settlement for a loan included in my cccs dmp

misspixierocktastic

Hi there
Just wanting a bit of advice
Does anybody know how i would go about getting a settlement figure for a loan that is included in my dmp with cccs
I have 4 loans in my cccs dmp the smallest of which is now down to around £800 (from 3k yay), with a bit of work i could free up £500 which may be enough to make a settlement offer,Does anyone know how this affects my dmp at all?

Tixy

Hi

You need to make the offer directly yourself to the one creditor. Always make an offer in wirting and make sure you get written confirmation back before paying it over - national debtline has a good factsheet with info and a template letter. Often its advised to say the money is being offered by a relative only to completely clear a debt and that the offer to them is available for 2weeks, after which time it will be offered to another creditor (helps focus their minds if you give them a deadline!)

Then you would inform CCCS and continue paying the same amount into your DMP, but each of the other 3 creditors would get slightly more each month.