Offering full ,settlement, to, creditors.

[R&F]

For some years my wife has been paying off various store and credit card debts via a debt management company

who, naturally, take their percentage before paying the creditors.

 

I have now intervened and contacted Step Change (formerly CCCS) and requested that they take over from the debt management company.

 

Once transferred she may within a couple of months be able to clear all outstanding debts in one payment.

 

I have seen a recent statement from the debt management company as well as an up to date statement from Noodle credit reference agency.

Her liabilities are with four well known bank/store card creditors.

 

Prior to paying them off is it customary to see if they will negotiate a full and final settlement figure less than the current amount outstanding ?

 

If so what sort of percentage is the norm ?

 

I appreciate that Step Change can advise us on this but it would be interesting to have some guidance from members here.

[ims21]

Hi and welcome to CAG.

 

Have you looked at reclaiming any unlawful penalties levied on the store and credit cards?

 

If you are close to being able to settle the debts with a lump sum then a reclaim may, in some circumstances, clear the amounts owing.

 

Are all of these debts still with the original creditors or have they been passed on the Debt Collection Agencies?

[filrobbo]

Is there any ppi you can cla and are all these debts lawfull ie do you have proof of debts CCA

[dx100uk]

rarely do the major players give discounts.

 

as ims says explorer the reclaiming avenue.

 

might be an idea to look at the default dates too

 

when do they hit 6yrs?

 

dx