I have 8 creditors in all and have been toying with the idea of going bankrupt, there is no equity in our house. I cashed in some endowments and raised £12 500, our debts came to £40 000 so I offered each creditor 30% as full and final settlements. Three of them accepted and our debts are now £21 000. I am still negotiating with the remaining creditors. My husband has been made bankrupt and we have very little disposable income so I am really keen to get the other companies to accept rather than go into debt management plans for them all. Would it be a good idea to maybe up my offer to the bigger companies (40% maybe) and just offer token payments to the others till we are in a position to pay more? Can you offer token payments of as little as £10 or can the companies insist you pay more? Sorry-lots of questions and a bit confused-hope it all makes sense!
Trying to negotiate full and final settlements
Posted - 10 May 2010 : 18:10:15
