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 ?