Advice about making full and finals whilst on a CCCS DMP?

SouthernSoftie

I have been on a DMP with CCCS for 7 months or so.
Total debt, just over £52k, with 6 creditors.

Been going ok although this month and next month have had to do minimum of £5 token payment per creditor as broke my foot and was off work for 6 weeks so not much income at all.

A relative has offered to help me get all these cleared with a one of payment to see if they would accept full and finals and get it sorted for good.

What is the best way of doing this? Approach them seperately? Go through CCCS?
How?

He is thinking of helping me with £20k as a starting point. Does this sound reasonable? What happens if they say no, do you try again? Do they all have to agree?

Any help gratefully received!

thefoolonthehill

you would have to approach each individual creditor on a seperate basis. There is a template letter on the cccs website and also a calculator where you put in the amount you have and it works out what you should offer each creditor.

if they say no then just keep paying the DMP payment. Remeber tho if you clear one creditor your payment to CCCS will not alter, just each credito will get slightly more each month. you will then also have to find the cash to pay your relative back

property.advert

I guess if they have been getting decent amounts then they will hold out for full settlement. If receiving nothing, then a percentage may be attractive.

Deep_In_Debt

I contacted CCCS and they sent me a "pack" which included a template letter to use.

You will find that you may get a bit of to'ing and fro'ing with them. Also, I found got much better deals with DCA's as they buy the debts for peanuts. The original creditors would accept nothing less than about 70% where as DCA's accepted about 45% (although I'm sure I could have done better than this).

If your debts are still with the original creditors, it may be worth paying the £5.00pm and wait for them the sell the debt to a DCA after a few months where you will probably get a better deal.

Good luck.