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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?
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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.. -
Re: offer to reduce debt for lump sum payment
Hi Harriett---you the Harriett I know-lol?Comment
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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?Comment
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Re: offer to reduce debt for lump sum payment
Hi Bex,Originally posted by Bex View Post
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.CAVEAT LECTOR
This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)
You and I do not see things as they are. We see things as we are.
Cohen, Herb
There is danger when a man throws his tongue into high gear before he
gets his brain a-going.
Phelps, C. C.
"They couldn't hit an elephant at this distance!"
The last words of John SedgwickComment
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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!Comment
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Re: offer to reduce debt for lump sum payment
That is why the original poster was (rightly) suspicious.Originally posted by Bex View PostComment
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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 wontComment
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