Need your opinions please :0)

Scared1980

Hi guys...

Just had an offer to settle one of our debts.... £1200 instead of £2700.

I think we could scrape this together as we have had some unaccepted money come in, which we were going to just save for emergencies... but this offer seems to good to be true...

I know my OH is not going to want to pay it as it would only save us £16 p/m (personally managed DMP). But I see it as one debt gone.

What do you guys think??? could really do with some advice

Thanks in advance

Lyns
x

sam89

You are saving yourselves £1,500 by accepting this offer and clearing a debt now instead of in 14 years.

I would definitely do it!

Sam,
x.

milliejon

Playing Devil's advocate - is this not classed as favouring one creditor over another?

Scared1980

I suppose it is in a way... but all the others are considerably higher and would not offer anywhere near this amount as settlement...

I would'nt want to pee off the other creditors though... now I am really confused as to what to do....

L
x

milliejon

It is difficult. Wait a while - there'll be somebody along with some words of wisdom for you.

chez000

how many other debts do you have and what are they for?
it never hurts to have some savings particularly if you have a mortgage or rely on a car

stapeley

You have to settle debt evenly . It could be a good offer because the holder of the debt has no CONSUMER CREDIT AGREEMENT .I would not except if it only saving £17 a month . Who was offer from ?

Scared1980

We have 4 other debts....

1) £5k
2) £1200
3) £18k
4) £2k

number 2 is a student type loan that I had with the OU, they don't take settlements, but obviously I could pay this off instead.

We don't have a mortgage and we run 1 car, my OH is a chauffeur so we are lucky that we get our car MOT'd and serviced through his work at really discounted rates.

I can see why my OH wants a "safety net", but I really want to get these debts gone.

L
x

Scared1980

The offer is from RW&C, its a capital one debt.

So if I have to settle debt evenly... does that mean that I give them equal amounts, or do I work out % amounts depending on how much owed...? I think I would rather keep it as a safety net if it would have to be spread over all 5 as it would barely put a dent in them

L
x

Scared1980

Right... my OH seems to want to pay it too....

I am just worried about the whole unfair to the other creditors thing...

Anyone know where we stand with this?

L
x

chez000

I truely see both yours and your OH's points but if it was me i would be leaning towards the keeping it as savings because;

allthough it the long term it will save you £1500

it will only save you £16 per month and Id imagine that youd use this £16 to split between the remianing creditors.

2, i you divided it equally as you suggest it would be fair but wouldnt really make a significant difference.

on the otherhand your 2500 could be used for xmas, for emergencies say if you fell ill could be used for rent etc - dont want to seem gloomy and it is just my opinion,