Suggested/Expected Debt settlement %. (Cabot etc)

N

Neoman

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Hi, I am looking for advice from anyone who has reached settlement amounts with cabot financial and indeed other lenders. Cabot have purchased a €6,500 loan from GE Money. Initially they were acting as collectors but I have received a letter from Both Cabot and GE to say they have bought the debt from GE.
About 3 months ago I offered Cabot €500.00 as final settlement and they wouldn't consider it, However they did not own the debt at the time.

I have Approx €60,000 in unsecured debt between business loan debt and personal debt. I have been involved with all lenders over the past 3 years since business began to fail.
I have been to mabs, I have showed absolutely no means to pay and have given everyone statement of affairs offering Zero.
My parents can give me about €10k to help settle with lenders the biggest is AIB @ 29K. What will a lender take in order to clear the decks before going into court to get an instalement order for pittance or nothing at all ? Especially with the insolvency thing looming As I am indeed totally insolvent
Any advice ?
 
Hi P.
I am in a very similiar situation, except the bank wouldn't talk to me prior to or since getting a judgement?? Can't tell you how frustrating this has been, I'm in total limbo. What are the banks waiting for? If they had met with with me 2/3 years ago I could be almost debt free.
Good luck to you.
J.
 
I have been told that Cabot probably paid as low as 1 - 2 % For my loan. My oroginal offer was not accepted either because GE have an agreement to sell all distressed loans to Cabot or because Cabot believe they can extract more than 500 from me. They wont. I have not spoken to them although they have rang me twice this week. We are living off fresh air and in negative equity up to our eyeballs on our family home and our old house. (we moved in 2007 and ended up with a morgage twice the size as intended and a house that we can neither sell nor give away).
It really is a case of you cant get blood from a stone, so I plan to re offer the 500 again and if not accepted let them take me to court, as honestly whats the worst that can happen.....It is as bad as it gets.
I thought there maybe someone here who has settled with Cabot already. They are really vultures and a friend told me to ignore them completely
 
You might be better off waiting to see what the final Bill on personal insolvency looks like if you can't get anywhere with Cabot. If they want to take you to court, let them.
 
Thanks Guys. I can not go down the weekly/monthly route 'looking' as if I do this with everyone, then we wont eat. I want to offer them a 'take it or leave it' amount less than what I think they will take and let them negotiate it up a bit and be done with it. At €15 a month I'll have them hounding me for years
 
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