Settlement offer with Payplan ..

another_casualty · 27 November 2016 at 9:12PM

Hello
I owe approx £25,000 on a dmp with Payplan .
(Barclays /Santander / mint ).
I have just sold my flat . I do not want to pay the full amount as I need to buy somewhere, and get debt free .
Add to this, I have quit my job and have relocated out of London and need to take approx 6 months out to get my health back on track,.
I suffer from myasthenia Gravis . Need to lose weight and be employable again in the spring.

My questions : I have 2flex accounts with nationwide .
1 is the current Acct , for direct debits /salary payments etc.
The other one , is like a savings Acct . This is the Acct I had the solicitor pay proceeds of the sale of my flat .

Basically , will Payplan look into my accounts, or will I be able to,speak,to them and make an offer of say £11,500 and take it from there?
If they ask where I got money , I could tell them it's from sale of my mothers hse (she died last year, so technically not a lie).
Worse case scenario , I have to pay full amount .
I don't mind paying anything up to £15,000

Please Advise

Thanks

worried_jim · 27 November 2016 at 9:20PM

Call and tell them you have £13k and would like them to obtain a settlement figure, sit back and let them do the work. However, how are you going to get another mortgage with settled defaults on your file?

Edit- partial settlements.

SusieT · 27 November 2016 at 9:20PM

If you are going to offer through Payplan then I would tell them you want to make offers at around 30 - 35% and see what comes back, You can always increase the offer but if you start at 50% you may find you end up closer to 80% The sort of offer that they will accept will depend on how long you have been on a dmp and how long it will take to pay it off at the current rate, and if the debt is with the original creditor or if someone has bought ir for a small percentage of the original, so you do need to take that into consideration.

another_casualty · 27 November 2016 at 9:27PM

Thanks for swift advice folks .
Good point about how much to,offer . I will look into that .
I'm trying to buy a place outright , no mortgage .. Hence the move out of London . I have been on the dmp for 4 years .
I intend to pay that and be debt free . I dont want to borrow ever again.

Will Payplan just talk to me, or will they look into my accts ?

Thanks

sammyjammy · 27 November 2016 at 9:31PM

another_casualty wrote: »

Thanks for swift advice folks .
Good point about how much to,offer . I will look into that .
I'm trying to buy a place outright , no mortgage .. Hence the move out of London . I have been on the dmp for 4 years .
I intend to pay that and be debt free . I dont want to borrow ever again.

Will Payplan just talk to me, or will they look into my accts ?

Thanks

They can't see what money you have in your current accounts just make sure you keep to the same facts when you converse with them.

another_casualty · 27 November 2016 at 9:36PM

Thanks sammy .
I thought that they have the right to look into your accts at any time .
That's a relief if it's true.
I'm moving into rented accomodation on weds, and think tomorrow is best to ge this out of the way.
Thanks

I will offer £8,580 (approx 30%) and see what happens

another_casualty · 28 November 2016 at 9:37AM

Going to ring them sometime this morning. They don't know I've moved from my address .( only completed last Monday ).
No landline either, so have to avoid a potential can of worms.

This is why I'd rather Payplan sort things out, than going direct.
One of the creditors (Barclays), have passed on to wescott .
This year has been upheaval all the way . This month especially .
Hopefully , Payplan and myself can agree a good fee amicably to pay.
Wish me luck

another_casualty · 28 November 2016 at 10:09AM

Two of my loans are with Santander , and my mortgage (which I have just cleared ), is with Santander .
Hope that's not an issue .

another_casualty · 28 November 2016 at 11:05AM

Just spoke to Payplan .
I offered partial settlement £9,000 . I told them because it was of the sale of my mothers hse in Ireland .
I have a review appt. next weds at 2pm .
The settlements team want to see an up to date budget report . They did tell me , that I have to have the funds available to make the payment if accepted. They may not accept the first offer etc.
Now I am scared .but at least I made the phone call.

Just received email.
Payplan request bank statements and last two month wage slips and most recent mortgage statement . Looks like I'll have to pay full amount .

National_Debtline · 28 November 2016 at 11:52AM

another_casualty wrote: »

Just spoke to Payplan .
I offered partial settlement £9,000 . I told them because it was of the sale of my mothers hse in Ireland .
I have a review appt. next weds at 2pm .
The settlements team want to see an up to date budget report . They did tell me , that I have to have the funds available to make the payment if accepted. They may not accept the first offer etc.
Now I am scared .but at least I made the phone call.

Just received email.
Payplan request bank statements and last two month wage slips and most recent mortgage statement . Looks like I'll have to pay full amount .

Hi there

That in essence is the drawback of using an intermediary to negotiate a lump sum settlement - it needs to be on their terms. That all said, I wish you success in securing any sort of discount.

Dennis
@natdebtline

another_casualty · 28 November 2016 at 1:20PM

Thanks Dennis
I have 9 days before my review. It would've been nice to get a discount .
I'll see if anyone else has any more input in the meantime .

Settlement offer with Payplan ..

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