Can you help me get debt written off if I offer a lump sum

11221

Hi there well I'm lost in the int and trying to find the facts about debt. iv been on payment plans for sometime , nearly six years for some , a family member offering to lend me the money to try get me out my debt and just pay them back as I am 24 and wanting to start looking at buying a house in a few years.

When I was 18 I worked for a bank and was given staff credit and made a lot of silly decisions and then I lost my job due to cut backs. I'm nearly out of det which was over 20k but I want to know if I offer the companies a settle for a lump sum will they take it as I am going to be paying them 5 pound for the rest of my life..so figures on what I have left off my det

( I also have a staff loan as I worked for a bank for about 6500 left on it when I checked about a year ago but this is not showing up on none of my credit reports and I can not find it anywhere is over 6 years old is this going to show anywhere so I'm going to deal with this another time as I'm trying to sort my credit report out )

Please can you advise me if I offer these compaines settlement would they take it do I use the money to try get rid of only one or two I'm on payment plans paying about 5 to 20 pound back for each of them

Would be greatful for your help and am very sorry about my bad grammar iv read I can get 70% of the debt written of but I want to deal with the companies myself and do this

DebtClearer

If you are considering possible mortgage applications making final settlement offers will absolutely trash your credit file. You would be better to tackle the debts head on as if you were saving for a house.

Get rid of the Wonga loan as that will be setting you back no end.

11221

Thank you for your reply. I was looking at doing the application in about two years time but getting myself a good credit rating by then. I thought it just shows on your credit rating as settled and that you have repaid the debt

cottage_retreatist

hey 11221

I think you're looking for an easy way out without thinking this through. You're 24 and quote made a lot of 'silly mistakes' to get this debt. If a family member gives you the money to bail you out - how soon before you're attempting your next round of full and final settlements?

Also - that 6000 will be somewhere if you have made any payments or acknowledgements of it within the last 6 years so remember it may come back to bite you at some point.

Look at how your debts are at the moment - have you defaulted, are they still with the original creditor? If the answer is no to defaults and yes to Original creditors - you're clutching at straws, you're paying them and up to date so what incentive do they have to accept a lower repayment?

we need more information to assist you. but seriously - you need to have your Light bulb moment and clear this debt because you want to/need to rather than because someone is bailing you out.

all the best
C-R x

11221

Thank you for your reply iv been paying off the det for over four years now. They have all been passed on to other companies only capital one and wonga and littlewoods are dealing with the plans them self. I'm paying very little amounts due to I took a large pay cut when I got made reduant. I'm look at the quickest way of clearing the det and starting to build my credit rating as I'm already in agreed payment plans with all off them both loans offered me to settle the det for a good couple of thousand less then what I owed when I could not make payments and after seeing my situation. Again the family member is helping me as I thought this is the quickest way to get my credit back to normal or at a stage I am building a better one. The large loan of 6k that is no where to be seen I took out a month after I was 18 for 9500 so that has just become over six years and they are bouncing my standing order that I had agreed with them and have not contacted me. HSBC was over three years ago so would it not get reset in another three years anyway what every way I agree to settle it ? Thank you once again for your replys .... I am also now in control of my money and in a very good position once I clear this det iv learnt from my mistakes I made and I think at 18 saw it as free money and did not think it through iv clear well over 10k and have not lent over a year and half now you are correct I am looking for the quickest fix to start building it back up I save to get things now it's been a learning curve

11221

Also the reason I'm being helped is due to iv been looking at ways to do this for a while I'm also repaying the money back to them. I will only being doing this if is a quicker way and saves me money and start my credit rating form what iv read long as it shows as settled on your credit rating then that is when my credit will start repairing if I can clear it now formless and then pay them back in a year and get a year of my credit building at the same time this would make more sense

11221

And all the things I listed above on my first post showing as default on my credit report I have a lot others iv clear and got satisfactory on but I'm left with the list above I'm trying to sort out

cottage_retreatist

11221 wrote: »

The large loan of 6k that is no where to be seen I took out a month after I was 18 for 9500 so that has just become over six years and they are bouncing my standing order that I had agreed with them and have not contacted me. HSBC was over three years ago so would it not get reset in another three years anyway what every way I agree to settle it ?

OK - this bit struck me - I don't have time to go into all of it - you have been paying standing orders for the large debt all this time and they have only just been bouncing back? If this is the case - it won't become statute barred. i.e. they can't ask for their money back if its an unsecured loan - because you've kept up payments.

Hopefully someone else will come along who can dissect this better than I can with a better knowledge of this.

I hope someone can help you but I do fear you're looking for a quick exit and your family member is being overly 'kind' in bailing you out (esp if you do have a 2k loan with them already).

PS - if defaulted the debt will drop off your credit rating 6 years after the date of default so have you checked your report to see when that actually was?

11221

It not on my credit report iv check with three credit report sites that the company use and it's not there they started to return the payments about six months ago which would be about the six year point. I'm able to pay the family member back and they know I will I'm only going to do this to if I can get a quick fix out of it otherwise is pointless just moving the det to them. The idea is I can try and sort this now write of the det repair my credit rating sooner and pay them back ( I am due a bounus which will pay more then half the money I ow gem and be able to clear the rest within a year once I get for of the det) I am looking for the quickest fix to correcting it if turns out there is not a quicker fix then I would not lend the money as it's not solving anything. I'm unsure but another 2 and a half years the large dets will be at the six year point anyway. Thank you for your reply

asparagus1968

hi, I don't know much at all about defaults/ statute barred etc sorry.

I think you need to keep asking for advice, and try and make your posts a little easier to read?

I don't understand how you can be in a good position to with money now, if you have had to get a wonga loan recently?

I don't think debts get "re set" after 6 years.

I was under the impression that debts only became (company not able to take you court, not written off) statute barred 6 years after default if no payments/ correspondence has taken place.

could you not borrow the £3000 (is that interest free?) and pay off as much as possible from the highest interest debts, then do a SOA and see what you can pay off the others?

good luck

happy_bunny_2

If these 2 were taken out before April 2007, I would be firing off a CCA request:
HSBC for a loan £3182
Little woods £1136

If they don't have one or its junk, they can't get a CCJ and then they are likely to settle for whatever they can get, probably 20-30%.

Other than that, they might all settle, but i would think it would be more like 50-80%.

This is useful to read if you consider offering something:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers