DMP, f&f offers and creditors questions...

twoflower169

Hi we have been on our dmp for 11months now, we have debts with the following companies: Natwest (overdraft), A&L inhouse debt recovery, Barclaycard, Cabot finance(was egg c/card), Egg Loan, Clarity debt collections (was citicard), MBNA x2 (c/cards), Natwest loan, Northern rock loan (part of a together mortgage), littewoods catalogue. The reason I list them is to do with my questions.

Are total debt is £61k, 31k of which is owed to Northen rock alone, we are about to receive a gift of 14/15K, which we plan to use to offer all our creditors f&f offers and then pay off the arrears on the loan and then continue to pay our loan alongside our mortgage (which we are currently only paying the interest only as this was the only way we could get NR on board for dmp)

What I am wanting to know is looking at previous posts about f&f offers it seems most creditors who still owe the debt will want quite a big percentage of a f&f, what I was wondering was whether any of the above companies are more likely now after 1 year to pass the debt on?

Any advice or qestions please feel free to ask.

ItMightBeUsefulOneDay

Work it out on a % distribution of your debt. For example, if ~50% of your debt is with NR, offer them 50% of the £15k.

Do it in writing and DON'T phone or accept phone calls from them.
Use the F&F templates on here and DON'T pay a penny until you get their agreement IN WRITING.

Point out that if they refuse or ask for a higher figure, the money will be distributed around to the other creditors and they will continue to receive the dmp allocated amount.

twoflower169

Thanks for reply,

I've spoken to cccs settlement dept today and they suggest starting with the smaller debts and paying them first and then working on the ones left through dmp, which I hope then would mean that we could pay the capital on the mortgage as well. I was surprised they didn't suggest a blanket % offer across the all creditors, but instead just tackle one at a time starting from the bottom, I hope that wouldn't jepordise the dmp, they wouldn't have suggested it if that was the case.