Creditor wont accept offer of settlement

AlisonCVS

Hi All

My tale of woe!! - Background Info

My husband was out of work for 3 years (no benefits as I earned too much - did not feel like I earned too much!).

We built up considerable debts during this time always hoping that something was just around the corner.

Anyway, long story short, we owed about £22,000. I negotiated interest being frozen and agreed reduced monthly payments and now owe about £19,000. My husband is now in work (which stops us going further into debt but not help much in clearing the existing debt) but I have always been the main bread winner, he does not earn a huge amount. After I suffered a traumatic and lengthy period of ill health (although still managing to work and pay off debts!) I have just been diagnosed with Multiple Sclerosis.

My debts at my current repayment will take about 10-12 years to pay off. I cannot guarentee that I will be able to work that long with MS - it is unpredictable. I have been under so much stress which makes the illness worse, so my family rallied round and came up with some money to help me.

Action Just Taken To Make Final Settlement

I wrote to each creditor and asked what they would accept as final settlement (not giving away how much I could pay them as I do not want to overburden my family) - copied a letter recommended by CCCS.

Barclaycard accepted £2000 which I was ok with. Cahoot replied asking me to make an offer so I offered £4500 about 55% of the debt. I have not heard from Littlewoods catalogue yet.

My point in posting and I what I need advice on is this:-

Natwest are saying that they will not accept a reduced offer they want the debt paid in full. This is £5666.71

Any tips on what to do next re Natwest, anyone? Negotiating advice? ANyone dealt with this before?

Grateful for any help

AlisonCVS

Anyone had any succes in a reduced final settlement with Natwest???

Broken_hearted

I got mine down to one third of the amount owed. To do this I went into a branch and spoke direct with the manager who was lovely and sorted it for me.

AlisonCVS

Thanks Broken Hearted
I thought they would be a bit monster-like if I went in face to face. I will try that. Thanks again
Alison

madmoney_2

Yes I find that if you go in and ask them face to face they are alot nicer than what you may have thought, just go in and explain your situation, and let us know how you got on next week xxx
p.s well done on reducing your debt so far, it looks great on your sig!!

AlisonCVS

Thanks MadMoney
Its reassuring when you hear that other people have been able to take the bull by the horns and that it has actually been ok.
I will let you know how it goes!
Congrats to you too with your successes, huge admiration for you, stick with it.

:dance: