Full and Final Advice

Tommy100_2

Hi,

This is my first time posting and I'm hoping someone could point me in the right direction.

I have debts of 40K and I'm currently paying through CCCS and would be debt free in 2.5 years time. I have the chance to get a lump sum from a redundancy package of 20K and I have written to all of my creditors offering them this as a F&F. I haven't heard back from any of them yet (2weeks since I wrote to them). As this is an opportunity to offer them partial payment, would it make sense to cancel my CCCS payment before they have accepted the offer? I have never missed a payment on my DMP and I'm fully up to date. As I am going to be jobless if I take the package I am hoping that they will see this as their chance to have some of the debt repaid as a final settlement. If I stop my payments via CCCS would this help towards them accepting the F&F? I would only be able to offer them a token payment if I took the redundancy package and I would then have to search for another job - how long this may take I don't know!

Effectively:

1) Offer my F&F at 50% - done
2) Paid DMP installment last month - done
3) Should I cancel DMP for this month?
4) Will it help my chances of the F&F settlement being accepted if I stop paying my DMP installment as from now (I may not be made redundant for up to 3 months).
5) The redundancy package will need to be used for a) living off if they don't accept F&F until I find another job (can they demand monthly payments to come from this?) b) Clearing all of my debts at 50%?

dollybeads

Hi there, well done for posting and you sound very organised and on the ball indeed. I am sorry but I am not able to offer you any specific advice regarding your current difficulties, but just wanted to say that others will be along shortly with lots of advice for you. Hang in there.

Best wishes Dolly x

GeorgeUK

If you are going to be out of work, then i would stop the payments and explain to CCCS why - they may inform your creditors. You say you have the chance of a redundancy package - do you not know how much you will get, if anything?