agreeing a % pay off to settle outstanding debt

edinburghboy

fatbelly wrote: »

Presumably the dmp is paying creditors below the contractual amounts. Have you received any default notices yet?

Personally I would stop the payments. You will get a few threatening letters but a couple of months on a dmp followed by a couple of months nil payment should soften them up for a F&F.

Start the negotiations when you have the money

this seems sensible - yes, pretty much everything has defaulted now

anyone else with direct experience of this able to offer their tuppence worth

all advice gratefully appreciated

hippyadam

Negotiate hard, go in with a low first offer and be prepared to haggle.

Do it all in writing! (Very important)

Make sure you tell your creditors that you have debts of £XX and limited funds available.

I would obviously not condone being dishonest, but make any explanation of your circumstances as pessimistic as possible

edinburghboy

hippyadam wrote: »

Negotiate hard, go in with a low first offer and be prepared to haggle.

Do it all in writing! (Very important)

Make sure you tell your creditors that you have debts of £XX and limited funds available.

I would obviously not condone being dishonest, but make any explanation of your circumstances as pessimistic as possible

thanks - all good advice