F+F offers not as easy as hoped.

Thisname

Hi,

I have offered full and finals on my debts which total about £12,000. The debt has not been passed to a dca yet but is now 8 months in arrears so that seems to be the next stage.

I have offered 50% on the debts owed but been declined on all. Tesco countered my offer for 80%.

I am very keen to clear this as it is taking its toll on me mentally but don’t know if I should just hold on until the debt is sent dca with the hope I can offer a similar amount and be approved or to contact creditors with a slightly bigger offer?

Thoughts please?

freshstart11

While it is with the original creditor you will find it really hard to get offers I believe

Thisname

So do,you think it’s worth playing the waiting game and then negotiate further down the line when dca are involved?

My credit is shot to pieces anyway so waiting won’t make any difference to that.

efes_shareholder

I had a DF from argos as i missed one payment which never caught up

When I called them they asked if I wanted to set up a payment plan so I asked if there was an incentive to settle the account , they offered a 20% discount

It wasn't in the hands of a DCA but I was pretty happy with it as I intended to settle it in full anyway

Thisname

I forgot to mention that I am making reduced payments via a dmp with StepChange

tallyhoh

my partners debts have been passed to DCAs in the past & they have offered him quite large discounts.

Thisname

Is the same as in house dca as some have said they use their own in house team.

freshstart11

When the debts get sold on is when you get best f&F as they buy for pennies to pound

National_Debtline

Hi Thisname


Can I ask how much you are paying in to your DMP? And to confirm, is your total level of debt £12,000?


If you are going to clear the debts in a reasonable period of time you may find your creditors prefer to stick with the DMP and get all of their money back, rather than accept a reduced amount. You may have more luck when debts are passed to a DCA but unfortunately there is no way to say when, or if, that will happen.


Best wishes


Susie
@natdebtline

Thisname

I pay 89 per month split 4 ways. Estimated time to repay is 11 years.

Carrot007

Thisname wrote: »

I pay 89 per month split 4 ways. Estimated time to repay is 11 years.

Far too long for a DMP.


Best option is to stop paying untill the debt is sold on and then offer F&F.


And no it won't be easy and there will be lots of calls and letters etc.