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Clearing debts f and f offers - Penelope marks 2019-06-07 17:47:55
Hi there
I owe £52,000 over 9 different companies. This debts were from over 11 years ago. I have always paid between £50-75 per month on DMP over the years . The debt was originally approx £54,000. All the debts are with debt collectors including westcott, cabots, Lowell’s and moorcroft. My daughter has offered me £15,000 to settled the debts . I spoke to Cabot and offered 15 percent and they agreed on the phone . I have a property with equity and work for government so can not pursue bankruptcy without declaring which I don’t want to do . Shall I continue to contact all companies with 15 percent offer and see what happens? Or shall I send a £1.00 to see if they have original documentation first ? I would really appreciate some advice on best way to deal with this . I Have stuck to the play for over 11 years now . My credit score on Experian shows as excellent. The original debts are not on there as they were all defaulted 11 years ago. Thank you for your advice in advance Penelope

Replies
   
Re: Clearing debts f and f offers - Jane 2019-06-12 20:31:56
Hello - you can offer 15% but try pro-rata-ing with what you have left as you have already sorted Cabot.

Make it clear that the money is from a third party and that if the offer is rejected the money will not be forthcoming.

National Debtline have a good factsheet on this - it is not necessary to waste money asking for the original documentation. Have you kept a record of what you have paid and what the balances are as you should have a yearly update from the creditors.

If you have not then you could request it and if figures vary a lot you can then ask for exact figures and pay the money for it.

The link to the factsheet is: https://www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx

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