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    • gemmylouise
    • By gemmylouise 9th Sep 17, 11:39 AM
    • 57Posts
    • 23Thanks
    gemmylouise
    DMP Can I make an offer to pay off a credit card
    • #1
    • 9th Sep 17, 11:39 AM
    DMP Can I make an offer to pay off a credit card 9th Sep 17 at 11:39 AM
    I've been in a DMP for 2 years and I have paid off over 8k of my debt (nearly half). I have 3 credit cards on my plan. The lowest one is for M&S with just over £1000. My relative is gifting me some money soon. Can I write to M&S with a percentage offer to clear the debt and close the account? If I can is there a standard template or acceptable percentage to offer them? Outnofnthe 3 credit cards M&S are the worst for putting defaults on my credit report so would like it closed asap. Can anyone advise me. Thanks a lot
Page 1
    • sourcrates
    • By sourcrates 9th Sep 17, 11:47 AM
    • 11,910 Posts
    • 11,404 Thanks
    sourcrates
    • #2
    • 9th Sep 17, 11:47 AM
    • #2
    • 9th Sep 17, 11:47 AM
    Hi,

    Yes of course you can make creditors offers to settle, just dont tell your DMP provider just yet (who i hope offers a free service ?).

    National Debtline do a splendid template letter for the purpose, available here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

    Once agreement is reached, and you have written conformation, just ask your DMP provider to remove the debt from your plan, no further explanation is necessary.

    Start at around 30/40% of outstanding balance, you can always increase your offer, and remember its a negotiation, so dont expect the first offer to be accepted.
    Last edited by sourcrates; 09-09-2017 at 11:50 AM.
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    • gemmylouise
    • By gemmylouise 9th Sep 17, 1:00 PM
    • 57 Posts
    • 23 Thanks
    gemmylouise
    • #3
    • 9th Sep 17, 1:00 PM
    • #3
    • 9th Sep 17, 1:00 PM
    Thank you so much for this helpful reply. I am going to draft the letter today. I suppose if I don't ask I will never know

    Hi,

    Yes of course you can make creditors offers to settle, just dont tell your DMP provider just yet (who i hope offers a free service ?).

    National Debtline do a splendid template letter for the purpose, available here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

    Once agreement is reached, and you have written conformation, just ask your DMP provider to remove the debt from your plan, no further explanation is necessary.

    Start at around 30/40% of outstanding balance, you can always increase your offer, and remember its a negotiation, so dont expect the first offer to be accepted.
    Originally posted by sourcrates
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