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

kaly_2

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

Xbigman

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



X

Malestrom

How to make Full & Final Settlement Offers and an example letter.