Negotiating with the original creditor

User_060921

Evening guys,

One of my debts is with a well known high street bank.

Even though the debt has defaulted and I am in a DMP they still own that debt, and have not yet sold it on.

Is it worth negotiating with that bank towards a lower settlement figure or should i wait until they sell it on?

Thanks in advance

sourcrates

Hi,
Original creditors rarely offer anything in the way of decent settlement figures, you can always try, but the real discounts can only be made when it makes sound business sense to offer them, such as when the debt is bought for a fraction of its face value, in those circumstances they can accept a settlement offer, and still make a good profit.