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Full and Final Settlement Offers


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Hi,

 

I am finding it really hard to agree a full and final settlement with the below collection companies - I thought it would be easy to agree a partial settlement but they all seem hellbent on collecting the full amount, even though my offer would cover the oringial loan and would miss out the interest.

 

My debtors are:

 

Chantry collections - remaing balance £290 (£200 offered as settlement)

Clarity - Remaining balance £243 (£180 offered)

Wonga - Remaining balance £180 (£110 offfered)

 

Does anyone know why they are being so difficult to agree a settlement, when the offers I am makng on paper look quite generous.

 

Should I just persist and say I am out of work and can only afford to pay £5 a month to try and get them to accept?

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It's hard to say, it may have something to do with the fact they are entitled to the principal sum plus one months interest and all you're offering is the principal??What may seem generous to you, isn't seen in the same way by the people you owe don't forget. Think, if someone owed you £100 and they offered you £60 instead, would you take it??I would think that for amounts like that which are relatively small, the DCA's bought the debts without much room for profit in them, which may be why they're unwilling to play ball

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