Successful Settlement Offers

kazzaj

I previously posted a thread on here asking for advice about settlement figures. I thought you might like to know how I got on.

Halifax Credit Card £5100 - agreed to settle at £4000
Capital One Card £5883 - agreed to settle at £3750
RBS Card £7300 - agreed to settle at £5500

Am still negotiating with Barclaycard and First National, but to be honest, if I have to settle them in full to get us out of this god awful mess I will be happy.

Its definitely worth making those offers.

Good luck to anyone else who is trying to settle their debts.

Kaz

bluezone

Thats great news - well done :beer:

Taramitz

I have two credit cards with MBNA and on our last round of negotiations said they would be prepared to accept 30% of what I owed and write the other 70% off. Unfortunately there is no way I could raise the 30%, which would be about £2,500, but it shows that credit companies can be reasonable, as anything would be better than nothing or taking low repayments for years on end.

gunblade_master

Is it possible to do this with a debt collection agency as i owe 2200 to credit solutions?? and when should i make the offer as my case was transfered to them last month.

Apple_2

Taramitz wrote:

I have two credit cards with MBNA and on our last round of negotiations said they would be prepared to accept 30% of what I owed and write the other 70% off. Unfortunately there is no way I could raise the 30%, which would be about £2,500, but it shows that credit companies can be reasonable, as anything would be better than nothing or taking low repayments for years on end.

How on earth did you get them down to that and how long did it take ? My O/H has a c/c debt with them and they would only accept either 75% or 80%. His situation has only been going on since May so maybe we're not far enough down the line yet.

creditcardking_2

gunblade_master wrote:

Is it possible to do this with a debt collection agency as i owe 2200 to credit solutions?? and when should i make the offer as my case was transfered to them last month.

I think it would depend on how much the agency purchased your debt for. If they only paid 5p in the pound and if you offered to pay 10p in the pound they have made a good profit. I would start your offer very low because you can always increase it, maybe offer 3 or 4 pence in the pound, you are in the driving seat since you can pay nothing or something.

kazzaj

The cards were being managed by debt management companies, as our payment record was pretty shocking due to difficulties we have had over the last year.

I was surprised at how easy it was. I telephoned them and explained that I had a lump sum which I wished to spread out amongst the companies that I owed and enquired whether they would be prepared to accept a lower offer in settlement. Capital One (which was being managed by a debt management company) immediately replied "yes no problem, we could accept £4000" (I owed £5880). I asked if there was any way they could squeeze it down to £3750 and immediately this was accepted.

I have now also negotiated with RBS and managed to agree a settlement figure of £5700 against a £7500 balance.

The negotiations took minutes but you obviously need to be able to act on your offer within a very short period of time.

Kazza

angeleyes

kazzaj wrote:

The cards were being managed by debt management companies, as our payment record was pretty shocking due to difficulties we have had over the last year.

I was surprised at how easy it was. I telephoned them and explained that I had a lump sum which I wished to spread out amongst the companies that I owed and enquired whether they would be prepared to accept a lower offer in settlement. Capital One (which was being managed by a debt management company) immediately replied "yes no problem, we could accept £4000" (I owed £5880). I asked if there was any way they could squeeze it down to £3750 and immediately this was accepted.

I have now also negotiated with RBS and managed to agree a settlement figure of £5700 against a £7500 balance.

The negotiations took minutes but you obviously need to be able to act on your offer within a very short period of time.

Kazza

were you with debt agencies or did you offer the credit card company a settlement figure... I ask cos I am about to pay off my credit cards by cashing in a shortfall endownment policy and i would like to try and pay as little as i can without affecting my credit records. i am not behind with any payments

my balances are RBS visa £976
virgin £2150
barclays £229


any advice would be helpful

Thanks

HelenR_3

angeleyes wrote:

were you with debt agencies or did you offer the credit card company a settlement figure... I ask cos I am about to pay off my credit cards by cashing in a shortfall endownment policy and i would like to try and pay as little as i can without affecting my credit records. i am not behind with any payments

my balances are RBS visa £976
virgin £2150
barclays £229


any advice would be helpful

Thanks

hi

if you have had no payment problems with your CC`s then they wont take any offers , they will think youre pulling a fast one , i had a situation once where i was paying RBS £15 a month and they didnt pass the debt on , when i had a lump sum they then took a settlement figure

H
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kazzaj

I would not expect these companies to take offers unless you have experienced payment difficulties, but in that situation an offer would certainly be worth making. Make sure you stipulate that the offer you make is in full and final settlement.
Good luck
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