MKRR Offer

DefaultedPuzzled

I have a debt of around 6,000 from a credit card (5,000 + 1,000 interest).

The debt has now gone to MKRR. I have made an offer of 2,000 and has been declined.

I can borrow some money from my family to increase my offer to 2,500. But this is really the best I can do.

Can you advice on what should I do?

Do you think my offer of 2,500 is a fair offer?

They said the best offer they can accept is 4,800.

Thanks!

Tixy

Did you make your offer in writing or by phone?

If you can afford a higher offer and are prepared to pay it then you could certainly try an increased offer (do it in writing and get written confirmation from them before you pay that it will be in full & final settlement and nobody will chase you further over the debt.)

Whether they are likely to accept it depends a lot on the details of the debt, how much you are paying currently, how long it will take to pay off at the current repayments, your financial position etc etc).

HappyMJ

It depends on the age of the debt. If no payments have been made for 3 years then your offer is fair but if it's only a few months then £4,800 is fair.

DefaultedPuzzled

Thanks for your replies.

I did my offer in writing.

The debt is 8 months old.

What would your advice be on how to deal with that?