RECOMMENDED OFFER AMOUNT REPAYING TSB AND LINK - they have charges on our property...

[joan_of_arc]

Hi again everyone.

 

 

I'm in a position to make offers on two outstanding debts,

 

 

one of approximately £10 k to TSB which I've been paying off at £50 a month since the court case

(in which I defended myself and lost (quelle surprise)) back in 2009,

 

 

the other to LINK who shafted me a couple of years back adding 3k onto my debt of approx 5k making it 8k of debt

and I foolishly didn't get back to the court in time to object,

so I've been paying LINK £10 a month since then.

 

Both TSB and LINK have charges on our property which is why I'm keen to get these debts repaid first in priority to others,

as our mortgage is interest only and only has 10 years to run and we need to remortgage and get an endowment

and start paying it off, but can't remortgage until these charges are cleared from the property.

 

So...how much should I offer TSB for their debt of 10k? I'm thinking of offering 2k.

 

And how much should I offer LINK for their debt of 8K? I'm thinking of offering 1k.

 

I know that different banks and CCCs have different reputations regarding what proportion of a debt they'll accept

in an offer but don't know the details which is why I'm asking for help.

 

Is my CAG buddy andyorch still here by any chance? (waves hello if you are!)

[joan_of_arc]

Can anyone help with this or guide me to other discussions on the same subject? I've done a search on the forums but can't find any guidance...really need some help, any advice welcome...

[ashmk]

It looks like your post has been overlooked, I'll send an SOS to the site team to get you some help.

[Guest]

seems as if they have ccj's and CO's on these.

which may affect what they would accept cf otherwise.

 

in their collections,

they seem to offer around 40/50/60% ....reduction, then poss open to negotiation. maybe more when it has been sold on, and depending on the individuals circs. but, they have ccj's and CO's?

 

make an offer, start low, see what they come back with. hopefully they'll be open to negotiation.

Edited December 1, 2013 by Ford

[citizenB]

andyorch isn't online at the moment, however I have left a message for him.

 

As Ford says, the fact they have a CCJ and a charging order on your property kind of changes things.. they might not be open to offers and want the full amount.

 

No harm in trying though

[AndyOrch]

Hi Joan I trust you are keeping well.

 

The fact that the debts are secured by the charges is irrelevant really (particularly with the link one)

as they would be open to any offers to grasp some cash.

 

TSB may be a little more difficult but if you don't try you will never know.

 

Follow Fords suggested approach above and test the water...you mat be surprised.

 

On a side note are the charges restrictions or actual Charging Orders?

 

Regards

 

Andy

[joan_of_arc]

Thanks Ash,

 

it's easy for posts to get overlooked with so much traffic.

 

If someone could alert andyorch to this I'd be grateful as he's been of so much help in the past..

 

.oops EDIT just seen he's posted...

[joan_of_arc]

Hi andy, long time no speak,

 

thanks for coming on here and thanks citizenB for messaging andy.

 

..yes we have 2 actual charging orders on our property,

one is Link and

one is Lloyds TSB (not sure whether it's with Lloyds or TSB now the banks have been forced to separate...)

 

- the idea is to clear the debts that have charging orders on

and then start to work on the debts that don't have charging orders on.

But we only have enough funds to deal with these 2 debts first...

[joan_of_arc]

I'm writing to them today. I'll keep you all updated on the responses...

[joan_of_arc]

Unfortunately the festive period was so demanding I haven't had a chance to address this, now I have.

 

There are several good threads on the net if you google "final settlement offer"

so I've got figures in mind as to what to offer.

 

Apparently once with a DCA they often accept 20% of the debt,

but of course in the case of Lloyds TSB it's a bank.

I've seen people posting about having had offers of 25% accepted from banks so I'm going to start at that.

 

My problem now is,

 

as the TSB debt was with Lloyds TSB, is it now with just the TSB?

 

I can't recall them sending me any notification about this.

And I've been searching for over half an hour on the net a

nd can't find an address to write to for TSB credit card debts.

Does anyone know to whom I should be sending this letter?

[Guest]

send things to whomever has the ccj/co? with proof of posting. if there has been a change of ownership, they should've formally advised/dealt so.

[aburobert]

Subbing.

 

Interestingly I'm in the same position but with different creditors (MBNA and Moorcroft).