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Debt settlement offer, what to counter offer
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loopy.magic
Posts: 238 Forumite
Hi all
After some years of being on a DMP I am now finally in a position to begin offering full and final payments to settle accounts.
On a balance of £7900 I've been offered a settlement of £3900 by CABOT Financial.
Question what should I offer as a counter? I'm thinking around £2700-£3000? Is this too much, too little ?
Thanks
After some years of being on a DMP I am now finally in a position to begin offering full and final payments to settle accounts.
On a balance of £7900 I've been offered a settlement of £3900 by CABOT Financial.
Question what should I offer as a counter? I'm thinking around £2700-£3000? Is this too much, too little ?
Thanks
0
Comments
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loopy.magic wrote: »Hi all
After some years of being on a DMP I am now finally in a position to begin offering full and final payments to settle accounts.
On a balance of £7900 I've been offered a settlement of £3900 by CABOT Financial.
Question what should I offer as a counter? I'm thinking around £2700-£3000? Is this too much, too little ?
Thanks
Hi,
Do they hold paperwork for this debt ?
I would certainly find out first before i offered anything.
CCA request would be my next step, if you have not already done this.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 -
They do now own the debt, it was originally a loan that got sold to Marlin who then became Cabot.0
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loopy.magic wrote: »They do now own the debt, it was originally a loan that got sold to Marlin who then became Cabot.
Yes but do they have the legal paperwork ? do they hold a copy of the original agreement ?
Have you ever done a CCA request to Cabot ?
If not, you should, before you make any offer to settle, it could save you thousands, or it could save you nothing, but its all for the price of a stamp, plus the £1 statutory fee.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 -
Thanks, I will do a CCA Request.
If it turns out that they do have the required legal and agreement paperwork any views on how much I should offer?0 -
Depends on how long ago the debt was sold, how much you've been paying them in the interim, and what they think their chances would be of getting more from you via a court process.0
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loopy.magic wrote: »Thanks, I will do a CCA Request.
If it turns out that they do have the required legal and agreement paperwork any views on how much I should offer?
See what comes back from the CCA request first.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
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