Minimum Settlement Amounts for Cabot

Pinkglossgirl

I currently have three accounts which are up to date but would like to pay off as full and final settlements for the minimum amount.

Cabot (originally EGG) £5400
Cap Quest (originally A&L now Santander) £2000
Roxburgh (originally M&S) £2000


I wondered if anyone had made any recent settlement offers to any of these companies and what was the lowest that they would accept?


Also not sure if it is best to write to all three and say that I have £x amount in total and these are my other creditors and this is how I can split the amount based pro rata


Any feedback is grately accepted as I just want to get rid of them as cheaply as possible


(sorry I am new to this site and haven't worked out how to put smilies in yet )

[Deleted User]

unless you have already defaluted non of them will accept anything less than 100%
of course if you do default thats your credit rating trashed for 6 years

gizmo111

woodbine wrote: »

unless you have already defaluted non of them will accept anything less than 100%
of course if you do default thats your credit rating trashed for 6 years

These are all with DCAs so the CR is trashed anyway.

OP start off offering 25% and see the responses.

awayinchina

I am currently dealing with Cabot and they will except only 50% same with Santander. I have just stopped making payments on these accounts to push them a little further and see if they will drop to 30%.
shall wait and see.
main problem with cabot is they are using mackenzie hall to collect so thats 2 x DCA getting a pro-rate payment on the debt.
Santander well they are the worst to deal with and are using wescott (santander still own the debt)

simon_mdp

Cut out the monkey and go to the organ grinder, ie make your offers to the actual holder of the debt. This cuts out the middle man, gets you a quicker answer and hopefully reduces the price. It also suggests you are making a serious offer.

If the debts have been sold on (ie not just put out to collecting agents) you've got a much better chance of getting a deal in the 25-35% region.

If you can play a waiting game and the creditors take no further action it can pay off - the older a debt is the more likely offers are to be accepted.

Best Regards

Pinkglossgirl

Thank you everyone for your suggestions. The original defaults for these were in September 2006 so I am really keen to get them cleared by September this year.

I will definitely start at 25% and see what happens.


Thanks again

gizmo111

Pinkglossgirl wrote: »

Thank you everyone for your suggestions. The original defaults for these were in September 2006 so I am really keen to get them cleared by September this year.

I will definitely start at 25% and see what happens.


Thanks again

They will drop off credit file in sept anyhow.