Anyone got a little help & support going spare.

GeorgeUK

You have been on a DMP for about 8 or 9 months, so they may accept reduced settlements.

There is no hard and fast rule to how much to offer. If the debt is still with the original creditor, they may accept 50%-75%. If it has been sold on to a DCA (rather than the DCA acting on behalf of the creditor) 25%-50%.

It may also depend on how long it will take you to make those payment at your current payment rate. The important part is not to make any payment without written confirmation and that they are confirming that the payment is in Full and Final settlement of the debt. A partial or short settlement is not what you want as this will be sold on to a 3rd party who will pursue you. You need to make sure that they are agreeing that you are absolved from any further liability.

I'm not sure you will get much of a reduction though and i doubt that all creditors will reach an agreement with you. Due to the amount if debt, i would not ask anyone else to take that on unless they had the money already - do not let anyone take out credit for this as they will be liable for the debt, not you.

Superbiatch

Issuma wrote: »

We have an overdraft on the Halifax account which we are using so once I've moved everything from there we will still be accruing charges on this account every month even though it won't be being used, what's the best way to deal with this ?? I've already asked the Halifax if I could pay the overdraft off as a seperate debt but they've said NO so that debt will continue to increase...............any advice on the best way to deal with this.

Just send them a letter the same as the rest with your bank account number on clear outlining a payment to be paid off your overdraft each month. They have stopped ALL charges on mine even though I'm over my agreed overdraft. She did say however it would be getting passed to their solicitors in the coming months, but that doesnt bother me as I'm paying all I can afford. Just treat your overdraft exactly the same way as all your other debts and send them a pro-rata payment

Issuma

GeorgeUK wrote: »

You have been on a DMP for about 8 or 9 months, so they may accept reduced settlements.

There is no hard and fast rule to how much to offer. If the debt is still with the original creditor, they may accept 50%-75%. If it has been sold on to a DCA (rather than the DCA acting on behalf of the creditor) 25%-50%.

It may also depend on how long it will take you to make those payment at your current payment rate. The important part is not to make any payment without written confirmation and that they are confirming that the payment is in Full and Final settlement of the debt. A partial or short settlement is not what you want as this will be sold on to a 3rd party who will pursue you. You need to make sure that they are agreeing that you are absolved from any further liability.

I'm not sure you will get much of a reduction though and i doubt that all creditors will reach an agreement with you. Due to the amount if debt, i would not ask anyone else to take that on unless they had the money already - do not let anyone take out credit for this as they will be liable for the debt, not you.

The amount that my family member might be able to help me with would only clear the credit cards there would still be 2 loans outstanding which I suppose could be seen as favouritism towards the credit card companies but it would enable me to clear the 5 cards and the amount I would be paying back per month would enable me to have more money to offer towards the loans then I would only have those 2 accounts to deal with however at the moment this is all hyperthetical as it hasn't been fully discussed yet and I would not go into this type of an arrangement with a family member without giving it a great deal of thought and possible only as a last resort I was just after an idea of what might be acceptable.

Thanks for your advice on this it's very much appreciated.

Issuma

Afternoon all, hope everyone is looking forward to the weekend.

Just a quick update from me, just got home from work to a letter from BOS regarding my cc they've accepted my offer - to be reviewed in 6 months !!!

1 down 4 to go !!!!!!!!!!!!!!!!!!!

tealady

Thats good news just keep plugging away and you will get there.