full and final settlement offers

pma13

hi all
Following sensible advice on here Iam going to try and get full and final settlement offers can people offer me advice on offers to make when people refer to a 30% 50% is this off the debt or there only offering to pay 30 % of outstanding amount? ive got 2500 and wanted make it go as far as poss, iam on debt management plan step change already and Ive told them I will be doing this for some of debts. Any advice appreciated
bcard 2200
simply be 626.
barclayloan 726.
barclay overdraft 452.00

Partner owes
Bcard 1300.
natwest 511.
argos 321.
next 232.
admiral 137.

The_fog_has_lifted

I've been looking into this at the moment, it seems the general advice given is to offer to pay each creditor 30% of the total debt and negotiate from there.
ALWAYS have full and final offers clarified in writing so that they can not claim down the line that you still owe any money.
good luck.

double_mummy

are these defaulted? still with original creditor? how much are you paying them as part of the DMP

It maybe better to drop your payment of your DMP to £1 per month for 6 months due to a change in circumstances (save the extra money to give you a larger pot to pay settlements from) and then make the offers

start with 25% of each (total of about 1600) that gives you some wiggle room to increase if needs be

do all negotiations in writing and get them to confirm in writing that these will be full and final settlements and that they will not sell on / pass on or further collect on the outstanding balance

pma13

iam paying in total 200 a month currently but as this doesnt cover some of the minimum payment keeps coming up as defaulted right theres no harm trying. The weird thing is some have been passed to another agency and then gone back again
thanks

double_mummy

worth a shot but may be more difficult

on your credit file are they showing as defaulted or just payment/s missed?

pma13

double_mummy wrote: »

are these defaulted? still with original creditor? how much are you paying them as part of the DMP

yes some defaulted . 200 and some with original creditor

pma13

sorry didnt see that post barclay card, argos, next, natwest and barclay loan showing as defaulted on file
thanks

double_mummy

how much of a hit are you willing to take on your credit file? by letting them all default just paying £1 per month and then after 3-6 months offer the settlement you would then have an extra 500 - 1000 ish to add to the pot