Full and Final Settlement

bones65

Need some advise please.
I have a debt with Idem services in Solihull that was passed onto them by my original creditor. I owe £3,800 and have three times now offered a !!!!!! each time being refused. The last amount was for £2900, which i thought was quite fair. So imagine my disappointment when i received there rejection letter.
My question is should i carry on and offer them more or just leave them stew and save a little more to pay off the other two creditirs i owe.

Debt_Mountain

How long have you got left to pay on there?

I am guessing that if you had 24000 27months ago, and now 18300, then you are paying circa 200 per month to everyone, and thus probably around 35-40 a month to these guys.

On that basis, I am surprised they won't take something, you'll do no harm to call, chat to them and make sure you say that you are time pressured for the offer else your support will be withdrawn.

bones65

Hi
thanks for reply. I just paid off one creditor with a !!!!!! so thats why it came down sharply so i have only three creditors left now. I too was surprised they would not accept this offer as im only paying them £20 a month at present. Another concern is i am being made redundant in the next two months with little redundancy money as i havent been here for that long so once my wage stops i may have to reduce there payments further or take out a IVA etc.

moohound

Do they know they payment might be going down soon?

It might motivate them to take the offer if they think their payment will go down to a £1 token.

rizla_king

Start at 25% or less and explain that soon that may be all they will ever get, and that if they delay it might be nothing at all.

DS4215

rizla_king wrote: »

Start at 25% or less and explain that soon that may be all they will ever get, and that if they delay it might be nothing at all.

Second that. Write to tell them that due to redundancy their payment will reduce to £1 pcm until you find new work, however you can borrow x% (start low although they think you are sitting on £3k) for a full and final settlement but only until a certain date.

It might make them think.

moohound

They might know you have got £2900 but they also know you have other creditors.

bones65

Well just rang them told them the deal offered them £100 more on top of the last offer and made it quite clear i am being made redundant next month so payments will reduce.
So ball is now in there court.

moohound

bones65 wrote: »

Well just rang them told them the deal offered them £100 more on top of the last offer and made it quite clear i am being made redundant next month so payments will reduce.
So ball is now in there court.

If they don't take it then they are idiots

poohwithmoney

Hey.
IDEM are the worse and most frustrating company I've ever dealt with. I offered a !!!!!! and was refused in the same situation as you after letters send calls there ginsl response was they'd keep taking monthly payments and they'd take legal action if I failed to make the payments!!!!!

matttye

bones65 wrote: »

Well just rang them told them the deal offered them £100 more on top of the last offer and made it quite clear i am being made redundant next month so payments will reduce.
So ball is now in there court.

Make sure you get a written agreement from them if they go ahead with your offer.