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Not sure if this is right place.


I decided to try and go for settlement with my creditor in regards to my debt.

What would be good ideas to "present" as why i dont want to pay full amount? Obviously because i cannot, but what else can i put down as reason? What would be good catch for my creditor to go for my offer?


Thank you in advance

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Hi can you please post up more details of the debt like what its for and as much detail as you can please so we can offer advise, also it is fraught with pitfalls, like they may sell on the outstanding debt to a DCA (debt collecting agency) are there any charges or PPI involved and things like that we need the full story to offer the best advise

  • If you do it without further advise you MUST get them to include in writing that
  • That they will mark your credit file as satisfied
  • They will NOT pursue/sell on the balance to a 3rd party
  • Always get them to confirm this in writing before you do so
  • Never phone them to discuss this always in writing
  • Never ring a DCA or go through security always state in writing then hang up


Edited by mikeymack2002

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Hi Winnie


I have done something similar in the past, your best bet is to write in, via recorded delivery offering settlement. Start at a low amount (30% of the balance) and look to work upwards


Include in your reasoning the following points:


At your current level of repayment it will take x months to clear the balance

You cannot afford it because of hardship - put in your own specific circumstances - be honest here but laying it on a bit thick can sometimes help!

I mentioned in my letter to a creditor i was borrowing the money from a friend / family member in order to avoid bankruptcy, which would be your only alternative, and if they didnt accept the offer they would get nothing and be treated as an unsecured claim.

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