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I want to clear my debts in full - Fairfax - MCS - TESCO
Fweckles
Posts: 21 Forumite
Hi Guys
Looking for some advice here. I have been in debt for what feels like years, I previously had an IVA which failed back in 2008, since then I arranged and have been paying the below 3 companies off monthly (without fail). My debts currently are as follows:
Tesco
Metropolitan Collection Services (debt was HSBC loan)
Faifax (debt was Max Recoveries for Barclaycard/MBNA etc) Fairfax (debt was Max recoveries for Goldfish Card)
My orginal debt with them was as follows:
TESCO WAS £2000 (NOW £1020)
MCS WAS £11,306 (NOW OWE £5491)
FAIRFAX WAS £33173 (NOW OWE £29055)
FAIRFAX WAS £3992 (NOW OWE £3692)
I have had no problems agreeing monthly payments with any of them, and to date, they have always accepted my proposal of what I consider I can afford to pay. I presently pay:
TESCO £45 pcm
MCS £50 pcm
FFAX £50 pcm
FFAX £5 pcm
Tesco, in the early days sent my debt to a company called Triton but for the last couple of years they have been dealing with it in house again (so I assume that they never sold it).
Anyway, within the next 2 months I will be losing my job. I do not know how long it will take me to find another one, so obviously I will need to notify the above 3 companies that I will be claiming benefits and therefore they will be very lucky if they can even expect to receive £1 pcm each! However, I will be receiving a lump sum payout for my redundancy and was hoping that I could use this lump sum to clear the above debts. My problem is I have no idea how much to offer them, how much they paid for the debt and how much I can get away with paying to clear them all in full and final settlement. Over the years MCS and Fairfax have randomly offered to settle at 50% of the debt, but I won't have enough money to clear them if I paid them all 50%.
I am hoping that someone out there reading this, knows the system and what figures I should be offering them, obviously I want to pay them as little as possible, but at the same time be able to clear them all. I am also not sure if Tesco's would do a deal at all, being as the debt is back in house with them?
Any advice will be gratefully received.... Thank you
Looking for some advice here. I have been in debt for what feels like years, I previously had an IVA which failed back in 2008, since then I arranged and have been paying the below 3 companies off monthly (without fail). My debts currently are as follows:
Tesco
Metropolitan Collection Services (debt was HSBC loan)
Faifax (debt was Max Recoveries for Barclaycard/MBNA etc) Fairfax (debt was Max recoveries for Goldfish Card)
My orginal debt with them was as follows:
TESCO WAS £2000 (NOW £1020)
MCS WAS £11,306 (NOW OWE £5491)
FAIRFAX WAS £33173 (NOW OWE £29055)
FAIRFAX WAS £3992 (NOW OWE £3692)
I have had no problems agreeing monthly payments with any of them, and to date, they have always accepted my proposal of what I consider I can afford to pay. I presently pay:
TESCO £45 pcm
MCS £50 pcm
FFAX £50 pcm
FFAX £5 pcm
Tesco, in the early days sent my debt to a company called Triton but for the last couple of years they have been dealing with it in house again (so I assume that they never sold it).
Anyway, within the next 2 months I will be losing my job. I do not know how long it will take me to find another one, so obviously I will need to notify the above 3 companies that I will be claiming benefits and therefore they will be very lucky if they can even expect to receive £1 pcm each! However, I will be receiving a lump sum payout for my redundancy and was hoping that I could use this lump sum to clear the above debts. My problem is I have no idea how much to offer them, how much they paid for the debt and how much I can get away with paying to clear them all in full and final settlement. Over the years MCS and Fairfax have randomly offered to settle at 50% of the debt, but I won't have enough money to clear them if I paid them all 50%.
I am hoping that someone out there reading this, knows the system and what figures I should be offering them, obviously I want to pay them as little as possible, but at the same time be able to clear them all. I am also not sure if Tesco's would do a deal at all, being as the debt is back in house with them?
Any advice will be gratefully received.... Thank you
0
Comments
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Hi freckles, sorry am not in a position to help on this one but didn't want to read and run. Some one will be around later with good advice.
Good luck!Make £2020 in 2020 £178.81/£2020
SPC 13 #51
Feb Grocery Challenge £4.68/£2000 -
Bumpety bumpMake £2020 in 2020 £178.81/£2020
SPC 13 #51
Feb Grocery Challenge £4.68/£2000 -
I think the general consensus on this is to offer 30% and go from there. At least it opens up the negotiations...DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0
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