Best time to offer f&f settlement.. Defaults ending!

doozeruk

With only one month left on two defaulted credit card debts, together totalling just shy of 8k, I'm wondering whether its a good time to offer a 40% settlement to Cabot or wait until the end of next month when the defaults and associated debts are removed from my credit file.

I've been scouring the Internet for an answer but no one seems to have asked this question or they most probably have and I can't find it!.

Anyone any thoughts on this, my guess is they wouldn't really care either way now.

Thanks in advance.

fermi

I guess you are thinking you may have more leverage once the accounts do not appear on your credit reports? I very much doubt that to be so, as at the moment they cannot legitimately do anything to worsen the defaults or cause the history to be retained past the point where the CRAs drop them. That does not change when they have dropped.

That is based on people at Cabot being able to use logic and common sense. History shows that is not their strongest suit.....

National_Debtline

Hi there


Have you been making payments towards the debts? If not Cabot could be running out of time to pursue you.


If you have been making payments, the amount you have been paying could affect the chances of them accepting your full & final offer. If you have been making small payments over a long period of time, receiving a lump sum can be attractive, regardless of whether the defaults have disappeared from your credit file. Good luck with it all.


Susie
@natdebtline

doozeruk

Okay great thank you both very much.

Been paying £40 month in one and £30 on the other. If I continue paying them until the end then the big one will take another 13 years to pay off and the other 4 years. This is perhaps the only thing in my favour I guess as I'm sure they don't really want me to keep chipping away for that many years!

Will they take 3k on a combined 8k owed though.. I suppose I can only try!

January2015

doozeruk wrote: »

Okay great thank you both very much.

Been paying £40 month in one and £30 on the other. If I continue paying them until the end then the big one will take another 13 years to pay off and the other 4 years. This is perhaps the only thing in my favour I guess as I'm sure they don't really want me to keep chipping away for that many years!

Will they take 3k on a combined 8k owed though.. I suppose I can only try!

I would go in lower. I have been helping a friend with his debts and he settled a Cabot debt of £13k for £3k - which is approx 23%. He had been paying for a few years but it was going to take another 10 years to pay off. They also accepted that he cleared it over 6 months.

Even if they don't settle that low for you, at least you can work up to your maximum of 40%.

doozeruk

Wow that's incredible, I did see there is a f&f settlement thread on here so I will have a read through that before doing anything concrete. That's really given me food for thought, thank you.