how much should i pay?

[crinanjon]

this info its probably on this site somewhere, but i can't find it, so i will ask and get peoples views n how much i should pay.

I have 3 debts. one of £4,000 with one firm. and two of £2000 with a different firm.

I have asked them to send me the original agreements to give myself a bit of time.

thanks to family i can scrape together some money to pay these, but nowhere near the amounts.

i am able to offer £1500 to settle the £4000 debt, and £750 each for the £2000 debts. this means I pay £3000 to settle £8000.

is this a reasonable percentage that is likely to be accepted?

[spotnot]

Don't pay anything until you receive the copies of the agreements!!

 

It depends on who the Debt collection agencies are. Some are happier receiving a lump sum, whereas others prefer the whole debt to be repaid in tiny amounts!!

 

You have got some time now to read as many of the threads on here as you can.

 

If they do not accept the lump sum, you offer to pay them what you can afford. If its £1 a week, then thats what they'll get!! No court will look down on you for paying what you can!!

 

Anyway, thats way in the future, just wait and see if they produce the original agreements and then post back and we will give you as much help as we can.

 

Good luck

 

Spot

[lookinforinfo]

Whoa, hold your horses..........

 

For amounts of that size, you must first make sure that the companies who

are trying to collect them [if they are not the original lenders] are entitled

to collect them. Also, it is highly probable that at least some of the debt

will be made up of charges levied when you missed payments or otherwise

contravened the terma and conditins of the lender. These charges are

virtually always unlawful and therefore reclaimable. So the actual debts

outstanding may be a lot less than you think.

 

Before giving you any specific advice, we will need to know who owns the

debt, are they the original lenders or a debt collector, and when was the last time you paid anything off the debt if the debt is more than six years old.

 

There is a section on the first page of the forum [the faqs] which you must

read as it is vital that you understand how to avoid over paying your debts-even when you are going for reduced settlements.

 

It is also a good idea to get copies of your credit files from the Credit

Reference agencies to see if defaults and ccjs have been registered against you. If you have those, it will still make life very difficult for you in the nest

few years if you wish to open another bank account, buy a house, or get a

loan for a car etc.

[crinanjon]

cheers mate. i have writen to them asking for the original credit aggrements.