Settlement Offers

sourcrates

I agree with Rob, these companies buy debts for a fraction of their face value, then try to extract as much as possible from you, the bank could quite easily offer you such a deal, but won`t, as they prefer to use these vultures instead.

There are no morals in this game, and you are under no compulsion to be honest with them, in fact you need to protect you`re position as best you can, his analysis is spot on, keep them happy with any old rubbish that supports your position, you need to think outside the box with these people, and CCA requests are a "must do choice" here.

ThirstyElephant

sourcrates said:

I agree with Rob, these companies buy debts for a fraction of their face value, then try to extract as much as possible from you, the bank could quite easily offer you such a deal, but won`t, as they prefer to use these vultures instead.

There are no morals in this game, and you are under no compulsion to be honest with them, in fact you need to protect you`re position as best you can, his analysis is spot on, keep them happy with any old rubbish that supports your position, you need to think outside the box with these people, and CCA requests are a "must do choice" here.

Thank you, these are my sentiments exactly which is why I’ve been hesitant to ‘just pay’ them. Am I obliged to provide an income & expenditure? If so, is there any repercussions of me being over exaggerated, in my favour? 

fatbelly

You are in what is known as an informal solution.

There are no legal sanctions

sourcrates

ThirstyElephant said:

sourcrates said:

I agree with Rob, these companies buy debts for a fraction of their face value, then try to extract as much as possible from you, the bank could quite easily offer you such a deal, but won`t, as they prefer to use these vultures instead.

There are no morals in this game, and you are under no compulsion to be honest with them, in fact you need to protect you`re position as best you can, his analysis is spot on, keep them happy with any old rubbish that supports your position, you need to think outside the box with these people, and CCA requests are a "must do choice" here.

Thank you, these are my sentiments exactly which is why I’ve been hesitant to ‘just pay’ them. Am I obliged to provide an income & expenditure? If so, is there any repercussions of me being over exaggerated, in my favour? 

No, of course your not obliged to do anything or provide them with anything, but it shuts them up if you provide them with a document that shows them what you want them to see.

What repercussions would you expect to get? its nothing more than a box ticking exercise, try not to overthink things.

You see, debt collection, the whole thing, is all a game, and you have to learn how to play it, once you know how to play it, things become so much easier to deal with.

RAS

Just take charge. Keep the current payments.

Do CCA letter, if they comply,  wait to see if they make good offer. 

bcs7

ThirstyElephant said:

Thank you, these are my sentiments exactly which is why I’ve been hesitant to ‘just pay’ them. Am I obliged to provide an income & expenditure? If so, is there any repercussions of me being over exaggerated, in my favour? 

There is no obligation to give them income and expenditure. They all seem to try to get it out of you, I think because it gives them an idea of your finances which they can use against you.

I would stop the StepChange DMP and do it yourself.
Tell the creditors you can no longer afford the current payments and then give them a lower amount. You don't need to tell them your finances in detail.

When people on here are suggesting a review, I think that is just for yourself, not to give to creditors.

If you haven't done CCA's yet, then do them.

You haven't said how much you're paying a month to the debt?
If for example the total is only going to take 60 months (5 years) to pay it off, debt companies are quite happy to let things run for a few years if they are going to get the full amount and make a huge profit, so they would be unlikely to give a generous discount on a F&F offer.

If your monthly payment is a lot less and it's going to take decades to pay off, it's more likely they'll accept a smaller F&F offer or you might at least get a decent counter.