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Advice Required Please

edited 30 November -1 at 1:00AM in Loans
2 replies 1.1K views
snippetsnippet Forumite
6 posts
edited 30 November -1 at 1:00AM in Loans
Hi there

How can I go about asking my creditors (debts 4-5 years old, currently set up on 'agreements to pay' which unfortunately I haven't stuck to as regularly as I should have) if they will accept a percentage of the debt as full and final settlement?

It's getting tricky at the minute because I just cannot afford to keep up even the agreed repayments, but my sister is hopefully going to 'give/loan' me some money to try and get rid once and for all. There's no way though that she'd be able or even willing to pay the full amounts off for me.

Any advice on how I could go about asking them? I'm sure in the long and distant past I have received offers of this sort from each creditor in turn.


:-[ snippet


  • Well, since I didn't get any replies... I compiled a letter using advice I read on other threads. The bulk of the letter goes like this:
    It is unfortunate that things have become so bad for me. I am sure you understand that it is not a very positive thing for me, having such a debt ‘hanging’ over me, and I wish there was some way for me to be able to pay the debt off completely. Unfortunately, my financial situation has not improved any since I made the agreement to pay £10 per month, and it does not seem set to improve in the foreseeable future.

    With this in mind, a third party (my sister) has kindly offered to help me out if an acceptable figure can be agreed upon. After much consideration, she has agreed to pay 50% of the total amount owing (as stated above) if it is in full and final settlement of this debt. This would mean that she would make a one-off payment of £3293.50, and she will do this within the next 60 days.

    I would appreciate it if you would reply in writing to let me know if this offer from my sister is acceptable and, if so, include confirmation that her offer will be accepted in full and final settlement of my debt. If you are willing to accept this offer, I would also appreciate it if you place a ‘settled’ note on my account and credit reference file, and send me a payment slip to enable payment to be made as soon as possible.

    Can anyone tell me what they think? I've posted it now anyway, so fingers crossed for me.

  • vansboyvansboy Forumite
    6.5K posts
    Part of the Furniture 1,000 Posts
    Only one way to find out really - thats ask them.

    BUT... Has your debt been 'sold on', say from a credit card company/finance house, to another money lending outfif?f so, they may have only paid a few hundred, for the benifit of your few THOUSAND still owing.

    They may well be OK with £10/ week & not apply further penalties, if you miss repayments.

    They may also welcome you offering, say, £500 for a final settlement.

    Don't be too hasty in offering so much - you'll still need to repay your sister.


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