Final Settlements

debtfree1day

Hi

I started a thread yesterday on this but it seems to have dissapeared (??)

I have lots of debt - 74k and still have some savings and bonds which I must cash in (around 12k but maybe only 8 releasable) as I know it makes sense to clear off the expensvie -25% debts

plan was to aim at thje higher priced debts, BUT reading some of the threads on here, i am wondering if I should write a letter explaining how bad things are and ask for a full and final settlement figure and then pay off if any success

please note not in defualt or failure as I have constanly 'surfed' debt around (or borrowed more) so my creditors may not be aware how bad things are

Lisa

CLAPTON

in general F&F settlements are agreed if

- the debts have not been paid in full for some time
-the debts have been defaulted by the creditors and your credit record has been trashed
- you have agreed a reduced payment plan and stuck to it for some time
- the debts have been sold to a DCA

then the DCA will generally agree a F&F but no guarantees

Burlesque_Babe

Hi debtfree, is this the thread?

http://forums.moneysavingexpert.com/showthread.html?t=475641

debtfree1day

yes karen thanks

general consensus that I have no chance of reduced settlement unless I spend several months not paying / defaulting on most of the debts and then proove why

cheers anyway