Are you making the official minimum repayments or have you entered into a much lower payment figure with them? If you're still making the 'official' repayment, then they wont accept a full and final settlement....
Weggy thank you for your guidance.
I am making the official minimum repayments to all cards. Therefore to get things rolling I've decided to choose one lender next month and cut the minimum to "half minimum" and then "quarter minimum" the month after that. I'll cancel the DD and replace it with a new standing order that I can control. Finally, in month two or three, once they realise I'm behind, I will send the f&f offer letter and say I am unemployed.
I suppose the problem with this approach is that you save 30-50% on what you owe by reaching f&f agreements with your lenders. However, you accumulate new "default notices" on your credit record with the accounts you settle with.
But seeing as I already have 3 defaults, I've decided another 8 defaults won't damage my credit record any more than it is already damaged.
Any comments welcome.
What did you say in your letter? Did you explain where the money was coming from and say why it was a good deal for them? I want to make full and finals when I sell my house but if they know I have a business which, ok, got me in this mess, but is actually picking up and looking ok for the future they might think they would be better to hang on and wait.
If the debt has been passed to a DCA, do you make your offers to them rather than your original creditor?
Composing my letters while the boss is out...
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