- Wed Jan 22, 2014 11:44 pm
Hope you are keeping well
It is going to depend on how much you are repaying, and what the circumstances behind wanting to offer a F&F is.
For example, if you are paying a reasonable amount each month, and are in a reasonably safe job, and are in good health, and have plenty of working life left, then in reality they may accept an F&F but it will be at the higher end of the debt value.
Conversely, if you are retired, on minimum repayment, in ill health for ever having to miss payments because of this, then they would take a lower F&F.
But on the other side of the coin, we have seen them accept silly low offers, when they could of held on for more (sometimes a lot more), and refused others when there are major reasons for them to accept, and then lost a load!
Hand on heart the best way to find out is to offer then a low F&F and see what they counter with, then negotiate.
Couple of tips when negotiating, remember it is ALWAYS a friend or family member offing to pay this for you, hint there may be a little leeway, but not a lot, and it is only being offered for a short period. If they are not interest then the offer will be withdrawn, and you will have to keep on paying your agreed repayment. It is important they are made to understand that is is NOT you making this offer, or they could see this you being in the position to make a much larger repayment than normal!!
Final tip, and a huge one - ONLY IN WRITING