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Full and Final offer on payday loans?
supermum1988
Posts: 160 Forumite
Hi there,
I have 4 payday loans (I know I know, dumb as poo) but in my aim to get rid I wondered if anyone knows whether or not I could offer a percentage of the balance? One has gone to a DCA and theyve offered to take 2 months lowered payments with a view to pay it off at 80% in May which is great. I have 2 others which are still with the original lenders, but the last one has gone to another DCA but they've put it on hold for 2 months which helps a great deal. When it comes to paying them off, what would you offer as a FFO?
Thanks.
I have 4 payday loans (I know I know, dumb as poo) but in my aim to get rid I wondered if anyone knows whether or not I could offer a percentage of the balance? One has gone to a DCA and theyve offered to take 2 months lowered payments with a view to pay it off at 80% in May which is great. I have 2 others which are still with the original lenders, but the last one has gone to another DCA but they've put it on hold for 2 months which helps a great deal. When it comes to paying them off, what would you offer as a FFO?
Thanks.
LBM: 10/03/2015 Total debt:£11,742. :mad:
Extra Payment Every Week 2015 challenge: £179.50/500-35.9%
DFB Xmas 2015 challenge #160: £771.35/3000-25.7%
E' Fund Challenge: £70/1000 SPC 2015 #117: £21.47:rotfl:
:dance: Aim to be debt free by April 2018 :dance:
Extra Payment Every Week 2015 challenge: £179.50/500-35.9%
DFB Xmas 2015 challenge #160: £771.35/3000-25.7%
E' Fund Challenge: £70/1000 SPC 2015 #117: £21.47:rotfl:
:dance: Aim to be debt free by April 2018 :dance:
0
Comments
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How much can you afford? That's what it boils down to! If you have some cash sitting there that you can F&F them with then work it out pro-rata between them before making your offers. Most advice on here tends to be 30% as a starting point but usually such deals are not broached until someone has spent a significant time on a DMP or making token payments.Original Total: £34200.78 / Current Total: £24017.00 (July 2017) -29.88%!
DMP started March 2014. DFD: November 20250 -
Usually a payday lender will accept the original amount borrowed on a defaulted PDL, and will normally write off any interest and charges, if you ask them.
Those already with DCA,s won't do this, but should be open to offers.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
At the moment, they have all agreed to take token payments. The loans themselves are worth £117.17, £126.99, £146.99 (this one is being paid in May at £95 after 2 £10 payments) and £464.35. All are frozen for 6 months and in this time I'm hoping to clear all of them one month at a time. The next 2 months I only have the token payments available due to catching up on council tax and eon, but after they're sorted I should have £100 spare each month to throw at them.
I don't mind paying them off in full but wondered if it would be worth trying FFOs to save for my bigger debts?LBM: 10/03/2015 Total debt:£11,742. :mad:
Extra Payment Every Week 2015 challenge: £179.50/500-35.9%
DFB Xmas 2015 challenge #160: £771.35/3000-25.7%
E' Fund Challenge: £70/1000 SPC 2015 #117: £21.47:rotfl:
:dance: Aim to be debt free by April 2018 :dance:0 -
For the sake of the few quid you might save yourself, I'd be tempted just to pay them off without trying for the F&F route.Original Total: £34200.78 / Current Total: £24017.00 (July 2017) -29.88%!
DMP started March 2014. DFD: November 20250 -
You're probably right. Just thought id ask everyone's opinions. I'm new to this so still not savvy on the best ways to pay things off.LBM: 10/03/2015 Total debt:£11,742. :mad:
Extra Payment Every Week 2015 challenge: £179.50/500-35.9%
DFB Xmas 2015 challenge #160: £771.35/3000-25.7%
E' Fund Challenge: £70/1000 SPC 2015 #117: £21.47:rotfl:
:dance: Aim to be debt free by April 2018 :dance:0 -
Hey, it's whatever works for you. If you think it'll save you some money and that's what is important to you then it can't hurt to try!Original Total: £34200.78 / Current Total: £24017.00 (July 2017) -29.88%!
DMP started March 2014. DFD: November 20250 -
I may try on the slightly larger ones. That may be a little more effective. Time shall tell.LBM: 10/03/2015 Total debt:£11,742. :mad:
Extra Payment Every Week 2015 challenge: £179.50/500-35.9%
DFB Xmas 2015 challenge #160: £771.35/3000-25.7%
E' Fund Challenge: £70/1000 SPC 2015 #117: £21.47:rotfl:
:dance: Aim to be debt free by April 2018 :dance:0
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