Help What percent will companies accept to settle an old debt?

I've been carrying interest suspended debts for 4 years as I've been off work. I recently got help from family and have a lump sum with which I can hopefully start settling the debts with. I can't repay the whole debt and was hoping someone would know how I go about approaching companies to offer them a percent settlement figure. And what sort of percentage they are likely to accept? I was told that it was better to offer them all the same percent as full and final payment dividing up the lump sum equally. I have been really ill with worry over this debt and would love to see an end to it. Can anybody advise? Thank you

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  • Xbigman
    Xbigman Posts: 3,884 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    There are several threads on this subject so invest a couple of hours and go though this forum and read them all.

    Basicly you write to the companies involved offering a 'full and final settlement' of each debt. Some will say yes others will ignore you. Start by offering an even amount to everyone, say 50% (do not offer all your lump sum on the first letter). Then negotiate with each company individually. Sometimes they accept as low as 20%, which is very rare. Other times they want 80%.

    If you post the details of each debt and how much your lump sum is you will get more detailed advice.
    Regards



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  • Malestrom
    Malestrom Posts: 983 Forumite
    He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)
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