# how much to offer to clear bad debt loan



## paul kelly (28 Mar 2015)

How much should i offer to clear car loan. Loan was sold by bank of scotland to VHP FOR 13000 3 YEARS AGO. Have had no correspondence from anyone since then until a couple of weeks ago i got a letter in post from a debt collector looking for payment. Am willing to make an offer and am looking for some advice on what to offer.

Thanks in advance


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## Clonback (29 Mar 2015)

If you can offer them a lump sum say3/4k and tell them that is it.They don't want a small monthly sum and it will suit both parties to finalise matters.


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## Gerry Canning (30 Mar 2015)

Clonback said:


> If you can offer them a lump sum say3/4k and tell them that is it.They don't want a small monthly sum and it will suit both parties to finalise matters.


.........
Paul Kelly.

Are you sure it was sold for 13,000.?
It seems that these buyers of old debt are now starting to see what they can get.
It is probable your ICB (Irish Credit Bureau) credit rating is now bad.
Go online and get ICB checked.

By all means respond to debt collector but don,t offer anything yet.
See what he says and bear in mind he wants to maximise what he gets and at the same time wants closure.
If you have funds = pay your debts.
If you have free funds = offer that in full and final (in writing) settlement.

eg. If you have 3,000 offer that.
Do not get sucked into a bidding war.

You need closure and they will want closure.


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## demoivre (30 Mar 2015)

The average debt write off under a DSA to date is 80% and the average unsecured debt write off under a PIA is 89%. If I was a purchaser of debt I would be mindful of those stats !


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## paul kelly (30 Mar 2015)

Thanks for replying guys. So if I offer 3000 and they turn it down what happens from there. Would like to get this sorted asap.


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## paul kelly (1 Apr 2015)

Gerry Canning said:


> .........
> Paul Kelly.
> 
> Are you sure it was sold for 13,000.?
> ...


Thanks for replying guys. So if I offer 3000 and they turn it down what happens from there. Would like to get this sorted asap.


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## vandriver (1 Apr 2015)

If you want it sorted,I suppose they could get you to up your offer.So start at 2.5!


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## Gerry Canning (1 Apr 2015)

Paul Kelly.

It is probable that for them to accept k3 they will require you to fill out an income/expenditure statement.
From what you write you have little free income , so I suspect on sight of your income/expenditure they will accept the k3.
Do not worry about sending it on , if you ain,t got more money then that's it .

Suggest do not get into (trading), just  make one fair affordable offer.
If it is fair and they do not accept , send them nothing; that will have the effect of making them sit -up.
Keep everything in writing ,phone calls just do not work.(keep copies)

As you said, go for closure , that might mean you pushing them a bit,
But please do not be bullied .

Good Luck.


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