Last chance offer to creditors

Scared_witless

Hi, my O/H & me have have been down most routes to avoid BR, we sought advice from an insolvency practitoner, we are unable to do an IVA as 1) both in temporary positions and 2) unable to afford what the IP proposed per month. We are tired of fighting people off and are now completing the BR forms. At this late hour my lovely dad has offered to lend us an amount of money to pay back interest free about £18,000 - £20,000. We owe about £75,000 - £80,000 between us. Can any of you knowledgable people advise us of how I can put an offer together for our creditors to pay a one off amount to write the debt off. Presumably this proportionate offer would be better than not receiving anything if we go ahead with BR, or am I just being nieve? The other thing is we would need to have everyone agree to it, is their a standard offer letter that anyone knows of? This feels like our last chance, I hope someone can point me in the right direction. Thanks.

fermi

Have a look at the National Debtline factsheet on doing "Full & Final Settlements":

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Should be a good place to start.

In particular, the need to get the offer in writing stating that any settlement is "Full & Final" and that your Credit reference files should be marked as "settled" is vital.

Taking the time to actually speak to NDL or one of the other organisations in my signature would be a good plan, since they can guide you through the process.

tight_jock

I think you will be quite surprised at the level that some will settle at.
But read through the stuff that fermi`s linkeda nd get some advice to help you through it.

Best of luck.
:beer:
TJ

Peter_Pan

Good Luck Scared witless I have just sent letters offering a pro rata settlement on my debts courtesy of my parents, OH is officially bancrupt as of 1.10pm today. We have offered a figure of 50% so will see what response I get.
I did read somewhere that if you haven't got default notices or its not been referred to a debt collecting agency they won't negotiate but have decided its better to offer or i will have to consider bankruptcy myself.
Will let you know if i hear anything from them