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rocket1381
Starting Member
United Kingdom
29 Posts |
 Posted - 09 June 2009 : 23:36:13
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Hi great people,
Has any one ever tried to settle the debt with creditor by offering them one of payment like 20-30%.
Would they take it serious?
How much would they consider?
I am saying this cuz they send me letter offering me 25/30% off.
Would they take 10% you think?
In some cases it would be much easier option then going BR.(ofcours if there is enogh found available)
If you could Settle the £30,000 debt with £3K-£4K.
I don't know any idea?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 June 2009 : 23:52:27
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Hi
theoretically this is possible but there are never any guarantees and it depends upon individual circumstances.
Also depends on:-
1. is it the origional creditor
2. is it owned or managed by a debt management company?
3. do you have a house
etc etc etc
we have this year achieved a 24% settlement with Nationwide on a £20k debt, also a 25% settlement with MBNA on a 6k debt and a 30% settlement with Lloyds TSB
10% is quite low but always worth a go. If you eventually went Br it would look good with the OR - unless of course it was your money and it was subsequently spent if they didn't accept the offer
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 00:27:53
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Thanks for replay Reviva UK,
Can you please help me on this?
what do you mean when you say: there are never any guarantees. ?
It came to me when I rad some of the topic in forum and letters I gut from my creditors.
Let me tell you my circumstances:
1. I have no house or any type of property
2. part from one Lloyd's TSB 22K, the rest are with debt collector like EQUI and Moorcroft in total 10K.
I received letter for same debt from different collectors, so as you said I am not sure who they are really in solving the matter.
how can I find out if the debt now owned or managed by a debt management company?
What strategy would you recommend to approach them?
believe it or not last year Lloyd's TSB sent me a letter offering 80% off my debt one of payment, kept the letter. could not take the offer at the time 
If this works and they co-operate I really could avoid going BR.
What do you think? ?
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Edited by - rocket1381 on 10 June 2009 00:44:15 |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 00:34:11
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Sorry I forgot this Paul,
How can I make sure I am settling down with right creditor????
and then if they take the offer, what do I need to make sure it is done(for prof)??
Thank you for your passion and help |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 June 2009 : 00:36:23
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if you have the money available it is definately worth a shot.
you need to prepare a letter detailing your circumstances, confirming that you have / have not taken advice on Br and are likely to consider Br if you can't get an agreement by August.
If you get an agreement you need to read their offer letter carefully to make sure it says what you need it to say. Then you need to settle quite quickly.
write a letter first offering the pro rata share of your cash then see what happens
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 00:54:38
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Thanks Reviva UK,
Right, my parents are here over weekend and my mum in quite wise women. I think she like to help if she can(once for good).
what do you say about finding out if they are real creditor? I have gut letter for same debt from few Debt collector.
You want to settle with right people
so send them a LETTER, no CALL?? |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 00:56:30
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| any sample letter some where please??? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 June 2009 : 01:21:34
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sorry haven't got sample letters at home
but suggest you speak to the companies and confirm who has authority to deal and make decisions regarding offers
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 09:14:03
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Any help will be appreciated guys,,
Cheers. |
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gettingoutofdebt
forum expert
2418 Posts |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 13:13:41
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Great help.
Thank you gettingoutofdebt.
I am looking in to it now.
I will keep forum posted.
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 14:33:21
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Hello,
I am writing the letter now,
I realised I am getting letter for same debt from 3 different collector. I have spoken with all of them today and they all claiming they are authority.What can I do?
1. which one should I sent the letter to, or be sure they are the one??
I have not heard from my biggest creditor which is Lloyd's TSB about a year now,
2. should I approach them with same letter and strategy?
Thanks
quote:
Originally posted by Reviva UK
sorry haven't got sample letters at home
but suggest you speak to the companies and confirm who has authority to deal and make decisions regarding offers
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions
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Edited by - rocket1381 on 10 June 2009 15:23:12 |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 17:56:14
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| Help please,, |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 June 2009 : 18:32:29
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If it is debt collection agencies who are sending you the letters, then I would speak to the original creditor as they will be the ones who can say yay or nay. Debt collectors are there just to collect the debt or payment of it.
The glimmer gets brighter all the time
Jan
xx |
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rocket1381
Starting Member
United Kingdom
29 Posts |
Posted - 10 June 2009 : 18:56:38
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Thanks for replay,
I will get in touch with original creditor. but in some cases they sell the debt to these people,
as i said, In one of my cases i am getting letter from 3 different collector, it dose not seams right
quote:
Originally posted by kallis3
If it is debt collection agencies who are sending you the letters, then I would speak to the original creditor as they will be the ones who can say yay or nay. Debt collectors are there just to collect the debt or payment of it.
The glimmer gets brighter all the time
Jan
xx
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 June 2009 : 19:33:24
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Hopefully the creditor will be able to assist you.
The glimmer gets brighter all the time
Jan
xx |
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Topic |
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Hi great people,Has any one ever tried
