Full & Final offer

HORN83

Hi guys,

Just looking for a bit of advise. Currently in a DMP with payplan. Paying £210 p/m towards c£50k debt with various creditors.

Thinking of asking family to help with our debt and the possibility of making a full and final offer.

Payplan dont appear to be very helpful with regards to this option.

I just wondered what sort of amount you think would be acceptable to offer?

Kind regards

Tixy

Hi

It really depends on how long you have been on your DMP, the current state of your debts (with original creditor, with in house DCA or sold to an external DCA), how long it will take to clear as your current rate (obviously a very long time in your case).

It also depends if you want to make 1 percentage offer across the board or try to negotiate with them all individually.

Do you have any assets? have you considered/had advice on bankruptcy or an IVA instead of continuing with a DMP that will last over 30years?

HORN83

Hi,

No assets, IVA & Bankruptcy not an option as will result in loss of job & income.

Was thinking of offerig a % offering to all creditors.

Mixture of debt with orginal creditor, inhouse DCA and outside DCA.

Kind regards

lvm

Hey Horn83,

You would need to have around £30k to be able to make full and final offers for your £50k debt.

Different creditors are all different. Usually original creditors won't accept a big discount but I've just had a 50% offer from Halifax for a £2.5k debt. On the other hand, a £95 mobile phone debt which has been sold to Arrow Global won't accept less than 20% discount even though they've not had a penny in 3 years. Equidebt have also offered 50%.

Depends on which DCA you have, amounts, if defaulted etc but there's nothing wrong in trying - even if it is only 1 or 2 debts at a time so you get used to the haggling (I swear it's as bad as trying to get a price for a knock off watch on a Turkish beach!)

Good luck!