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When to offer f&f settlements?
Jacko_amz
Posts: 254 Forumite
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
Any advice would be fab x
Tesco Loan - 9177
0
Comments
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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.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 -
Again thank you sourcrates
Tesco Loan - 91770 -
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.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 -
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 Tesco Loan - 91770
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