Full and final settlement options.

bcs7

00_55 said:

Thanks for the replies. If I did borrow, it would be for the full (hopefully reduced) amount, which I would settle all the debt, then pay less in total to the family member. So, in theory if I could settle for £10k, I would pay back over 10 months rather than the 16 or so I have left.
only one defaulted. The rest appear to be still open accounts. I read that defaults can come later down the line, so I was looking into requesting that these get back dated if this happens as this seems to be something that can be done? 

Do you guys think the only way they would accept settlement figures is if I stop paying completely?

The way you need to look at this is the people you owe money to are going to get full payment from you in 16 months so why would they offer you a discount to pay it in 10 months when they know it'll only be an extra 6 months to get the full amount?

They're more likely to offer you discounts if they think getting the money out of you is going to take years because you're paying either a tiny amount or nothing. That's why the advice is to generally stop payments or just pay small amounts because it will eventually force their hand to offer you a discount.

CCA's are definitely the way to go too as if they end up being un-enforcable then they have no way to make you pay it and if it goes over 6 years like that then they can't force you to pay at all.

00_55

Appreciate all the replies. Some really good info which I hadn’t thought about. 

Like I said, I’ll do the CCAs this weekend and go from there.