Not sure what is best

bextas

So I owe around £16k to 21 creditors. I have worked out my pro rata payments and contacted them all. Tonight one of the creditors who I owe £712 to and who I offered £15 a month to said if I made 3 payments of £190 over the next 3 months my debt to them would be clear that saves me £122 but that means I won't have money for other debts. I'm very tempted but don't know which is best. Any advice?
Thanks

FireWyrm

The problem is, if you have already informed the other creditors, then they are going to expect their money. I know its tempting, but how are the others likely to react and is it worth £122 to get this cleared if it means a tonne of defaults from everyone else?

cottonhead

I would say it depends on the status of the debts you have. If they have defaulted ( I mean a proper default on your credit file thats going to last 6 years ) already then I would take up the offer and at least thats 1 less to worry about. If you are up to date or a couple of moths behind then stick to what you have agreed. I have found most creditors to be OK and give you a chance but if you break the agreement they will use heavier tactics . What would you do if 20 creditors suddenly demanded a full settlement because you broke your agreement ? You wouldnt be able to pay them all off at once obviously. Therefore I say stick to what you have agreed. Good luck!

bextas

Thanks for your advice just realised that I have 3 months of no council tax do the money I've saved from that can get this one debt paid off by April yippee. So glad I've finally pulled my finger out feels like a weight has been lifted!