On Stride/ pounds 2 pocket offer letter

Tiggy748

I have got a 1500 loan however recently I've been diagnosed with anxiety and depression which is causing me to take time off work. I don't get sick pay. Fortunately I bank so if I'm feeling OK I can go to work.
I'm keeping my head above water with bills just not debts. My debts are around 20k.

A mate has offered me 800 with the purpose of offering a full and final settlement on this 1500 as this is the debt I'm most concerned about that triggering me. I'm hoping to approach my other debts in a similar manner.
Its either this or an IVA.

Does anyone have a template letter I can use to offer this and any experience with trying to close a debt with a payday lender at a 50% offer?

MEM62

Have you defaulted on the loan? If not a F&F will not be considered by the lender.

Kentish_Dave

If you settle this one will you not just fixate on the next one?

Candyapple

Tiggy748 wrote: »

A mate has offered me 800 with the purpose of offering a full and final settlement on this 1500 as this is the debt I'm most concerned about that triggering me. I'm hoping to approach my other debts in a similar manner.
Its either this or an IVA.

No lender will accept half the debt amount especially if the account hasn't defaulted/entered into arrears yet.

Tell your friend to keep their money, and you need to speak to Stepchange or another debt charity as it seems you have a lot more long term money/debt problems going on than just this one you have singled out: https://www.stepchange.org/

Tiggy748

The account is in arrears.
I'm fixating on this one as I know them to be awful lenders and spiraling out of control. Which is making my anxiety worse.

When I can get back to work full time I can manage the debts

Bermonia

The reality is the payday lenders in highly unlikely to accept a reduced offer (especially to that extent - you offering 50% of the capital, they are expecting 100% plus interest) - until it gets to the stage the payday lenders thinks they are unlikely to get their money they have no reason to consider it.

Contact them and explain your financial difficulties and set up an affordable repayment plan, this should freeze any further interest or charges - failing this talk to someone like stepchange and get their help.

Willing2Learn

Do you get support from your GP, or Community Mental Health Team, or any other professional. If so, then it may be best if you get a DMHEF (Debt & Mental Health Evidence Form) completed by a health worker or social care worker. The completed form can be photocopied and sent to each of your creditors. If you require help with the best way forward and with completing the DMEFH, then I recommend phoning National Debtline on 0808 808 4000 for assistance.

You may find it helpful to post on the Debt-Free Wannabe board for advice, support and guidance. If you are going to post their it would be useful for you to complete an SOA (Statement of Affairs), and then include it within your post.