Full and Final offers?

DizzyDizzy

Hello! I've been browsing around the forum today and came accross a mention of full and final offers and I wondered if anyone can give me a bit of help with a couple of questions please. This is what we are trying to clear:

DMP (total of £231 per month)

GE Money £2572
Alliance & Leicester £1891
Natwest cards £1650
Natwest overdraft £1520

Also we have an outstanding £4200 we are paying to a solicitors/DCS (as they wouldn't agree to a DMP and took us to court)


So how much to offer? I've seen a mention of going as low as 25% - is this possible or is that just going to wing them all up?

Also, as the DMP is with the CCCS, should we contact them to make the offer, or do we write directly to each creditor?

Any help would be gratefully received! We don't have the money to make any huge offers at the moment, but if they will accept 25% that is only just about £2,500; which would give us a real boost and something to aim for.

Thank you..

DevonGirl

I'm pretty sure there's a section on F&Fs on the CCCS website which is full of advice.

I'm 2.5 years (ish) into my DMP and have paid off a couple of creditors with F&F. I rang CCCS who would have preferred me to pay the lump sums in each case to be divided between all my creditors, but nevertheless gave me help and advice. You have to approach the creditors yourself though.

The best way is not to confess that you've saved up the money by underspending on your DMP plan, but by saying that a relative has given you this money to pay off your debts.

There are lots of threads on this site abouf F&Fs if you go back through them - they should give you an idea of what percentage different lenders will accept, although of course it depends upon your circumstances, length of DMP, total debt etc..

Good luck
DG