How to pay everyone off!

Ferrets_Bueller

Hello lovely MSE's

I have been lurking for a very very long time, yes about a year! My OH has complained he is a MSE widower as I spend so long reading the forum! It has given me great inspiration and I am continually touched reading about other people's lives and the strength and advice others give to each other.

I have quite a lot of debt, however, due to an inheritance I am now in the position to pay a fair chunk off. It is a shame I need to use my inheritance to do this, however, I got myself into this and now I have a chance to start again... at 34 I am very very thankful for the chance, although I feel incredibly guilty that the money my beautiful grandfather worked so hard for is going to pay off my debts .:(:(:(:( I didn't receive a massive inheritance but want to use what I have recived to clear as much debt as possible.

Anyway, I have trawlled through a lot of posts, trying to figure out the best way to write letters etc.. to the companies I owe money to.

I am on payment plans with Skycard, Capital One, Moorcroft, Buchanan Clark & Wells (now Apex credit management). I recently read somewhere that you should offer them a final settlement, or maybe ask them to offer it to you? I read somewhere else that you shouldn't offer too much as they might try and keep you on a monthly plan if they think you can pay more??

Definitely confused.com

Are there templates somewhere where I can
1. Write to them, without telling them how much I can afford, but to tell them I want to pay it off.
2. A letter offering what I can pay?

How will I know what is a good figure? How do I start this process? What happens if they offer an amount which is good, but I can't pay it. Do I just continue to pay the monthly amount and will they expect more knowing I have extra money?

Once I have paid all of this off (hopefully) will the companies write/advise the people who keep my credit file so that it shows as paid off or do I have to do this?

Thanks for any advice you are able to give.

I am very sorry this is a very long post.

Thank you
Jane

10past6

Hi Jane

Welcome to the forum :hello:

I would start of at at around 30% working up to 50%, the following letter may be useful to you;

Your address


Date


Creditor / DCA address


Dear Sir/Madam

Re: XXXXXXXXXXXXXXXX

We write with reference to the money which you are claiming on the above account.

We can confirm that we are unable to offer to pay the money which we owe in full. However, I can raise £xxx and I want to offer this as an ex−gratia payment in full and final settlement of the account.


This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released for any liability.

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

We look forward to receiving your reply.

Yours faithfully