Payplan DMP - what to do with potential sum of money

bumblebutt

Thanks PDD!
Has anyone gone about offering F&Fs themselves whilst in a Payplan DMP. Do they frown on it?

I have to say I like them a lot and they've only messed up the once (lost the court paperwork!!!!! Hence CCJ at £100 - nearly fixed!).

Any F&F tales gladly received!

System

Hi

I've just made a F&F offer to one of my creditors, behind Payplan's back as I was told I could get a better deal if I negotiated for myself. I'll report back if i hear anything!

bumblebutt

Brilliant AOB! Good luck. Let me know how it goes. It's sounding more and more the way to go - nothing to lose but a part of the debt I suppose

Deep_In_Debt

bumblebutt wrote: »

Pure Dead Dopey....wow, now that would be a gift and a half. The past 6 years have been hard and heartbreaking and wonderful too - as I met and married my partner. I just want to stop messing it up. We've had such an awful run of luck.

Does anyone know how the creditors I've listed react to F&F offers? I've Cabot (name is mud with many it seems) and the others appear to be in-house. The post office has a CCJ attached so I assume that's done and dusted in the eyes of the law?

Blair Oliver and Scott told me that they 'always accept offers from Payplan' when talking about monthly payments...not sure if that bodes well or not.

Payplan will probably not get as good a "deal" as you could get. I'd use the letter from the National Debtline website and take it from there. Worked for me.
In terms of the money...it's a difficult one I guess. I got made redundant in 2008 and got a bit of redundancy as I'd been with the company nearly 12 years. I used some of the dosh to pay off some of my smaller debts and managed a slightly larger debt too and managed to reduce my repayment term down from 5 years to 2.5 years in the process.

I also kept some money back for emergencies and for a time when i might need it i.e. if I am out of work at least I'll have a couple of months to live on. It's helped already as i didn't have to worry too much about having my car repaired although it's probably put my debt free date back a bit as I can't pay off a debt as planned...but I guess it's as long as it's broad...

handyman123_2

Hi Bumblebutt, seek advice from some of the more experianced on the site, I recently posted about an aquiantance of mine who used his redundancy payout to set up a small business. He informed his IVA company, who then informed his creditors. This took 6-9 months. When the money was spent on a van and tools and living, they then wanted 50 - 75% of his payout as windfall.

Keep your thread going, get all the info you can then make your own descisions. That way you keep control.

Best wishes, handyman123.