Thanks for your question. Please kindly RATE my answer when you are satisfied
Is there any form of court judgement in place please or have matters proceeded without recourse to court?
No court judgment, no.
Just the usual letters in the mail etc.
If there is no judgement against you in the creditors favour there is nothing stopping you attempting to strike a deal.
Would it be a final settlement" ?
ie they couldn't come back 6 months down the line and ask for the remaining amount(s)?
It is very much a case of painting the right picture. e.g. you may be able to borrow some money from a friend to settle the debt but can only borrow say £8000 and so on or whatever story you feel comfortable with. Creditors will often accept a reduced settlement for an account.
ok - thanks.
An alternative is to settle with them on a technicality. If you send them a cheque for the amount you wish to settle under cover of a letter that states the cheque is in full and final settlement.
If they then bank the cheque this is taken as strong evidence of acceptance of your terms.
I'll try the - "this all I have, as I've borrowed the money, will you accept final settlement"
I guess I have to get them to confirm (in writing) they accet the final settlement
Providing you use the cheque and covering letter approach their banking the cheque is evidence of acceptance but if you can get them to commit to confirm in writing before hand this is all the better.
I assume from their perspective
they prefer a final settlement
rather than spending more money and time chasing
Quite so. It is worth accepting less rather than holding out for the full sum. Something is better than nothing as they say. However there are no hard and fast rules and much will depend upon what they know about your financial circumstances and their business model in terms of writing off bad debts.
thanks for everything
life is funny
A pleasure. Good luck negotiating.
I'll rate you now
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