full and final settlements

[razamataz_]

Is there a set figure/percentage that creditors like banks would accept for full and final settlement outside of any formal agreement.
What would be the lowest settlement figure that would be on offer for approval? Do they ever agree in mediation for debts to wiped off without the help of Solicitors.
razamataz_

[MelanieGiles]

razamataz

There is no set figure. You would need to make your own negotiations. I have recently done an informal deal with Lloyds and Barclays at 50p in the £, but it took over 12 months to broker and was difficult.

You will have to try and speak to each bank separately, and my view is you will go round and round the houses with ongoing interest mounting in the meantime. But good luck!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[razamataz_]

razamataz
[:u]Thank you Melanie,
Well if you can't do it then maybe i don't stand much chance-but we have to believe in ourselves!!

[88]HAVE you ever done any bargaining with Halifax? Mind you once i get my teeth into something i'm told that i'm like a Rottweiler, with a bone!! People are so nice with compliments!! Any Solicitors out there willing to give a hand?!
razamataz_

There is no set figure. You would need to make your own negotiations. I have recently done an informal deal with Lloyds and Barclays at 50p in the £, but it took over 12 months to broker and was difficult.

You will have to try and speak to each bank separately, and my view is you will go round and round the houses with ongoing interest mounting in the meantime. But good luck!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

I generally find Halifax one of the more receptive creditors with regard to IVA's - sorry no experience of trying an informal settlement - but then I rarely do this type of work.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hello,


In some circumstances, your creditors may be persuaded to accept a one-off, lump sum payment, which is less than the total amount owed, in return for writing off the remainder of the debt.

You may have access to a lump sum due to a recent windfall, or have some savings you could use. You may even have a generous friend or relative who is willing to contribute a lump sum in order to help you deal with your debts.

We strongly recommend that you seek professional debt advice when making a Full and Final Settlement Offer. Your nearest Citizens Advice Bureau can advise you on what to do and help you to draft a suitable letter.

Any offer you make to your creditors should be made in writing. It is essential that you keep copies of any letters you send, in case a dispute should arise at a later date.

Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[razamataz_]

Hi Julia,
Yes i am aware of this, and no i do not have any relatives, apart from son but he is not well and not in a finacial position to assist if he was i wouldn't be in this mess and i wouldn't ever borrow from a relative anyway if i could. I always put things in writing, and so far i do not have proper feedback from creditors which i find very rude just bombard me with further computer generated stuff apart from a card saying a Representative would be calling me on 26th Jan and if not convenient to ring them to say so-however i sent a letter back reiterating i prefer to discuss what they might offer in writng, anyway now my phones have been struck by lightning spike during the storm this morning so my phones are not working as it struck the phone through the window whilst i was speaking to a friend and went dead! Of course it still sounds as if it rings out if someone tries to phone it but it don't ring out this end, my fax phone has gone too, and too costly to afford now.God workd in [(#)]mysterious ways! thank you for caring.
razamataz_

Hello,


In some circumstances, your creditors may be persuaded to accept a one-off, lump sum payment, which is less than the total amount owed, in return for writing off the remainder of the debt.

You may have access to a lump sum due to a recent windfall, or have some savings you could use. You may even have a generous friend or relative who is willing to contribute a lump sum in order to help you deal with your debts.

We strongly recommend that you seek professional debt advice when making a Full and Final Settlement Offer. Your nearest Citizens Advice Bureau can advise you on what to do and help you to draft a suitable letter.

Any offer you make to your creditors should be made in writing. It is essential that you keep copies of any letters you send, in case a dispute should arise at a later date.

Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net