Negotiating with creditors

dannib_2

Hi, first post on this board but wondered if anyone could offer advice. We have debts of around £30k and have around £16k available to clear our debts (or as much as possible) we are currently in debt management plan and have been for a about 6 years and it just seems to be increasing.

We have £16k to clear our debt, what is the best way to go about this? What is the likelihood of getting almost half off?

Any other advice would be appreciated

Thank you

glentoran99

dannib wrote: »

Hi, first post on this board but wondered if anyone could offer advice. We have debts of around £30k and have around £16k available to clear our debts (or as much as possible) we are currently in debt management plan and have been for a about 6 years and it just seems to be increasing.

We have £16k to clear our debt, what is the best way to go about this? What is the likelihood of getting almost half off?

Any other advice would be appreciated

Thank you

Its quite likely, Depending on who the debts are currently with, You could get settlements from as low as 10%, start at that and take it from there

sourcrates

Depends, if your debts are still with original creditors, no chance.

If on the other hand they have all been sold on to DCA's, then you have a very good chance to clear them for 16k.

National_Debtline

Hi Dannib,


This idea is called full and final settlement. It is an option for people with a lump sum. You could invoke the help of your DMP (as long as they won't charge you/take a percentage of the money available) or do it yourself. You can start your offers low and work up but be careful - the creditors may not be aware of what your real limit is and may keep asking for better offers even after you have reached your maximum.


Make sure all of the terms of the payment are agreed in writing before you send any money. It is at the creditors discretion whether to accept this offer or not, but if they refuse then there are more tactics you can use to encourage them to accept. We have a full and final factsheet that may help you.


Laura
@natdebtline