Advice needed regarding making offers...

YellowFoxy

Hi, sadly I am here again, after being debt free for a good few years.  I hope this is the correct part of the forum to post.

I have 4 credit cards, all on hold or in default and two with agencies.

Next month I will have a lump sum settlement, not enough to pay all the debt off in full but to be able to make quite substantial offers.  What sort of figures should I be looking at to make offers, and will a credit card company accept an offer or will they want to send it to a debt collection agency?

Any help or advice will be helpful at this stage.

Thanks

sourcrates

Original creditors are always reluctant to offer much in the way of discount, if it was an old debt, been sold on a few times, with questionable paperwork, then would be a good time to offer terms, if still with your original lender, 10% off at best I would recon.

Also note that an account has to default before any kind of offer will be considered, until then your still bound by contract to pay the full amount plus interest.

tigergambit

YellowFoxy said:

Hi, sadly I am here again, after being debt free for a good few years.  I hope this is the correct part of the forum to post.

I have 4 credit cards, all on hold or in default and two with agencies.

Next month I will have a lump sum settlement, not enough to pay all the debt off in full but to be able to make quite substantial offers.  What sort of figures should I be looking at to make offers, and will a credit card company accept an offer or will they want to send it to a debt collection agency?

Any help or advice will be helpful at this stage.

Thanks

Who are the cardholders and DCAs?

YellowFoxy

sourcrates said:

Original creditors are always reluctant to offer much in the way of discount, if it was an old debt, been sold on a few times, with questionable paperwork, then would be a good time to offer terms, if still with your original lender, 10% off at best I would recon.

Also note that an account has to default before any kind of offer will be considered, until then your still bound by contract to pay the full amount plus interest.

Thank you - two are with debt collection agencies, one I think is about to go to an agency and the last is with the original creditor.  Very helpful - to be fair if I can and where I can I will pay off in full, but not sure it will possible to pay them all off with the money I will be getting.

YellowFoxy

tigergambit said:

YellowFoxy said:

Hi, sadly I am here again, after being debt free for a good few years.  I hope this is the correct part of the forum to post.

I have 4 credit cards, all on hold or in default and two with agencies.

Next month I will have a lump sum settlement, not enough to pay all the debt off in full but to be able to make quite substantial offers.  What sort of figures should I be looking at to make offers, and will a credit card company accept an offer or will they want to send it to a debt collection agency?

Any help or advice will be helpful at this stage.

Thanks

Who are the cardholders and DCAs?

tigergambit said:

YellowFoxy said:

Hi, sadly I am here again, after being debt free for a good few years.  I hope this is the correct part of the forum to post.

I have 4 credit cards, all on hold or in default and two with agencies.

Next month I will have a lump sum settlement, not enough to pay all the debt off in full but to be able to make quite substantial offers.  What sort of figures should I be looking at to make offers, and will a credit card company accept an offer or will they want to send it to a debt collection agency?

Any help or advice will be helpful at this stage.

Thanks

Who are the cardholders and DCAs?

Sorry seem to have quoted you twice !! 

MBNA - now with Moorcroft
Lloyds - is with an agency - not sure which one
Virgin - just about to go into default
Aqua - still with Aqua 

YellowFoxy

MBNA/Virgin and Aqua - all with Moorcroft and all settled.

Lloyds (the smallest debt) with Credit Security.... they (being CS NOT Lloyds) turned down my offer without putting it forward to Lloyds.  I have asked them to put it forward which they have said they will - waiting to hear back.  All those with Moorcroft I called on Monday and Tuesday and all offers and accepted and paid by Tuesday.  slight frustrating CS are taking so long....

sourcrates

@YellowFoxy Make absolutely certain you have it in writing that the debt is now partially settled, and neither they nor any associate company will take any other action to collect or enforce the debt in any way and that you will be released from any and all liability.

This is very important.

YellowFoxy

sourcrates said:

@YellowFoxy Make absolutely certain you have it in writing that the debt is now partially settled, and neither they nor any associate company will take any other action to collect or enforce the debt in any way and that you will be released from any and all liability.

This is very important.

Thank you I will 

freshstart2023

Do you mind if I ask whether Moorcroft accepted a discount to settle the virgin and MBNA accounts? 

YellowFoxy

freshstart2023 said:

Do you mind if I ask whether Moorcroft accepted a discount to settle the virgin and MBNA accounts? 

Yes they did on both accounts.  Obv as the debts are partially settled they will stay on my credit report for 6 years as partially settled.

YellowFoxy

Finally settled my Lloyds account with Credit Security - took longer than with Moorcroft - but they did accept an offer - and I got the confirmation in writing that Sourcrates said.  So all debts are are now settled - a huge relief!!