure of £54.78 being mentioned. I offered the equivalent taxi fare and reduced their bill from £109.23 to £64.05. They banked the cheque but are now demanding the remainder of the invoice amount.
Thanks.

Moved to it's own thread.

Click ---> https://forums.moneysavingexpert.com/discussion/3542849

MichMoor

Spoke to the ex Mrs yesterday says she is thinking of BK which screws me up if she does it!!!!

Ineedaname

Ouch! Maybe now would be a good time to talk things through with one of the free debt advice charities listed here. Hope you get it all sorted soon, keep asking if BR becomes a likelihood for you too though, if you are able to avoid it then the Debt Free Wannabe board may be a useful place to lurk.

silvercar

MichMoor wrote: »

Spoke to the ex Mrs yesterday says she is thinking of BK which screws me up if she does it!!!!

Just means that you are offering the F&F settlement not both of you.