F&F Settlements when so close to the end?

backontrack83

Hello All

My husband and I had £35.5k worth of debt. We have been repaying this for some years with stepchange, Paying in excess of £600 a month.

We now have a total just shy of £6k and is due to clear in Sept/Oct this year.

My mum has offered to help us with full and final settlements to the total of £3k but only if it clears all the debts as I am at risk of redundancy and the price we could pay if I do end up redundant would be less than half of what we pay now to stepchange.

Are creditors likely to accept because we are so close to the end? The outstanding creditors are:
Vanquis - £1491.40 & £1350.63
NCO Lowell - £634.32 & £344.80
Lowell Financial - £583.78, £214027, 197.54 & £79.98
Capital One - £451.06 & £83.59
HSBC Repayments - £282.96
NCO Shop Direct - £112.06
Argos Card - £70.80

I have made a January payment to Stepchange too but these amounts do not reflect the payment to the creditors.

Thanks All

National_Debtline

Hi there,


Full and final offers are always at the lenders discretion and if they believe there is a risk that your situation could change (i.e the redundancy) they may be more inclined to consider it. If you don't mention the reason why they are now being offered a lump sum settlement as opposed to finishing the DMP they may be less inclined to consider it. There is no minimum offer required but 50% is a good offer.


Hopefully Step Change can help you write to your debts, but if not we have a sample letter that you can use - https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx - because it is very important to get the terms of the payment agreed in writing before any money is sent.


Laura
@natdebtline