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Opinions on a settlement please
zenshi
Posts: 1,142 Forumite
I have been in my own DMP since April this year and one credit card have been really difficult.
Anyway in the summer I had a letter offering to knock £300 off but didn't do anything, just carried on with my £5 a month. Now I've had another letter this morning offering a settlement of £997.90 from an original debt of £1663.17 paying over 90 days
If I could borrow this money from family, would it be worth it or are they likely to maybe drop more?!
Anyway in the summer I had a letter offering to knock £300 off but didn't do anything, just carried on with my £5 a month. Now I've had another letter this morning offering a settlement of £997.90 from an original debt of £1663.17 paying over 90 days
If I could borrow this money from family, would it be worth it or are they likely to maybe drop more?!
LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
0
Comments
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A 40% discount isn't bad if the debt is still with the original creditor and its only been since April.
However you could always write to them yourself and make a lower offer in full & final settlement of the debt. If a family mmber is willing to lend then maybe write back to them and say you have been able to borrow £x from family on condition that it is accepted in full & final settlement of the debt.
Useful template letter on the national debtline website for sending a full & final settlement offer.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
It's with a debt collecter agency, not sure if its in house or not!
Debt was Post Office credit card via Bank of Ireland. dCA is BCW groupLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Is it pre 2007 ? at all ? they usually offer big discounts when they know there may be a problem collecting the debt.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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I have no idea when I took the card out! But only been making reduced payments since April this year, before then was minimum payments or moreLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640
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