Help! How do I negotiate for full and final settlement from DG Solicitors & MCS?

[TThomson1]

Hi there,

Please help! My business went bust in '08 leaving me with several debts to HSBC which they transferred on to DG Solicitors and MCS (Metro Credit Services). I have spent the last few years building a new career and paying all bills dilligently, along with £10 per month to DG and MCS and I'm now in a position to try to pay off the original sum but I need any suggestions in the best way to approach them over this. What sort of haircut on the original debt will they be willing to take and how do I ensure that once paid, the remove the defaults from credit rating? For example they were offering 75% off all debts a few years ago... has anyone been through this final stage of getting back to credit worthiness and which tactics should I use to persuade them to accept the lowest amount possible from my original unsecured business and credit card loans?

Many thanks

T

[Bill-K]

Re: Help! How do I negotiate for full and final settlement from DG Solicitors & MCS?

Hi TThomson1 and welcome to you. I can't help with the settlement negotiation itself, but very often the debt can be reduced before negotiation if any of the accounts had mis-sold PPI on them. If so, then it might be worth reclaiming this first. I can help with that.

You may find you'll get some better responses if we transfer this thread to the Debts forum here. I'll ask admin if they can do this.

[TThomson1]

Re: Help! How do I negotiate for full and final settlement from DG Solicitors & MCS?

Thanks Bill, there was no PPI but please do transfer to Debts as I presume the first and most important task is to get the debt down to a manageable amount before making an offer of settlement.

[Bill-K]

Re: Help! How do I negotiate for full and final settlement from DG Solicitors & MCS?

Well, I think it's important to make any 'non-negotiable' reductions to the debts first, hence my PPI question. Remember this is often known by various names, so it's worth checking. Card providers often sneak it in under another name without even getting the cardholder's consent. Also - another reclaimable is Card Protection Insurance (CPI or CPP), which is an annual premium paid to cover card loss or theft. This insurance has now been declared as mis-sold by the FSA, as it was totally unnecessary. Worth checking.

I've asked admin to move the thread now, and I'm sure you'll get some help with this soon.