How small an offer will creditors accept in full and final settlements?

Bakey

Hello!

I've written to all my creditors offering them a full and final settlement to pay everything off. When looking on this forum previously, I saw that lots of people said they offered as little as 25% to begin with & then (after much haggling!), have only had to repay 40-50% of the total amount. So I offered 25% (with a view to upping my offers if necessary but hopefully not by too much)...

So far, every creditor has come back to me, saying they only accept 80-90%. Is this true or should I persevere in trying to keep the amounts low? They seem to be laughing me out the house & this is making the whole situation more longwinded & frustrating...

Any advice on the matter would be greatly appreciated!

Thanks!

4littleone

Hi,
DCA's want to push for as much as possible, however they will accept an offer as low as 40-50%.
You should try writing back to them stating that this is a one time offer due to a relative offering to help (or similar), up your offer to say 40% but state that this is your final offer.
That's my strategy anyway!

I'm going through the same process as you at the moment, it's a bit of a nightmare isn't it.

Bakey

Ok - I'll try that one next time i write to them. None of them have been very responsive so far - it's quite frustrating...

If you've said it's your final offer (but it isn't), what if they refuse? Have you had success with saying this everytime?

Yes - not fun at all & hating every minute. At least I'm not alone!!

Thanks for your help!

4littleone

Hi,

I have only just started like you.
I'm offering 30p in every pound of an outstanding balance of £820. I'll go up to 45p if they refuse this but will make it clear this is my final and best offer. I'll be stating there are no spare funds available to increase this and that my relative has made this clear it's a one time only offer to help clear my debt.

(i'm actually funding it myself out of my savings)

jmhgibson123

ive had 2 companys offer half of what i owe but im not fortunate enough to pay it so im stuck on dmp for now
keep haggling and dont go any higher than you want to if they dont accept it then let them have it in small doses they will eventually get fed up and make an offer