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dealing with Beneficial

Date: Thu, 01/06/2011 - 12:38

Submitted by anonymous
on Thu, 01/06/2011 - 12:38

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have a loan outstanding at 90 days (today) with Beneficial. The balance is approximately 10,356.00. I have contacted them by letter (using DIY form off this site), I called them last night to initiate a settlement offer and they were willing to go at 60%, which I cannot do and pay other bills. The lady who took my call was very nice and said they would "see if they could work something out, but would have to look at my payment history". They told me to call back in a couple days. I'm just wondering if anyone knows what they would "work out" just so I'm not blindsided. I went in at 25% figuring I would get nowhere. I was able to work out a settlement with HSBC Direct Marketing card and will pay the last payment on that 2/5/11. I'm just hoping to get the other loan settled and paid before too long. Should I call them back and see what they have to offer and then wait a little longer if the offer doesn't fly? Thanks.


It will solely depend upon Beneficial as to what type of settlement offer they can give you. Normally, creditors/collection agencies can settle debts for around 40%-60%. It will depend as to how you negotiate with the creditor in order to get the best settlement offer. You should call them back after a few days and check out what type of settlement they can offer you.


lrhall41

Submitted by Anna Sweeting on Thu, 01/06/2011 - 23:18

( Posts: 1827 | Credits: )


Hi!
Welcome to the forums!
Wait for some more days. They will look at your payment history to determine whether or not you were regular on your payments. Basically, they will check whether or not you are a responsible borrower. They may work out an alternative repayment plan for you. I think they will get back to you within few days. If they don't contact you, then call them. Explain that you are going through financial problems and it will not be possible for you to pay 60% of the debt amount. Be polite but firm. Tell them the amount you can actually pay. Increase your settlement offer little bit. They may agree to settle your bills then. If they still don't agree, then raise the settlement offer further. If they are fine with it, then sign a written agreement after reading the terms and conditions. You need to have patience in the entire process.


lrhall41

Submitted by Good Nelly on Fri, 01/07/2011 - 02:27

( Posts: 2846 | Credits: )


Anna is correct in saying that it actually depends on your negotiation skills as to how much you'd need to pay in the end. You'd definitely need to call them if you wish to discuss the possibility of a settlement. But while negotiating an offer, you mustn't forget to show them the true picture of your current financial condition. Nelly is also right, they will go through your payment history in order to know your situation. Remember, that they'd only be able to make an acceptable offer when they can actually empathize with you.


lrhall41

Submitted by Jeorge Preston on Fri, 01/07/2011 - 02:36

( Posts: 180 | Credits: )