How much do I offer???

madasaboxoffrogs

I owe around 65k to several lenders, and have been ignoring most of them. I will soon have 19k from the sale of my fathers house, and want to make full and final offers to them all. To make sure that they go for it, should I aim low and negotiate, or just tell them what I have and what I can give with no negotiations?

Your help is much appreciated.

Madasaboxoffrogs.

Gemmzie

Who are your creditors and how much do you owe to each, and their APRs?

It might be better to full and final some but not all.

GeorgeUK

Always negotiate.

I would start at an absurdly low figure - say 20% of the amount owed. Once they stop laughing, hopefully they should make a counter offer - we couldn't possibly accept anything less than... Then take it from there. Try to meet somewhere in the middle of the two. If someone isn't budging and wants 60% or more - that's one i would "get back to".

I don't suppose any of these debts would be statute barred?
I would still request a copy of the CCA from them and a statement of account so that you can see exactly how much is owed. If you're lucky, they won't have a copy of the CCA if it's gone to a DCA and possibly write off the debt.

madasaboxoffrogs

Thanks for your help - I'm not sure what you mean by the following though...

"I don't suppose any of these debts would be statute barred?
I would still request a copy of the CCA from them and a statement of account so that you can see exactly how much is owed. If you're lucky, they won't have a copy of the CCA if it's gone to a DCA and possibly write off the debt."

Could you clarify please?

Thnks very much - it is much appreciated.

GeorgeUK

Hi - sorry for the very late reply. Lost track of this thread somehow.

If you have not made any payments towards a debt for the last 6 years (or confirmed in writing that the debt is yours), the debt is unenforcable in law. This would be a statute barred debt.

You are legally entitled to request a copy of the consumer credit agreement and the banks etc chasing any debts should be able to supply a copy of the signed agreement. If they are unable to do so, they should not be chasing the debt (except for overdrafts).

This link has a bit more on it with template letters you can send. Just make sure you do not put your signature on the letter and send it recorded delivery.
http://forums.moneysavingexpert.com/showthread.html?t=578486