Feeling very silly offering such a small amount!

Jindebt

I have got a letter sorted for my Creditors reads like this....

WITHOUT PREJUDICE:

Dear Sir/Madam
Re:

We write with reference to the money which you are claming 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 (Amount in here 30%) and I want to offer this 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.

Now i was going to start of with offering 30% to them all. can anyone help with previous experiences with the same people. ( i have also but the amounts owed + what the 30% is equal to)

Barclays (currently selling my debt) - Owed - £1010.17 : 30% = £303.05
CL Finance - Owed - £294 : 30% = £88.20
HFC Bank - Owed - £3382 : 30% = £1014.60
Lloyds Card Services - Owed - £1094 : 30% = £382.90

Now after looking at those figures Especially CL Finance i feel silly at offering such a small amount

i have more available. do you all think it will be pointless starting at such a low offer??

devonsdreamer

It is always worth a try- they will probably push for more WHATEVER you offer unless it is the full amount. They can only have what you can afford

Best of luck!!

LilacPixie

Worth a try. alot of the times they sell tp a DCA for less than 10% of the amount so you never know.

What i would say however is if they refuse do not automatically increase your offer. Write again and ask them to reconsider as the 30% offer is all you can afford. somtimes they only accept on the 2nd offer on the off chance you will panic and offer significantly more.

Jindebt

if i then reaply saying i can offer a further 10% will they then not realise i have got more than im letting on?

Jindebt

well im going to start at 30% ive done letters and they are ready to be posted.

am i likely to get a response? as i have only been on my DMP for 5months never missed a payment on it.

how long do most normally take to reply??

Incisor

A picky point, it is not an ex gratia payment. It is far less than you owe, and if anyone understands the meaning of ex gratia, it is actually insulting to use the term here.

I think they will automatically reject your first offer, at which you should ask what they will accept and then make your final offer. Leave a margin in hand on your first offer

Jindebt

what should i replace that with?? and what do you mean leave margin in hand on the first letter?

also should i send them all recorded post?

louietudor

think you should just leave it out ie and I want to offer this payment in full and final settlement

leaving yourself a margin is dont offer the amount you have got offer less then start form there

yes ALWAYS send recorded - i even put the number in the letter ie: this letter was sent recorded number: xxxxxxxx

Jindebt

ok thanks for your help. i'll edit them again lol

stapeley

hi , you have to show you are being far to all the creditors , there's a guide available from CCCS . If you email them ,they will sent it by email . Are any with DCA,s . If you get in quick Barclay's may accept a little less ,as they will get only 15 p in the £1 from a DCA. But be careful if they think you have a decent lump sum they may push for increased payments .Do not go into too many details on where monies coming from , you could say a family member is willing to give you the money on the understand that all debts are cleared . Also make it clear offer is only available for a limited period .

Jindebt

i have now sent the offers off. i didnt read the post about showing i am being fair to late now.

I have worked out exactly 30% for them all. guessing i'll need to wait for the replies now how long do the companies normally take?