Private Fulland Final Settlement Offers

ccmug

HiI have £92,000 of debt spread over 11 credit cards and have a lump sum available to me. Can anyone advise what sort of pence in the pound figures credit card companies have accepted in full and final settlement of debts or what percentage figure I should start with in my offers.I do not wish to go through the formality of a DMP unless I am absolutely forced toThanks

averageguy11

No idea..but wud b interested to know how u get on..maybe u shud start on dmp first and c what response u get and the companies u get most grif from shud b dealt with accordingly.

I did get an offer from m&s last year of up to 50% full and final.

dawnybabes

Are all your cards being paid the min payments at the mo ? If do don't think they will accept any F & F payment as they are getting their money.

ccmug

Dawnybabes

Yes I have been paying the minimum but nearly always late. They are regularly dropping my credit limit so they know I am in trouble.

I wasn't planning on telling them that I had the money but that a relative was willing to help and that the money would only be available under these circumstances.

I've used all my other reserves and windfalls over the past 3 years just making the monthly payments and that has all gone now and i'm no better off.

Self-employed and with current economic climate no work on. Will find it hard to meet regular bills from income never mind the credit card repayments.

So thats the story I plan to tell.

stapeley

With that amount of debt would bankruptcy be better ?

chimp_choker

averageguy11 wrote: »

No idea..but wud b interested to know how u get on..maybe u shud start on dmp first and c what response u get and the companies u get most grif from shud b dealt with accordingly.

I did get an offer from m&s last year of up to 50% full and final.

I know I'm not of the text generation and I'm certainly not a total old fart but can you put a small modicum of English into your posts please. It really does make for hard work reading your posts. maybe you shud spoke proper england like i used to did.

chimp_choker

what is your SOA CC Mug and yes, are you paying interest at the moment. Have any of your cards been sold on to a debt collection agency? If you are still with the original card providers and paying the minimum or close to it and incurring interest then you should look at a DMP in the first instance. This can stop the interest and then pay this for 6 months. I know some of my CC's wouldn't accept a reduced settlement until it went to the DCA. When this happened I phoned the companies and asked for a full and final settlement figure. These came back at between 85% and 90% of the total owed for a full and final settlement. I then wrote to them offering 20% of the total owed for a full and final settlement which all rejected.
You could try offering a settlement of say 35% in writing saying you can pay this by telephone today ( if you can of course) appealing to their greedy nature but if you are still paying the interest then they are not going to help much, well that's my opinion. HTH.

Oldernotwiser

chimp_choker wrote: »

You could try offering a settlement of say 35% in writing saying you can pay this by telephone today

DO NOT DO THIS!! Do not give them access to your bank account and only send them the money when they have put in writing that they accept this as a FULL AND FINAL SETTLEMENT!

chimp_choker

Oldernotwiser wrote: »

DO NOT DO THIS!! Do not give them access to your bank account and only send them the money when they have put in writing that they accept this as a FULL AND FINAL SETTLEMENT!

Hi oldernotwiser,

Could you enlighten me as to why not to do this? It worked for me on two occasions so far. Am I missing something doing it this way?

Chimpy

Oldernotwiser

chimp_choker wrote: »

Hi oldernotwiser,

Could you enlighten me as to why not to do this? It worked for me on two occasions so far. Am I missing something doing it this way?

Chimpy

If you don't have anything in writing they can take what you offer and then come after you for the rest. You will have no proof that they've accepted it as a final settlement. By giving out your account details over the phone they could clear your account out as you owe them this money. All the debt advice charities tell you to do it in writing and not to send any money until the company confirms in writing that they accept this amount as a final settlement.

chimp_choker

Point taken and will use in future. Having said that i tape all the conversations... not that I'm paranoid or anything,lol.