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Offering a final settlement of an account
SpeedyBoots
Posts: 66 Forumite
Hiya folks,
I am wondering how it works when you offer a company a final settlement amount. I have a few old accounts, one being £700, one being £400 etc. Now I may soon be in a position where I have a small lump some of money and I'd like to settle these once and for all, but It would not be for the full balance.
How do you go about working out a final settlement figure etc?
Never done this before so I apologies if this is a silly question.
I am wondering how it works when you offer a company a final settlement amount. I have a few old accounts, one being £700, one being £400 etc. Now I may soon be in a position where I have a small lump some of money and I'd like to settle these once and for all, but It would not be for the full balance.
How do you go about working out a final settlement figure etc?
Never done this before so I apologies if this is a silly question.
Speedy Boots
0
Comments
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I worked out 25% of the debt, 33% and 50% then started out offering the lowest amount.
Most refused 25% but I have 2 out of 6 companies who have settled at 50% and one at slightly lower. Still working on the other 3
All of the debts were defaulted and with a dmp which I believe make it a bit more likely that companies will settle at a lower figure than the full amount.Looking for the sunshine after the rain :cool:
Dealing with debt £1800 paid / £1800 cc :j
Now aiming to be mortgage free...figures to follow0 -
How would you do it? Ask them what their settlement offer is and then say, I can offer X amount, starting at 25%?Speedy Boots0
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What are the accounts?
Who owns them?
When were they taken out?
Have you read this?
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers:beer:0 -
Are the debt's still ive or have they become SB?
when did you last hear from any creditor?
Don't rock the boat - spend the money on you
0 -
harveybobbles wrote: »Are the debt's still ive or have they become SB?
when did you last hear from any creditor?
Don't rock the boat - spend the money on you
Are they even enforceable?0 -
My approach would be to find out if these debts are enforceable.
If not then the options are never to pay them and wait 6years to be Statute Barred or negotiate a lower f&f settlement or a perpetual £1 a month payment plan.
Don't rush into this research further.0 -
cynicalgit wrote: »Are they even enforceable?
Do we know if they are enforcable?0 -
One is with Wonga, one is with MKDP on behalf of HSBC. The MKDP one is from 2004 but still shows on my file?Speedy Boots0
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Outstanding with Wonga is £700, they offered me £600....no deal.....Speedy Boots0
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Offer £50 as F&F to Wonga.0
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