Debt settlement

trundles

Hello

I am after a bit of advice please

I have debts of around £25,000

CCJ Egg bank £9937
Northampton County Court CCJ £250
HFC Bank £5525
Nationwide overdraft £1314
Car Finance £1204 (don't have the car anymore)
Capital One Card £151
Nationwide Visa £2092
Halifax Visa £4543

I went for an IVA 25% a few months ago and it was refused by Egg because they are receiving £50 through the CCJ so they decided they were happy with that I have just sold my house and have £15000 does anyone have any idea what kind of % creditors will accept for a full and final settlement I was thinking if I try and settle everything but the Egg debt and then throw any spare money at that in order to pay it off quickly or does anyone have any other advice in order to clear things as soon as possible

thank you

CCCS_Emily

Hi Trundles,

You should eb able to clear all, if not most, of your debt with that £15,000.

To make full and final settlements you first of all write to each of your creditors and ask them what they would accept as full and final settlement for the debt, do not let them know how much you have available at this point, just see what they say. If you are happy with amount they come back with then great. If not you can write back and begin a negotiation with them, start off low, maybe 30%, and see how it goes. The most important thing with full and final settlements is: do not pay them anything until you have it in writing from them that they will accept the agreed amount and full and final settlement of the debt and not persue you to collect the debt in any other way. Otherwise it can backfire.

You can try to offer settlements to the CCjs but they may well be rejected and you would need to clear them in full. Or, like you suggest, clear the other debts and start higher payments to the CCJs.