Update on making offers to creditors myself

[simon.b]

As some of you may know, I'm going through the process of making offers to my creditors myself in the hope of reaching an agreeable figure to settle my debts - it's either that or face Bankruptcy.

The letters were sent off to my 5 creditors on 25th July offering 40% which we considered generous considering my circumstances.

However, I've just had two creditors phone me advising that they still haven't received the letter... I know there was a postal strike but they should have arrived by now I would have thought!? Haven't heard from the other three creditors so don't know if they've received anything or not yet - will follow this up with them on Friday.

Not a great start... will see what happens next, maybe we should have sent them recorded delivery?

[Oliver]

I would suggest that recorded delivery is the only way you should send documentation to your creditors.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi Simon,

Recorded delivery seems like the best way, as you can make sure that the letter has actually arrived. Could you not fax a copy of the letter also on the day you are to send it? Just a thought [:D]

Best Regards. IVA Experts

[sinking_further]

Hi,
First off ignore my Logon Name. Thankfully things have improved beyond anything I could have hoped for.

Ignoring your letters is standard policy. As is getting the parrots on the phone with the standard "How much today".

If this helps I had large debts which are now either settled or I have agreed such a low payment with interest frozen that it can live longer than me.
Some details will be missing to protect my interests.

Creditor 1. VERY Large Credit Card Company (across 3 cards) agreed 30% Full and final settlement. Turned 15K into.. , Work it out.

Creditor 2. A well known ex building society. on a 25k debt agreed to very very low long term payment. It may drag the term out but again interest frozen. The settlement figure was way to high to make it worthwhile ie about 80%.

Ok on this one you may feel around 45yrs+ (Ish) repayment term is not for you, The other way of thinking of it is if you borrow 25k how much is your repayment figure.

I had a few low level debts below £1500 which are also dead.

The above sounds easy, BUT If you choose the go it alone line expect harrasment of extreme levels as in:

20+ Phone calls a day
"Nice People" at the door for a "Chat"
Threats of all sorts.
Not to ignore the torrent of post daily (I have a large File).
ALL OF THE ABOVE for sometime, I hope your your mentally strong.

MOST IMPORTANT.

They will base a settlement figure on a your submitted budget. DO NOT LIE on this (Also do not allow a settlement to be forced on you) It must be on your terms. But make it as reasonable as possible as far as your living standards go. Also details can be made a "Bit Blurry". BUT all figures MUST stand up in a County Court.

I can say with total honesty I did not Lie or dishonestly answer any questions I was asked. The companies invovled were given accurate information (Albet in a condensed form) and their decision was based on those figures.

None of the above debts had been serviced for at least 12mths so I can only assume that they were pleased to recieve something.

Hope this helps