paying off a DMP - the best choice?

Tixy

Fee charging DMP companies will take a cut of what they save you on the F&Fs (quite a large cut in some cases i.e they get the creditor to agree 50% but make you pay them 70% and only pass on the 50% to the creditor).
To be honest I'm not sure whether Payplan would do the same or not - I'd imagine they don't but I'm not sure and I'd certainly check if you consider doing them through Payplan.

Payplan will only offer the same % to each creditor. If you do them yourself you might be able to get some to settle for lower percentages than others by negotiating.

living_to_regret_it

Tixy wrote: »

Fee charging DMP companies will take a cut of what they save you on the F&Fs (quite a large cut in some cases i.e they get the creditor to agree 50% but make you pay them 70% and only pass on the 50% to the creditor).
To be honest I'm not sure whether Payplan would do the same or not - I'd imagine they don't but I'm not sure and I'd certainly check if you consider doing them through Payplan.

Payplan will only offer the same % to each creditor. If you do them yourself you might be able to get some to settle for lower percentages than others by negotiating.

worthwhile knowing, thankyou

RAS

Hi

If you want to pay off your father, you must be sure that you do not do and IVA or go bankrupt in the near future.

Favouring creditors including family is regarded very poorly by Insolvency practitioner and ORs can actually reverse preferential payments going back several years. Or give you a BRU/BRO.

living_to_regret_it

RAS wrote: »

Hi

If you want to pay off your father, you must be sure that you do not do and IVA or go bankrupt in the near future.

Favouring creditors including family is regarded very poorly by Insolvency practitioner and ORs can actually reverse preferential payments going back several years. Or give you a BRU/BRO.

thats what i was worrying about, thankyou for the info RAS

DS4215

If you make a F&F offer, start insultingly low and work upwards - rather than offer the full £20K shared between them, offer £10k say. You can always go upwards, but they will not negotiate downwards from your first offer....

The best case is you get away with £10k in your pocket, worst case you increase your offers.

living_to_regret_it

DS4215 wrote: »

If you make a F&F offer, start insultingly low and work upwards - rather than offer the full £20K shared between them, offer £10k say. You can always go upwards, but they will not negotiate downwards from your first offer....

The best case is you get away with £10k in your pocket, worst case you increase your offers.

ahh will do, thanx for the info