what do MCS settle on?

Optmus77

Hi does anyone know what MCS will settle on as final settlement. I have 2 debts £1500 and £1400 and what to negotiate a settlelement. both account are in default for over 1 and half years.

any help would be appreicated.

thanks

Willing2Learn

I don't think there is any fixed percentage that would appliy across the board. It depends on things like your current repayment plan.

For example, if at the moment you are currently repaying £150/month and £140/month for each debt respectively, then both accounts would be settled in 10 months. MCS might not accept a negotiated settlement in this instance as the they would get all their money pretty quickly anyhow However, if your normal monthly repayments were lower, spread over a number of years, then MCS may accept reasonable offers as it improves cashflow and turnover from their business perspective. The longer the duration of your current repayment plan, the more likely it would be for them to accept a lower proposed full & final settlement offer.

So, basically it would probably depend on the status of your accounts and the expected duration of the agreed current repayment plans.