When to offer f&f settlements?

Jacko_amz

My partner has 15k worth of debt to 4 creditors, he has been on a dmp for 6 months now paying token payments of £1. He has 10k due to recent house sale with ex. 3 out of 4 creditors have been sold on already and we've heard nothing from any of them, my question is when can he offer f&f? Is it a matter of waiting a couple of years or until they contact him?

Any advice would be fab x

sourcrates

Hi,

If he's not been chased, why rock the boat, if, or when, he is contacted, he could then make them offers to settle.

Usually the longer an account is outstanding, the better chance you have of a low offer been accepted.

Also it's best if an account is sold on, as they will be more open to offers, having paid very little for the accounts in the first place.

Jacko_amz

Again thank you sourcrates

sourcrates

Jacko_amz wrote: »

Again thank you sourcrates

I personally would hate giving a DCA a single penny, but you can use there greed against them in situations like this, and hopefully use it to your advantage.

Jacko_amz

we are currently just waiting for 1 creditor to sell the debt on and this could take a long time, thank you for the advise he has the 10k locked away so we can take the necessary action when the time comes