F+FS can it backfire?

itsalongroad

I am making fairly big payments each month - a total of £1200 via a DMP, so I am thinking if I was receiving a couple of hundred punds a month I would want a much higher percentage before accepting, and I might also be less likely to pass on to a DCA

2,5 in this example is 32% - I currently pay them £215 per month

fatbelly

so in this example the debt is £7800 and their choice is

accept £2500 now or £215 for the next three years.

You're right the argument is stronger if the monthly payments are lower.

Never mind - make the offer anyway remembering you can always go up and banks are desperate for cash now!

itsalongroad

time will tell - I would rather being paying less each month, but mortgage payments come down, and cccs pushing hard on us living on less, so I couldnt push my budget any further

in about 18months we will lose £400 a month in child maintenace for eldest, making DMP circa 800. this might jolt a few into action or DCA route...but its a long way off

itsalongroad

SORRY - afterthought. Should I give a date I will make payment, or say once I receive written confirmation I will make payment within x days?

Thanks

Broken_hearted

Wait for the offer in writing, it will tell you how long you have to pay. The payment time can be anything from 7 to 30 days depending on the company.

itsalongroad

ANOTHER THOUGHT..... some of the debts are in mans names, some in womans, some joint.

DMP is joint

man earns well, woman earns very little, but all getting paid via DMP

are offers on womans account, when being considered going to reflect low income and dependancy upon man earnings....i.e they may take lower % as more exposed?

crapwithcash82

I've just had a look at the letter and example on the national debtline site that someone posted earlier in the thread and couldn't believe that you could offer such low settlement figures - definately worth a try!!

I wondered if because you're not paying the total (assuming creditors did agree to your payment offers) does this affect your credit rating any worse than it already is? I think its 6 years before debts are off your record, would making F&FS payments make this any worse?

Sorry if its a silly question, but saving up £4K or £5K to clear the lot sounds much more appealing than the long haul to the £15k I owe!!

itsalongroad

i'm not an expert in any way - hopefully soemone else will confirm, but I udnerstand if they mark the credit file on the refernece agencies as setlled its closed, so 6 years from the last missed payment????

itsalongroad

no replies yet.............

itsalongroad

this is funny

1 reply from a credit card company, saying no thnks but suggesting I consider a debt management plan (BEEN ON IT FOR 6 MONTHS AND PAID THEM EVERY MONTH!)

Phoned the bank as I received a letter saying my account was passed to Irwin Mitchell. Man asked if I could increase my payments by £170 per month........

No reply from 3rd creditor yet!