Consolidating debts for a better life

sdoherty1000

Hi everyone,
I am now in prosession of 19000 pounds and ready to make the phone calls to the companies i owe money to, Before i do I would like some advise on settling the accounts and gaining a substantial discount. For example if I have a credit card loan with tsb for £3000 and I ring them with a settlement figure how much do I offer to them to clear the whole debt? This is the first time that I am able to do this and would like to save as much money as possible. So my question is how low will the company go to accept the settlement figure? Do i offer them 1500,2000?

Thanks in advance you guys

Steve

CLAPTON

you haven't given enough details about the status of the debts

sdoherty1000

What details would you like? A cc bill for 3000 pounds and I would like to pay it off. Im assuming I can ring them up and give them a ballpoint figure to settle the account and they will either agree or disagree. If I owe them 3000 and I ring them and say i can pay half to settle will that work? As I said, I have never done this before so every piece of advise will be appreciated?

Rafter

Depends if you want your credit record damaged for the next 6 years and how the debt has built up.

If there are a lot of charges making up the balance then you might get away with an offer.

If it is simply accumulated purchases, why should the bank accept an offer? If it is genuinely your debt then you are responsible for paying it off.

R.

Garnet_Gem

If you've spent £3000 why would you expect to pay back £1500? It would be wonderful if we could all pay half of everything we've bought.

sdoherty1000

Oh i see what you mean. No the debt is 3 years old and made up of charges mainly. I now the interest frozen, but 110 a month is too much to pay out. Where now do i stand and what amount should I offer them to settle?

Rafter

I'd send them a template letter requesting a breakdown of charges for the last 6 years. You are entitled to this information under the data protection act.

Because the legal status of charges is uncertain there is a review case in January next year. Most claims are currently on hold.

If your £3000 is say £2000 of spending and £1000 of charges I would make them an offer of say £2200 but they might well wait until the outcome of the case next year.

In any case you should lodge a claim for a full refund of your charges, because every month that goes by, charges start to be excluded from your claim as you can only go back 6 years.

Good luck

R.