Settlement Percentages ???

Any advice out there from people who deal with credit card/loan companies ??? I have got combined debts of £ 15,500,00 and have been offered £ 3,000.00 by a friend to try to agree full & final settlement. I've got no income at present and am about to write to everyone offering a share of this 3K in f&f. I've spoken to debt advice lines etc but there said 'every company is different'. At present I've just written to the companies saying I can't afford repayments - the next step is the offer. Is this a stupid offer ? or have other people had this kind of offer accepted ?


  • Malestrom
    Malestrom Posts: 983 Forumite
    Its not necessarily a stupid offer but if its all you have then its all you can give, so just go for it. Usually you would be offering around 50% as a start but i've heard of some settlements that were for far less, so its worth a try. Even if they refuse you, keep trying and enclose a list of your limited income and expenditure so they can see that you realy are skint.
    He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)
  • donmonster
    donmonster Posts: 33 Forumite
    I posted a topic a while back on F&F offers I had made - very glad that I went ahead - after the advice I received on here - and made the offers.

    I am amazed at how many have come back and said yes they would take a reduced amount, the only ones who would not were the studnet loans who never do apparently.

    Basically I started out with about £50,000 - had paid about £6,000 through the CCCS and had got the estimate down to about £44,000. Althuogh blessed to be in a position where I had parents to lend me the money to make the F&F offers, I was able to negotiate some great discounts.

    I now have a total Debt of around £31,000 - so for writing 10 letters and making a few phone calls I have managed to save in the region of £13,000 - not to be sniffed at!!

    For once I can see a light at the end of the tunnell and am working towards - it will be hard yes - but working towards having a Debt free date of 3 years from now, and maybe if I am lucky will be debt free before I am thirty...that is the plan anyway.....

    Lowest acceptance was 50% and the higest I had to go up to was about 75%....

    Hope this helps
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