Any point offering a f&f settlement?

3011gillian

In summary, we were with stepchange and went self managed in Jan. sent all the CCA requests to creditors. PRA are the only ones to have provided the details and as such we are paying them the same amount as we were via SC (£151 on one, £52 on another). The debt is slowly coming down and we should have paid them off in a year or so. They’ve previously declined a low offer in Feb and countered with an offer £100 less than the total debt.
Is there much point/chance of going back to offer maybe 50/60%??
Are they keen on closing debts or will they be happy to sit and wait it out as they’re getting a good some each month?

NeverendingDMP

ive settled two with pra. They had owned both debts two years plus. I was making regular payments but it would have taken a long time to pay off. I made offers of around 35-40 % for one of the debts and they countered with 90% payable. the first one i then agreed for 60% payable after some negotiating. the other debt they offered a settlement figure of 90% whilst i was negotiating the first but i couldnt afford it. 12 months or so later i offered 40% for that one and we settled at about 55.

StokieBecks

It is a bit less likely that they will accept a low full and final settlement as your payments are quite high and the account will he paid off in a reasonable time frame. Always worth a try though

Suseka97

One way to encourage lower settlement offers is to drop your current payments for a while (a good 6 months or so) and then have another go at it.