I am currently phoning all my creditors to find up to date debt amounts and I intend writing to them to offer a final settlement of 30-35% It's either that or go bankrupt as my husband has already done. We have no equity on our house at all so I have nothing to lose by going bankrupt. I told one of the creditors-First Credit ltd my intentions and he was horrid. Said no way would they accept 35% and that now they know I might go bankrupt they'd go to court get bailiffs in etc. Can they do this? Really worried now
Don't worry, the creditor is just doing their job to try to get the full amount you owe them. When you right to them make sure you let them know that this is a last-ditch effort to clear your debts and if it doesn't work you will have no option but to declare BR.
Creditors would much rather have 30-35% of their money than the pittance that they would get from an IPA if you are BR.
Make the offer in writing, say that if the offer isn't accepted you will be forced to declare BR and see what they say.