Settlement Figures

getclear

I've managed to agree settlement figures with a couple of creditors (c/cards) but having problems with last creditor which is bank account of well known high street bank.
They say they don't come to arrangements to 'settle' and that the full amount is owing.
Question - Is this correct ??? i've had no problems negotiating settlement figures with credit card debts ??
(PS i did this myself without going to debt management company and my credit file is still in fairly good order)
Any advice please as i want to make a 'stand' with this high street bank as i've had confirmation too that they admit i was mis-sold PPI on their credit card - claim has taken almost 2 years and i'm still waiting for an offer amount !!!

Tixy

Its unusual for creditors to agree to accept a reduced figure in full & final settlement of the debt unless you have defaulted on the agreement.

If you have defaulted, and particularly if they have agreed to freeze interest then creditors will sometimes accepted reduced amounts, if they decide it is in their commercial interests to accept a lower amount sooner, rather than receive small payments each month for a year.

But no creditor is under any obligation to accept a reduced figure in settlement of their debt.