Full and final settlements any advice please

matt195

Morning, I have around £35K of debt to 6 companies, 5 are credit cards and 1 was overdraft. They are all on a self managed repayments where I am making token payments each month. They are owned by Link, Intrum, Arvarto and others. The first of defaults is approaching 6 years in September with them all being 6 years by September next year. My question is, I am in a postition soon to offer some settlements. The only firm that actually without asking is Intrum who often write offering to settle for 20%. What sort of figures are realistic? By the way I have not asked yet for CCA's I intend doing that this month.

Thanks, 

sourcrates

Its essential you send the CCA`s first, then you will know what you are dealing with.

Its impossible to say what will be accepted, its down to a whole range of factors, one poster on these forums managed settlements at around 10-15% of outstanding balances, but that was exceptional, you may want to search for his post, it should be there still.

Usually its a case of suck it and see, start low, you can always increase your offers.

One thing to bear in mind though, this can be a long drawn out process, offers should be made in writing, and also confirmed/accepted, in writing.

Creditor`s are normally slow to respond to stuff like this, you should allow 12-18 months (seriously) in order to get through them all.

Good luck.

matt195

thank you sourcrates, I have had advice from other forums saying stop paying if they dont have the CCA. That sounds too scary, but I was hoping to use that as a tool to get low settlements

DjangoUnchained

matt195 said:

thank you sourcrates, I have had advice from other forums saying stop paying if they dont have the CCA. That sounds too scary, but I was hoping to use that as a tool to get low settlements

when my debt was sold to a debt collector before i started paying them i asked for a CCA, which they havnt yet supplied, that was over 4 years ago now, apart from them sending me a statement every few months i havnt heard from them and have no intention of contacting them. the 4 grand is happily sitting in my account and in two years hopefully it will be statued barred if they dont start legal proceedings with a CCA.

sourcrates

matt195 said:

thank you sourcrates, I have had advice from other forums saying stop paying if they dont have the CCA. That sounds too scary, but I was hoping to use that as a tool to get low settlements

Well if its unenforceable, there's nothing they can do except ask you to pay, if you choose not to, then that is your choice to make, many people do the same thing, and concentrate what money they do have on the enforceable debts, the unenforceable ones eventually go statute barred.

rjbear

Hope you get this sorted, crossing my fingers for you