Am I asking too much?

AngryDog

I am asking too much to hope that I can Settle my debts for around £9,000 to £10,000?

The figures I owe are in my signature. It may be possible for me to get that kind of money from my family to pay off my debts.

The £12998 and £7650 are with Mackenzie Hall (N-RAM and Marlin).
The other is with Metropolitan collection services.

Thanks.

milky1991

Am I right in what your asking is that you have total debts of £30,086 and you want to settle them in full for a£10,000 payment ?

I wish you luck if you do it let me know how

Tixy

There are certainly cases of people settling for around 30% so its a possibility.

How much are you repaying towards the debts at the moment and how long will it take to repay them back at that level of payment?

Have all been able to provide evidence of the debt and the correct paperwork to you?

How recently did you fall in to arrears?

Any still charging you interest?

AngryDog

Tixy wrote: »

There are certainly cases of people settling for around 30% so its a possibility.

How much are you repaying towards the debts at the moment and how long will it take to repay them back at that level of payment?

£50 each month - Years!

Have all been able to provide evidence of the debt and the correct paperwork to you?
I've never asked

How recently did you fall in to arrears?
4 years ago

Any still charging you interest?
No, all with DCA's not charging interest

Answers in bold

Shadow14uk

milky1991 wrote: »

Am I right in what your asking is that you have total debts of £30,086 and you want to settle them in full for a£10,000 payment ?

I wish you luck if you do it let me know how

I'm confused? Will lenders offer a settlement fee for less than the total amount?

AngryDog

Shadow14uk wrote: »

I'm confused? Will lenders offer a settlement fee for less than the total amount?

Yes. It goes down as partially settled on your credit file. I paid a £1234 debt off for £400. I was paying peanuts, so they accepted my offer as it was worth more to them in one lump than waiting years for it.

nolongerindenial

AngryDog wrote: »

Yes. It goes down as partially settled on your credit file. I paid a £1234 debt off for £400. I was paying peanuts, so they accepted my offer as it was worth more to them in one lump than waiting years for it.

I have done a number of full and final offers and had some luck..

MBNA - £3400 Owed - £1096 Paid to clear
Egg - £1100 Owed - Sold on between DCA's a few times, both them and me lost paperwork so have written debt of for £0
Natwest: £400 CC, Paid it off for £108

my tip - offer to pay before the end of the month by phone and then get them to confirm in writing - they work on commission so may be entitled to bonus's if they can get the money in quicker

AngryDog

Thats some good work! I've never disputed owing the money, just that I know I'll never be able to pay it off in a sensible time frame, and I believe it is in both mine and the DCA's interests to get a lump sum paid and to write the rest off.

Thanks.

ASingleParent

nolongerindenial wrote: »

I have done a number of full and final offers and had some luck..

MBNA - £3400 Owed - £1096 Paid to clear
Egg - £1100 Owed - Sold on between DCA's a few times, both them and me lost paperwork so have written debt of for £0
Natwest: £400 CC, Paid it off for £108

my tip - offer to pay before the end of the month by phone and then get them to confirm in writing - they work on commission so may be entitled to bonus's if they can get the money in quicker

Is this for 'normal' debts, i.e., not subject to CCJ or being collected by debtors etc?
Under what circumstances would one be able to negotiate with the bank to allow a final payment?

National_Debtline

Hello there,

I've had callers that have obtained settlements for 30% - and sometimes even lower, so I know it is possible.

Tixy's point about asking for paperwork is an important one. Some creditors have been known to accept very small full & final settlements if the debt turns out to be underpinned by paperwork which is likely to be legally unenforceable. This would apply to Consumer Credit Act 1974 regulated agreements entered into before the 6th April 2007.

Click here to find out comprehensive fact sheet outlining the full & final settlement process.

Click here to find out more about getting information about your credit agreements.

Best wishes,

David @natdebtline

AngryDog

Hi David,

Thanks once again for your input. One of my debts has particular "special" circumstance. Is it worth my calling and speaking to someone directly about it? Its about a loan that was defaulted, passed to a DCA, taken back by the original lender when PPI was refunded, then closed, then re-started under a new account, which I never agreed to, and then that defaulted as well.

Thanks.