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Will companies except my offer??

Do some companies except offers for example if I owed £800 to a company would they considered me just paying £400 and close account ?

Comments

  • DCFC79
    DCFC79 Posts: 40,614 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do some companies except offers for example if I owed £800 to a company would they considered me just paying £400 and close account ?

    Cant see how anyone can answer that, only people who can answer is the lender.
  • throwoff
    throwoff Posts: 93 Forumite
    Some companies will accept settlement.

    However there are some things to remember, firstly it is not set in stone what companies will accept, you will need to negotiate.

    Secondly, you are best putting these offers in writing and sending them recorded delivery, that way you have a paper trail.

    Finally I would do a statement of finances (it helped me a lot!) showing income and outcome to prove to the lender you are in hardship.
  • DCFC79 wrote: »
    Cant see how anyone can answer that, only people who can answer is the lender.

    Thought maybe some people on here have experience with this and have done it
  • throwoff wrote: »
    Some companies will accept settlement.

    However there are some things to remember, firstly it is not set in stone what companies will accept, you will need to negotiate.

    Secondly, you are best putting these offers in writing and sending them recorded delivery, that way you have a paper trail.

    Finally I would do a statement of finances (it helped me a lot!) showing income and outcome to prove to the lender you are in hardship.

    Thank you very much this was very helpful :)
  • Yes, but just because a company accepts someones offer does not mean they have to accept yours. Only the lender can tell you.

    It is very unlikely they will do it on accounts not in default.
    Thinking critically since 1996....
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    usually you can only do this if you have already defaulted on the loan (i.e. not paid the monthly amount for a few months)

    this will of course trash your credit rating for 6 years but maybe that isn't important to you.
  • DCFC79
    DCFC79 Posts: 40,614 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thought maybe some people on here have experience with this and have done it

    Each borrowers case will be different so even if you could find someone on here who has offered an offer to settle it could be not much use.
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 6 August 2012 pm31 3:23PM
    If you are referring to the PDL debt you have mentioned on your other thread, then you are unlikely to get a deal this soon.

    You have recently incurred the debt - you do need to talk to them about getting the debt fixed and the interest rates frozen first. Then, after you have made a few payments, you can offer a settlement, but bear in mind they do not have to accept it.

    Perhaps you should consider a formal debt management plan. It will trash your credit for six years, but it looks like you are already in the goop. You might be able to freeze the interest on your debts and fix lower payments until you have cleared all your debts. Go to the CCCS or Payplan as they help you for free - do not use a fee-paying service for it, no matter what promises they make.

    Good luck
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • If it's a PDL, nowadays... well you might just be lucky if you can make a straight one of payment to clear there could be a discount

    ^^Not my experience though, personally

    This generally sums up a settlement offer:
    What is a settlement offer?
    Occasionally we may offer you the ability to settle your overdue loan with a one-off payment. This may be at a discount to your outstanding balance. A settlement offer is a one-off time limited offer - i.e. the offer will expire and may not be offered again.
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