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Topic starter
08/11/2012 12:35 pm
I am current on a DMP via a third party. I had a call from a company this morning which has purchased a debt I had with a CC company.
This was a routine call to update payment details.
However, during the call, they offered me a settlement figure, completely out of the blue and I did not raise the question. The settlement the offered was 15% off the outstanding balance, which I said I was in no position to agree to.
However, they then said 'make us an offer' and we'll take it to management.
I declined to do so at this stage. Question is, what is a realistic offer to hit them with? Can anyone shine some light on how I should proceed here?
B
08/11/2012 1:13 pm
I think this is quite common and would be ideal if all your creditors offered similar.
I would be wary of making any agreement without having any settlement fully agreed and confirmed in writing as I am also aware of the trick to settle for 10p in the £, the payment is made and then they come back and look for the other 90p in the £.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/11/2012 1:32 pm
Hi bdennehey and welcome.
I suppose a pertinent question might be how much money can you raise for this purpose?
Like Mark, I wouldn't do anything without some prior written agreement of the terms. However, this type of settlement can really speed up clearing your debts during a debt management plan where it is all set-up properly.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/11/2012 1:48 pm
Settlement offers like this must be in writing and a written acceptance as full and final payment. Many of these companies buy up debts for pennies in the pound so can be open to fairly low offers.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
08/11/2012 4:27 pm
My concern is that if I go in with something so low, say 10-20p in the pound, they then reject that, but take that as an indication that the amount agreed on the DMP can be increased. Is this likely?
Should I attempt a 10-20p offer?
08/11/2012 4:41 pm
Hi bdennehey.
I doubt that they'd be proposing a settlement as some kind of intelligence gathering exercise. I think they're probably just looking for a quick profit.
How would any settlement be funded by you?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
09/11/2012 9:34 am
Hi bdennehey,
15% is 15p in the £ so it wouldn't be sensible to refuse that and then offer them 20p!
