Can I Negotiate My Way Out Of My Debt?

GoodAtSpendingBadAtSaving

Ok Im new to this so please be gentle . .and if this is the wrong thread category please point me in the right direction.

Back in 2001 I took out several loans and credit cards . . .around 2 years after i became unemployed and shortly after that I entered full time education for a further 3 years followed by unemployment until recently. During my period of unemployment/education I was unable to meet the extortionate repayments and so entered into a debt management scheme with the cccs which has been a great. However it appears I will shortly be recieving a one off lump some of money as a gift and I wish to use this to try and get rid of my debt so i can mend my rating and think about a mortgage.

On paper my debt is around £8000 to 5 creditors and 2 of these accounts have now been passed on to debt collection agencies. My question is . . is there any way to negotiate reduced settlemets with these people? and if so how do I go about it? If I can get around £3000 knocked off across the 5 accounts i can pay it all off in lump sums, is this an unrealistic expectation? Please please let me know!!!

massey_2

Hi which company are your debts with, some of them offer a a final settlement figure. which is lower then your debt So i would ring them all up and just say to them that you are in a position to clear your debt, how much do i owe you, then if no settlement figure then negotiate.
If you let me know which companys they are with i will let you know because we have alot of creditors and get calls all the time for a settlement figure
good luck

immoral_angeluk

Are you debts defaulted or with debt collection agencies?

stapeley

massey wrote: »

Hi which company are your debts with, some of them offer a a final settlement figure. which is lower then your debt So i would ring them all up and just say to them that you are in a position to clear your debt, how much do i owe you, then if no settlement figure then negotiate.
If you let me know which companys they are with i will let you know because we have alot of creditors and get calls all the time for a settlement figure
good luck

Sorry but the advice to ring them is completely wrong ! NEVER EVER RING DCA ,S FULL STOP . the correct advice is available from CCCS if you email them they will sent a guide to this process . This is a must to aviod problems. I personally would request CCA from the DCA . Even if you paid debts in full now your credit rating is shot for six years , so a CCA will do no harm . Remember if a CCA is not provided , the DCA can not enforce the debt.