Offers to creditors

AJ2608

First post on here so please be gentle with me....if i've posted this in the wrong place, please move.

We (myself and my estranged wife) currently have a DMP with Payplan which adds up to around £21,000 through 8 different creditors. Some of the debts are fairly low....couple of hundered pounds but I have one that's nearly £9k and one that's £7k.

As we are selling the marital home, we will be in a position to pay off everything. But i was wondering how many creditors will take an offer...a reduced amount, in order to clear the debt.

EG, if I owed £2,200 to a company, would an offer of £1,000 be too low....or too high?

I appreciate some creditors probably won't budge but i'd be interested in your thoughts. I'm sure most of the creditors would rather have some cash then wait another 30 years for it.

Regards

fatbelly

Right place.

Answer to your question - most of them.

Payplan could do this for you but if you are reasonably well organised you would achieve better results by doing it yourself.

National Debtline have a factsheet and their standard letter is good.

https://www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx

But don't be misled into thinking that you have to offer everyone the same percentage.

January2015

First of all I would CCA all of your debts to check whether any are unenforceable.

Then I would start with low offers. They will come back with another figure and you can bat back and forth until you find a figure you are both agreeable with, or a figure they won't budge below.... but at least you will know you've paid the minimum you would have to.