offer to reduce debt for lump sum payment

[harriet]

I have received a letter from Cabot Financial offering to write off a debt which will take another 15 years to pay off at the current rate if I can make a lump sum payment of 35% of the current balance. Is this a good deal which I should accept?

[Curlyben]

Re: offer to reduce debt for lump sum payment

Really depends on what the debt relates to..
Never trust a DCA especially one making such outlandish offers..

[Turboman]

Re: offer to reduce debt for lump sum payment

Hi Harriett---you the Harriett I know-lol?

[Bex]

Re: offer to reduce debt for lump sum payment

You've got it in black and white, and do you really want to carry on paying it for another 15 years?

[charitynjw]

Re: offer to reduce debt for lump sum payment

You've got it in black and white, and do you really want to carry on paying it for another 15 years?

Hi Bex,

I think what the other posters are saying is that 'full & final' payments sometimes turn out to be not as final as you thought.
Unless it is a watertight agreement, you could still end up liable for the difference.

[Hurricane Puffrose]

Re: offer to reduce debt for lump sum payment

rule of thumb,

if it seems too good to be true, it is!

personally i wouldnt touch an offer like that with a barge pole!

[CleverClogs]

Re: offer to reduce debt for lump sum payment

You've got it in black and white

That is why the original poster was (rightly) suspicious.

[wales01man]

Re: offer to reduce debt for lump sum payment

We have a stack of letters here from these comedians dating back over 2 years some threatning legal action and other dire fates one offering 50% discount to payit 30% discount then more threats of action next stage passed onto fire letters threatning legal action then letter asking us to MAKE AN OFFER this with other dca and original creditors letters has been going for over 3 years we have never answerd a single one and they have all been sent to our old adress they dont have new one .
I would either ignor them or if you can and will pay make your own offer we cant pay not wont