can anybody tell me what sort of settlement figure i would get if i paid all my creditors off, we have been paying our creditors for the last 2.5 years through payplan at £116 per month, we owe around £13500 to 11 creditors, there are two main creditors that we owe around £5500 and £3500 to but the rest we owe anywhere between £450 and £1100. if we cleared them all how much do you think i would have to pay out of the total amount of £13500. thanks.
All of it, of course.
come up with a sencible answer then why bother wasting my time as well as yours, of course i'll get money off iv'e already being told this by payplan.
The only real way you'll get the right answer it to ask the creditors themselves. Nobody on this NG knows if there are any quirks to your loans, any early redemption penalties, fees, etc. Often questions get asked here which only the relevant institution itself can answer.
Rob Graham
I am not sure I understand the question, nor does the loan data stack up.
Are you asking what amount the creditors would accept to write off their loans, if you were to offer a lump sum now?
Also, if you owe 9000 to 2 creditors, then you must owe 3500 to the remaining 9. At least 1 of the 9 is owed 1100 which means 8 are owed 2400 in total. So some of the remaining creditors must be owed less than the 450 you mentioned above?
Why do you bother with payplan ?
Contact each creditor individually and ask them if they would be prepared to offer a discount in return for early payment. They are not obliged to offer the discount and may well refuse. But you need to ask them.
Do you have the 13500 ?
creditors, i am willing to pay off them that give me a good reduction, either that or it will take until 2014 to clear it all on what i'm paying at the moment, so would they rather give me 10% reduction and get there mony now or wait years for it.
"Jledi" wrote
Why should you get a reduction, especially when you have the money to pay? What gives you the right to spend other people's money, then pay them back less than you spent??
You are the sort of person that gives credit a bad name.
Err, how about the point that the OP mentions - that they can have their money now, or wait ten years for it?
Furthermore, if the debt has been sold on, the present administrator may only have paid around 35% of the outstanding amount.
You're right, by Gum. It's not often someone gets one over on Doug.
He was picking you up on the impossibility of your figures. OK, so he made a mistake, but your correction of it doesn't fix your figures' impossibility:
You say you owe £13500 to 11 creditors, of which the top 3 are £5500, £3500, and £1100. That leaves £3400 for the other 8. It's impossible for those 8 debts all to be £450 or more.
So, now you've corrected Doug's mistake, it time for you to correct yours, I think. Na na, na naa na.
I am curious as to how you are acquiring 15000 in two weeks when you have built up so much debt you are having to pay it over 10+ years?
Quite right, so it does. :)
[Memo : less red wine, more concentration]
I assume it's the RTB deal further down?
In message , Pet Lover writes
I think he is buying his council house with an advance secured by mortgage in excess of 100% of the discounted purchase price hence releasing this surplus.
with, they charge you extra each month for around 6 months before they come to an agreement, this is so they know you are having financial problems and they can charge you extra before saying now we agree to this, after they have put an extra £600 to your bill.
the house is worth so mortgage company giving me extra to clear debts.
Well I see no reason why you should get any leaway. IF you have the money then you should pay.
Then clear them.
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