Your views and questions.

Moderators: TalbotWoods, JaneClack

By TooMuchInterest!!
#209088 Recieved a letter of LTSB saying they are prepared to knock a third off my outstanding balance if I pay within a month.
Not in a position to pay at present, but just wondered whether anyone knew if they will keep writing and if so, will they knock more off each time.
This is my first F & F Letter and just wondered what will happen next.
By nomlas
#209107 I think this one of those questions that is not possible to answer. The only thing you can rely on with creditors is their inconsistancy with their offers. However try them with a "soft" offer, you never know. GL
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By JaneClack
#209138 Keep on paying your reduced payments if that is all you can afford and back it up with an income and expenditure and it has been known for it to be reduced again. The only thing is whether you - or a third party which is the best way of doing this - has the money at the time. Experience has shown that if they do not go for court action - and even if they have and the CCJ has fallen off after six years they will ask again. It all depends on the likelihood they feel they will get all their money back and whether they are trying to clear their books.

Many years ago I was offered a sum to make full and final payment to RBS through Robinson Way when I was paying £25 a month. It was at about £650 and they said I could pay £300 but I did not have the cash so continued and paid it all off.
By Marmiteontoast
#212995 I can't get my head round settlement offers.

I appreciate that creditors are trying to cut their losses and make sure they recover something rather than nothing, but if the borrower had said funds, surely they'd be maintaining normal payments in the first place?

Perhaps a very small percentage of people manage to get their hands on some money from family and friends, but they certainly aren't going to have access to credit if they're on a DMP, so the returns on this sort of policy must be quite low. I think creditors time would be better spent looking into how they can help people pay off their debts by reducing interest or charges, or increasing loan duration, rather than trying to get a golden handshake of sorts.

There's nothing worse than receiving a letter or phone call offering you a settlement of £2k on a £5k debt, when you haven't got even £1.50 to spare! :shock: :)
By Butts
#212996 Hi Marmite....

I think it depends whether youve got any assets (ie property)

If you have the last thing you want is a charging order slapped on it by some over zelous creditor.

If you are in the fortunate position (in these circumstances) of not having any tangible or should I say chargeable assets you can do a "Chandjay" and stick two fingers up at them :mrgreen: