Advice on current situation

tranmereforever

Hiya All,

I have a few debts on cards etc that I have arrangements in place for

This has helped me reduce my debts down by £17000 to £8000 remaining

Last night I was informed that each family member would be receiving a lump sum gift for Xmas, this would enable me to pay all of the remaining off especially if they were willing to accept a full and final payment for it- some of the companies write to me often offering to discuss this option with them.

My question is if I write to each of them stating I can pay in full by the end of Jan how much of a reduction percentage wise is normally seen as acceptable to them?

Looking forward to having it all resolved

National_Debtline

Hi

Full and final settlements are normally considered on a case by case basis by each creditor or debt collection agency so it’s difficult to say how much will be acceptable. Generally debt collections agencies that have bought a debt for a lower amount tend to be more open to reduced settlement figures.

When you say ‘write to them stating you can pay in full’ I presume you mean pay a full and final settlement figure as a lump sum in January, rather than paying off the full balance.

I think most people tend to make offers around 30% - 50% of the balance and see what sort of response they get. You could request copies of the CCA agreements as you may be able to drive down the percentage if it can’t be supplied.

James
@natdebtline