How much do you think I should offer?

Gambling_addict

Hi here is my overall debt which I got into when I was 18 - 19. I am now 23 and been making regular monthly payments for last 2 years. Now my dad is suggesting I write and offer a full and final settlement to each one and he'll pay then I pay him. How much do you think I should offer bearing in mind alot of it is interest and bank charges? And the banks knew I was doing this in a casino every day for 6months and they never stopped me until it was out of control? (not that its anyone elses fault but mine I'm jus saying they didnt help) I dont want it to be too little but not too much either? Do banks have any policies regarding this? I currently pay £260 a month and can barely afford it plus interest is getting higher so not making a dent in debt.

CREDIT SECURITY LTD 1070.60
EQUIDEBT 1451.87
FENTON COOPER 2469.92
LLOYDS TSB BANK PLC 1647.10
ROCKWELL DEBT COLLECTION AGENCY 4086.52


Anyones advice (preferably a bank manager) is appreciated Either an overall amount for all 10,000 and I'll jus divide it fairly between who I more/less too or to each bank/debt agency?

Cheers

immoral_angeluk

It really depends on how much you actually have to offer... I would at exactly how much you have available and then write offering something like 50% and see where you go from therer.

southernscouser

Gambling_addict wrote: »

Anyones advice (preferably a bank manager) is appreciated

Never ever trust a bank manager! :eek:

Their job is to make money from you and they don't care how they do it!

Also your are with a few Debt Collection companies so banking policy goes out of the window.

Personally I would write to them and say you might be able to stretch to afford to pay 50% of the debt as a full and final settlement. They can only say no, and if they do they are likely to offer you a figure that they will accept.

Tashja

You say a lot of this is bank charges.

Once you have done the F&F's why don't you claim the charges back and pay your dad off with the money you claim back.

You could get rid of most of this debt then.

T xx

Gambling_addict

Can you do that? Seems cheeky getting them to do that if they write of some of the debt (even if majority is charges) - Altho quite amusing. Anyway My dad will give me upto £7,000 but wondering if I should be cheeky and say less as less money I pay quicker I can pay of my dad and less of a hold he has over me

Miss_Frankie

Hi I’m thinking of doing this with my debt too. I know I’m pushing my luck but I’m going to offer them 25% so hopefully then they’ll make back with a figure round about the 50%. Do you have a template letter you are sending to creditors? Or is it your own? Who are your debts with?
Goodluck to you, I’m going to get letters out in the next couple of days. Let me know how you get on.

misscutiepie1984

Im in the same boat i owe about 12k.... do not have much saved as yet but will do by the end of the year was thinking of offering 30%, let me know how you get on.

steve700

It may seem a bit harsh but why not.....

pay back what you have spent?

By all means try and claim back any extortionate charges.

I owe 7k on credit cards but would not expect to only pay back 3.5k.



You've spent their money, so why not pay back their money?

Steve

misscutiepie1984

i do get your point.... i have got it down from 21k, but when looking at what interest i have paid etc etc i have more than paid back what i borrowed already, if they choose to accept thats up to them as a company. If not then i will pay.

If i owed 7k i would be that worried but 21k to 12k feels like it has taken forever

Miss_Frankie

Yeah I see your point too but I'm really struggling I would like to pay what I owe but I just can't. There's a big difference between 7K and 21K

Crown

Hi and welcome to the Site,

Have a look at nationaldebtline.co.uk as on there site they have a formula for working out full and final settlement offers.

I just wanted to ask if you have now stopped gambling completely?

I am 29 and a recovering compulsive gambler. I know what it is like to spiral out of control. If you haven't already I would strongly advice you to attend a Gamblers Anon meeting even if you are currently not gambling as it can creep back on you at anytime. I was reluctant to do this as I never could admit I had a problem and thought I was “Not that bad” trust me when you go back at it it gets 10 times worse. The People weren't all weirdos (although there was one or two) and I received a lot of advice and answers to why I actually cant just have a bet like my mates do.

I have been attending G.A Meetings once a week for the last 3 months and I haven't had a bet within that time. I have learnt that Gambling can become an Illness and it is more than financial damage that it causes as it effects our ability to cope with important matters in our lives.

I have also learnt that some people can have a social bet and other people like myself can't as it leads to bigger and bigger bets and then spirals. Just like a Alcoholic cant have just one drink.

I don't want to give you a lecture but feel that you have a chance to not only clear your debts but to put yourself in a position that you do not get back into debt like I did.

Good luck with whatever you decide