Deal on table with HSBC Debt recovery agency - can I add other debts to this deal?

Cody

Dear Forum;

Readers of my posts will know i have 40k of credit card debt, but also £40k of debt from a personal gurantee from my previous company, that was liquidated in the summer. It has been a painful year.

The PG is now in the hands of Metropolotan debt recovery (who are HSBC basically), and myself and my ex co-director have offered a £10k deal to them which they are considering to wipe of the 40K debt.

I have a new employer, who has agreed to provide me with an advance in order to do a deal with my creditors.

I am considering contacting Metropolitan to ask them to consider my other debt at the same time with HSBC (I have a loan, credit card and OD with hsbc for ~ £14k, and ~£4k with first direct).

Is this a wise move, would Metropolitan be able to move this debt to their books? I am not in arrears with any payments on these accounts, although I will begin to be from this month.

many thanks in advance

Cody

dojoman

All you can do is ask, unfortunately no one on here can give a definitive answer to this question.

Cody

OK, well, I have now just asked, and they told me I would need to negotiate with the bank(s) seperately.

Cody

Things move fast here today.

They accepted our offer, now I am planning to send full and final settlement letters to all of my creditors, detailing the settlement agreed with Metropolitan, and asking for the same percentage settlement with them.

I expect Metropolitan will be pressuring to get the cash in from us, but I prefer to delay until I get a response from my other creditors. This will be a tricky week since my ex co-director is keen to do the deal.

Has anyone experience doing this before, i.e. geting a f&f agreement on a large amount of debt, and then convincing other creditors to do the same? Are they likely too?

Cody

IF

Hi Cody that is good news, but this is the BR forum. Did you mean to post on the DFW board? I think you will get more replies and support there.


The Debt-Free Wannabe Board - Click here


Best wishes
If...x

Cody

Well, I'm never quite sure which to post in, since I teeter on the brink of an IVA and bankruptcy, will try the DFW.

thanks

cody

IF

Cody wrote: »

Well, I'm never quite sure which to post in, since I teeter on the brink of an IVA and bankruptcy, will try the DFW.

thanks

cody

Only because you are now talking of full and final settlements Cody and you would receive more help on the DFW board.

If...x