Full & Final Settlement Advice.

newjam

I am currently with Step change and i am currently doing a Token Offer Payment of £1 per month to my 14 creditors. I am trying to put away any money i can for a F&F offer. I'm not sure what i should offer to each creditor. All debts are over 2 years old and defaulted a while ago.

Can someone please advise what i should offer as i don't want to be laughed out of town

Unsecured Debts
Description....................Debt
Lowell....................139
24/7 Moneybox..................246
Clear Accoount.................294
Moorcroft......................2319.
Mackenzie Hall....................1842
N Power........................1153
Wonga..........................699
Bonga Loans....................530
Speed-e-Loans..................534
Lowell ..........................478
Apex.............................334
LCS Civil..........................454
LCS Civil...........................389
Motormile.........................199

Thank you

double_mummy

newjam wrote: »

I am currently with Step change and i am currently doing a Token Offer Payment of £1 per month to my 14 creditors. I am trying to put away any money i can for a F&F offer. I'm not sure what i should offer to each creditor. All debts are over 2 years old and defaulted a while ago.

Can someone please advise what i should offer as i don't want to be laughed out of town

Unsecured Debts
Description....................Debt
Lowell....................139
24/7 Moneybox..................246
Clear Accoount.................294
Moorcroft......................2319.
Mackenzie Hall....................1842
N Power........................1153
Wonga..........................699
Bonga Loans....................530
Speed-e-Loans..................534
Lowell ..........................478
Apex.............................334
LCS Civil..........................454
LCS Civil...........................389
Motormile.........................199

Thank you

how much money do you have to play with?

newjam

I don't have a huge amount I was hoping to clear a debt or 2 a month, I can max it to around 400 a month

double_mummy

go in at 20%

offer it to all the ones under £1000 at the same time IN WRITING include an income and expenditure form to show you can afford £1 per month per creditor - offer the over £1000 - £1 per month as you will need to save to pay those ones off

start putting that £400 a month aside until you start getting responses

use the stepchange website for your income and expenditure as this shows you the acceptable limits when you are entering the figures

any that agree pay them any that dont set up a £1 per month PP and then save

Stewart_78

Agree with double mummy. A lot of your debts are 'small', at least in the eyes of the lenders so that means they have a little debt to deal with and that costs them the same as a big debt to chase. So they will be keen to get something back and close it off. Go in at 20% and make it clear there is no wiggle room and the offer is time limited. If they say no, keep saving and try a bit higher in 6 months time, say 25%. You will be paying very little, your credit file is gradually getting towards being clear and you can earn interest on your savings. The longer you are paying them £1 a month, the more likely they are to take a low offer.