Got A Route Out Of Debt Advice Please?

Legacy_user

We have been lucky, we have about £20K of debt, a family member has gave/loaned us £15K, they say they don't want it back but still.

Anyway what is the best way of distributing this among our creditors? We where going to pay our car off first which is on HP, that eats about £8K, then there was a tax credit overpayments which come to £2K, they would probably be priority right?

Then theres creditors which become confusing as we are doing CCA requests, the smaller creditors have CCA's however the bigger ones don't like MBNA £3K,

Then theres making offers, how do I get a creditor to make a reduced offer if I clear the payment there and then? And roughly how much could I get them to knock off?

Thanks

4littleone

Hi,

I don't know about cca's but you can negotiate for full and final offers. There is a template letter here somewhere. I'm sure one of the longer standing members can point you in the right direction.

I'm looking at full and final on one of my debts this month. I'm starting off offering 30p in every pound. The max i'll go up to is 45p in every pound
Hope that helps a little.

System

4littleone wrote: »

Hi,

I don't know about cca's but you can negotiate for full and final offers. There is a template letter here somewhere. I'm sure one of the longer standing members can point you in the right direction.

I'm looking at full and final on one of my debts this month. I'm starting off offering 30p in every pound. The max i'll go up to is 45p in every pound
Hope that helps a little.

Will they accept 45p? I offered 50p, wonder if they will accept this?

stapeley

It depends who debt is with . If you have defaulted and debt has been sold to a DCA , then stick with the CCA request and follow that through . Could be if one is not produced , then its up to you if you want to pay them anything . A credit card company are not very likely to accept any reduction. To a DCA 50P is too high I think .

Lorne

Can't help with the CCA enquiries, just wanted to direct you to whatsthecost.com, a great site for prioritising your debts, the snowballing feature may help direct you in where this money should go.