Advice wanted on full and final offers.

Cumbrian_Male

Brief synopsis

Made redundant Feb '06, income dropped 25%, DMP with CCCS, CCJ and charging order from one creditor.

Now have full asking price offer for our home and can move to free up capital to pay off creditors.:j

Question is how do you get the best full and final offers? Do CCCS write to creditors or do I have to do it myself.

What is the best way to start? In your experience at what % do their ears pick up? DMP will take 12 years, so I was hoping that 40-50% would hit the mark.

Creditors are

Alliance and Leicester internal debt recovery for O/D.
Lloyds TSB internal collections dept. for credit card.
Arrow for MBNA credit card.
Metropolitan collection service for First direct loan.

Thanks in advance for all replies.

Crown

Check out this following link to the national debt line. It explains the common procedure in offers of full and final settlement.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Cumbrian_Male

That was quick!

Cumbrian_Male

Anyone have specific advice or experience with any of these creditors?

Crown

Morning, Im afraid I havent had any dealings with the mentioned creditors. Im sure someone will be able to comment though.

I have made and had offers from DCA in the past though and have had reduced rates of up to 25% easily. The most I have heard is a guy that paid back 30p in the pound on his debt. I cant remember where I saw that story. although it most likely was on here at one point.