DMP - Full and Final Settlement - Help !!

Shazand

My husband is due to be made redundant within the next few months. As he has been with the company for over 20 years, it is likely to be about 30k.

However he is not qualifiied in anything else (currently doing a part time plumbing course) so we are not sure whether to keep all the money until he finds something or to pay off the debt of 26k :eek: . It is very unlikely that he will receive the same money he is on now so our joint income will drop.

IF we pay off the debt, how much do we offer the creditors as we don't want to use all the money (loads of jobs in the house need doing) ? Has anyone else done this, if so what percentage did you offer/accept ?

I would really appreciate any help.

milliemonster

Shaz this is a difficult one, firstly, if all your debts are still with the original creditors and you haven't defaulted so they've been sold on, they are highly unlikely to accept any offer as they have no reason to when you have been making monthly payments.

If you let your debts default now, in the knowledge that this redundancy is coming up it coulod create all sorts of problems

If I were you, I would honour your obligations, pay off everything so you can start afresh, your husband can retrain and then save to do the jobs needing doing at home

Shazand

Has anyone else asked for Full and final settlements from creditors ?