Creditors want ‘more information about my situation’

User_060921

So two creditors whom I have sent full and final offers to have generically responded wanting more information (yes that general) before they can consider my offers.

all they say is that because full and final settlements are a good will gesture they want to know why I want to settle and why they should consider ahead of getting extremely low monthly payments which would take 16 years to clear the debts.

any advice on a suitable response which is most likely to get their support would be appreciated pretty please 

fatbelly

Well the main argument is that you can otherwise only afford payments that will take 16 years to complete!

If you are not employed, don't own property and/or have no savings of your own (the lump sum coming from a third party) then those are all good things to mention because it cuts out enforcement methods, as well as having 'no assets other than essential household goods'

Also what are your prospects moving forward? Are you young and on an upward career path or older and nearing retirement? How is your health?

User_060921

Are they more or less likely to accept a settlement if you were to suggest maintaining the monthly payments will be problematic ?

would citing Ill health help or hinder in the same way ?

sourcrates

You have to make them believe that the settlement offer you are making represents the best possible return for them financially.

How you do that is a matter for you alone to decide, be creative if necessary, use your imagination, the goal is to make them accept the offer you make, rather than hold out for monthly payments over time.

User_060921

Thanks for that.

I have sent a reply to them which I think ethically does just that.