I am looking for advice on how to deal with creditors to get a reduction settlement. This debt is just over $5500 and 6 years old and I have been making weekly payments for 6 years but I have a super tight budget and can’t afford more so the interest just continues to accumulate and I’m not getting anywhere.
I was offered a dollar for dollar payout in January so I called them and asked if the offer would still stand. I have just sold my car so I have a bit over 50% of the debt amount.
They offered me a reduction of $200.
Clearly that isn’t going to help me out.
I spoke with another lady and she said that she could put it forward for review if I sent in my financials and my best offer.
If anyone has any personal experience or knowledge of dealing with creditors for debt settlement, I’d be forever grateful if you wouldn’t mind sharing. I’ll be checking the original post in case anyone wants to stay anonymous.
Reduced debt settlement
Reduced debt settlement
Posted in:
Money
3 Replies
Go to a free financial counsellor, Salvos and uniting care have them and they can usually help with things like this.
I’m part of a Facebook group called ‘shared experiences reading the barefoot investor book’ - not saying you need to read the book but I’ve seen posts asking similar to this question on there and there’s a lot of very knowledgeable people with wide experiences and advice in the group. Could be worth joining and asking on there or even search the previous posts on there
I negotiated with mine to reduce interest to zero so I'm chipping away at the actual debt in small fortnightly payments.