F&F Can I do one creditor at a time?

Julesiep

Hi.My hubby and I are on a DMP with CCCS but I am looking at maybe saving a little bit by cutting food back etc and doing the odd job to save up and offer a F&F to each creditor. Firstly I understand if I have to go it alone if I do this as I know CCCS follow the equal sharing of money. I was thinking of offering between 40-60% and offering it to one creditor at a time - for example debt 1 - offer £200 saved in 2 months. Debt 2 - offer £600 three months later. At the moment my DMP will take 9 years to pay off. Obviously this can be greatly reduced if I offer F&F. I will continue to pay the agreed monthly amount to each of the other creditors. Although one is a CCJ. Please tell me if this is a silly idea. I like constructive criticism. I have applied for an IVA in the past and it got refused. Just trying to think of other options to reduce the length of time I repay my debts. By the way I already pay £525 a month.

gonzo127

to be honest it is one of the best ways of doing it if you can, you need to inform CCCS if you have had a F&F accepted so they stop sending money to that creditor once it is settled, and then they can re-distrobute the payment they was making to that creditor to your others, therefore shortening the term

Tixy

Hi Julie

Thats right you can offer F&Fs to one creditor at a time if you do this yourself.
If you are going down that route its usually advised to tell the creditor that the money is coming from a relative (so that you are not seen to favour one over the other and so that if they refuse they can't demand the money anyway).

This is a useful bit of guidance on making F&Fs - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

xgingerx

Yes you can, im with CCCS, and ive done F&F on a few accounts, once done i just log on the dbp on cccs and amend balance to zero before the next payment is due out, ive never bothered to speak to anyone at cccs, all it means is your money you were paying gets reallocated to the remaining debts, in the drop down menu where u amend your balance you can put the reason why its changed, ie payment from friend. wrong balance etc etc.

Julesiep

Thanks. Now I know this is a good option I will actively try to do it. I am due a small yearly bonus in May which is about 60% of my smallest debt so its a start!