Obtaining settlement figures when you're already on a DMP

CBI

Title says it all really

Just have a couple of questions to anyone who's done this before. I have 7 (1 OD, 2 Loans, 4 CCs) creditors with a total unsecured debt of about £56k I started a dmp with the cccs about 3/4 months ago.

Now a very good friend has heard about how debts can be settled for a percentage of the actual debt as a one off payment, I've done a little looking here and that certaintly seems to be the case. My friend has offered to get a loan for me under his name to an absolute maximum of £25k as long as this would of course cover settlement figures for all my creditors.

Question is how would I approach this with the creditors? Will they get suspicious in a "He's in a DMP, how'd he get £25k? If he can get £25k screw him. In fact we'll bow out of the DMP knowing this and charge him full wack again" type manor?

If they make an offer, how long is that offer valid for? I can see it happening where I get an offer from 1 straight away valid for 30 days, but then don't hear back from 1 or more within 30 days. Or I get offers within 30 days but by the time I've got the money it's gone over 30 days.

Obviously me and my friend are going to get this all approved and signed for with a solicitor. I'd also start my offers with a plan that I'm only going to borrow say £15k/£18k then slowly up it if I need to (If that's wise?)

As always thanks in advance.
CBI

debtweary

Look up on National Debtline site about full and final settlement figures. They also have a section with template letters to send to start the negotiating ball rolling

DW x

indebtbigtime

u might be a bit previous. I am also keen on f+f for a couple of my debts as i get bonus every 6 months but I have been told to be on dmp for 6-9 months before going there.....

let me know