Can finance companies be forced to accept a settlement?

When I gt divorced I was left with 拢30,000 debt over the last 4-5 years I have struggled to reduce that to 拢10,000. At the moment I have reduced my creditors to 6 in number. I have the opportunity to offer them all a 1 x payment of 75% of the outstanding balance in return for a final clearance of the debt. Do they have to accept this offer or can they keep forcing me to pay at my current rate for the next 2 years ?

None of us wants to be ripped off by people that owe us money and finance companies feel the same way. As long as they think you can pay, they will contnue to ask for their money. If you tihnk that they are asking for too much, you can take your case to an ombudsman and they will set a fair rate. The only sure way to avoid paying back any further debt is to declare persoanl bankuptcy. However, you will then have real problems getting any kind of further credit , bank accounts, loans, mortgage etc and it may affect your ability to get a rental accomodation.

They don't have to, but I would think it was in their interests to take your offer. Well done you incidentally.

In many ways you've done yourself no favours by being so good in the past. The remaining creditors will feel a bit miffed if some others have been paid in full while you're only offering them 75% of what you owe. The time to try to do the deal with your creditors was at the beginning so you could treat them all alike. They can't be forced to accept 75% unless you enter into an IVA that they all agree to but what the hell it's got to be worth asking them!!

banks and loan companies are a machine they need oiled and fuelled, they hire morons to do the dirty work for them. sort of like spark-plugs. in a petrol engine the spark-plug carries the full brunt of the heat and is usually the first to fail. when they! phone you remember your talking to an idiot, part of a machine. tell them yes or no and no more! then get yer sweet little heiny down to the CAB and ask them could you petition for bankruptcy.. if they say yes then get them to draw up a minimum re-payment settlement which by law they have to accept. it could be 5 quid a month. if that goes ahead then things will get rough. you'll get phone calls from india at 7 am in the morning and 6 pm on sunday night. which is illegal by the way. as long as you make an effort to pay back something you should be ok. next stage is to petition for bankruptcy, it takes a while and lots of paperwork is involved and it costs 300 odd quid. so whatever money you have now in the bank write your son daughter brother sister whoever you can trust a cheque for the majority of your account leaving about 2k for yourself. the CAB will explain it better in legal terms than i can but you need to show your struggling and being victimized.

Unfortunately no one has to accept less of what they are owed by the contractual obligation of debt that they are holding.

If i where you you i would deal with your creditors one on one and not make a general offer. Some would probably take the 75% while others might take less or some even a little more and some will demand the full. Deal with them one by one. Its best to owe to three than to six..

good luck

THE SIMPLE ANSWER IS NO BUT IF YOU OFFERED 50%OR 75% IN FULL AND FINAL SETTLEMENT FOR CASH AND THE ALTERNATIVE WAS NOTHING OF COURSE THEY WOULD ACCEPT THEY WOULD BE FOOLS NOT TO JUST REMEMBER THAT THE OTHER 50% or 25% WHATEVER THE CASE MAY BE CAN BE RECOVERED BY THE COMPANY AGAINST TAX FOR THAT PARTICULAR YEAR SO IN FACT THE COMPANIES DONT LOSE A PENNY TAKE NO NOTICE OF THE MORAL GROUND SOME PPL ON HERE ARE TAKING YOU JUST DO WHATEVER IS BEST FOR YOURSELF IF IT WAS ME IN THE SAME POSITION I WOULD OFFER EVEN LESS THAN WHAT YOU STATE GOOD LUCK MATE REMEMBER THE OLD ADAGE LOOK AFTER NUMBER ONE

No financial institute has to take a sttlement bt is in their best interests to do so.
Bankruptcy isn't the answer despite people swearing by it you will be scared by it for life because a CCJ is gone after after 5 years bt does show on financial institues records for ever bt are not supposed to take it in to count after 6 years or ask if you have a CCJ more that 5 years ago. But bankruptcy is a different matter the question must be answered "have you ever been declared bankrupt" if you lie yoand say no yu have committed a criminal offence by falsifying a egal document or application.
Bankruptcy has the effect of adding %%%%% to your future loans based on risk.
Also the money you have will be gone on bankruptcy it will go to your debtors but a % will go to the liquidator of your assets if you own our home you can be forced to sell and any new car may need to be sold at auction if you need a car you are allowed to buy one bt may not be as nice.

Write to them all CC every company in send them a breakdown of your debts and assets and income as proof and also ask for interest to be frozen and mention you are considering advise to obtain a bankruptcy order they will jump at it as a creditor they would probally get 20-25% less than your offering with no change of any more.
Right to all the institutes

No they dont have to accept your offer. I would think they will want all of the debt back unless it is a better alternative like bankrupcy where they may get nothing. Unless you can show that you are in difficulty paying and that it will take a long time to recoup their money I think you will have to pay the lot, but always worth a try.

You've done an amazing job to get this far - I can't imagine how you must have felt facing that huge mountain of debt. Well done you!

As others have said, your creditors are not obliged to accept your offer, but it's worth making them an offer - get on the phone tomorrow.

The only thing I have to add is that you have to think of your credit score - if you're able to continue your current repayments, or even step them up a notch now that some other creditors have been cleared, it will look better on your report, rather than 6 'settled' debts.
Just a thought, but it might be worth thinking about.

if you are in an iva then they have to take it if the majority of the debts say yes.

otherwise - no