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Final Settlement Figures
SuperOX
Posts: 15 Forumite
Good Morning all and I hope you are all well!
Apologies if this has been mentioned before, but I need some assistance and advice on how to proceed to hopefully becoming debt free!
I have a few creditors and utility companies with money outstanding. Whilst I'm not paying any interest to them, I'm paying a minimal amount per month to keep them happy. This comes off the back of advice on this forum (thanks guys) to leave a fee charging management plan and go it alone, it's been successful so far!
I am now, potentially, being able to have access to a set amount of funds of which I am planning to use to clear these debts once and for all. I wondered if anyone has dealt with any of the companies below and have an idea of what % or figure I can be expected for them to accept as a final settlement figure:
(The figures are what is still owed)
- NPOWER - £1,100 - computer error on there part, account closed in September 2013 - complaint to FOS lowered amount owed but paying £45 per month currently (so 2 more long years to go)
- BARCLAYS - £2,050 - Career Development Loan taken out in 2009 on a wild career aspiration, paying £20 per month until funds agreed to clear (so technically 8 1/2 years to go if not cleared
)
- SOUTHERN ELECTRIC - £106 - not a biggy but paying £9 a month to clear since May 2015.
- BRITISH GAS - £335 - another great big company customer service error that didn't allow Direct Debits or bills to be sent to me, had money given as goodwill gesture and paying £15 a month so another 2 years of this burden.
It's not mega amounts I know, however I want to be debt free so my monthly income can be spent on the family rather than paying these companies!
Any help is much appreciated and I thank you in advance!
Apologies if this has been mentioned before, but I need some assistance and advice on how to proceed to hopefully becoming debt free!
I have a few creditors and utility companies with money outstanding. Whilst I'm not paying any interest to them, I'm paying a minimal amount per month to keep them happy. This comes off the back of advice on this forum (thanks guys) to leave a fee charging management plan and go it alone, it's been successful so far!
I am now, potentially, being able to have access to a set amount of funds of which I am planning to use to clear these debts once and for all. I wondered if anyone has dealt with any of the companies below and have an idea of what % or figure I can be expected for them to accept as a final settlement figure:
(The figures are what is still owed)
- NPOWER - £1,100 - computer error on there part, account closed in September 2013 - complaint to FOS lowered amount owed but paying £45 per month currently (so 2 more long years to go)
- BARCLAYS - £2,050 - Career Development Loan taken out in 2009 on a wild career aspiration, paying £20 per month until funds agreed to clear (so technically 8 1/2 years to go if not cleared
)- SOUTHERN ELECTRIC - £106 - not a biggy but paying £9 a month to clear since May 2015.
- BRITISH GAS - £335 - another great big company customer service error that didn't allow Direct Debits or bills to be sent to me, had money given as goodwill gesture and paying £15 a month so another 2 years of this burden.
It's not mega amounts I know, however I want to be debt free so my monthly income can be spent on the family rather than paying these companies!
Any help is much appreciated and I thank you in advance!
0
Comments
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Lots of people have viewed this without making a comment so don't want to leave you high and dry.
I would start at 10% and then work your way up again. If they have been passed to Debt Collection Agencies this will be easier.
If they have not - it might be a little more tricky.
Good luck though.
Paid off all Catalogues 10.10.20140 -
Hi
I agree with Brightspark that it’s best to start low and then negotiate upwards if you need to. There is a sample letter here you can make your offers with:
www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx#
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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