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Paying off Debts with Cash- Deduction?
Roseyp
Posts: 6 Forumite
Hi there, hope I have done this right. I am approx in 4k of debt from £1000 down to £150 (7 different debts). I am due to get my private pension in May and was going to pay everything I owe out of it. My question is, have any of you ever had some of the amount written off if paying in cash? I was going to offer each one a bit less than what I owe in the hopes they would accept. Thank you in advance.
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Hi there, hope I have done this right. I am approx in 4k of debt from £1000 down to £150 (7 different debts). I am due to get my private pension in May and was going to pay everything I owe out of it. My question is, have any of you ever had some of the amount written off if paying in cash? I was going to offer each one a bit less than what I owe in the hopes they would accept. Thank you in advance.
Hi,
The process is called full and final settlement, if your debts are still with original creditors don’t expect too large a discount.
However if they are with debt collectors or debt purchases, then your chances of a good discount are much better.
National Debtline explain the process here :
https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspxI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi Sourcrates, Yes all with debt collectors.. Thank you so much for information
going to read link now. Have a wonderful 2019 x 0
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