17k paid, advice with remaining debt?

Mabbs_2

Hi, I just wondered if someone could give me some pointers on my remaining debt?

I started a repayment plan with Payplan in May 2003 paying £232 per month. Most of the accounts, loans etc began from 2000-2002. When I began, there was roughly £25k worth of debt which is now down to £7.5k. I’ve now managed to save a bit by doing three jobs and I just wondered if it’s worth offering full and final settlements and where to start? Also, because the debt it so old, does it still affect my credit file?

My current account is with Barclays so I’m assuming just paying that one in full is my only option?(was a Barclayscard) Here is what I have left outstanding. Obviously I'd like to rebuild my credit rating, possibly get a mortgage eventually. Would appreciate any advice, thanks.

Aktiv Kapital (UK) Ltd £600.90

Barclays Bank Plc £602.55

Credit Solutions Ltd £1,471.04

Equidebt Limited £227.47

London Scottish Finance Ltd £2,240.75

NCO Europe Ltd £1,250.38

Natwest/RBS £535.62

Trevor Munn Solicitors £661.73

£16,936.00 Paid

£7,590.44 Remaining

littleskintdragon

Just wanted to say well done with what youve done so far,
sure someone very clever will b along shortly :cool:

Tixy

Its likely that most of your accounts will have dropped off your credit files by now. If most creditors issued defaults in 2003/2004 they would now be gone from your file. If any didn't issue defaults then they would still show - best way to know is to get copies of your reports and see.

I'd imagine that some (or all) of your creditors would be open to accepting reduced full & final settlements. You could do discuss this with payplan and they could make the offers on your behalf, or you could make offers yourself to individual creditors at a time.
If you go for the second option is likely the debts with debt collectors will accept less than those still with creditors.
Always start your offers low so you can work up a bit if you need to.
Always make offers in writing.
Have a read of the national debtline factsheet - http://www.nationaldebtline.co.uk/england_wales/pdf/24_full_and_final_settlement_offers.pdf
If you are making offers 1 by 1 to your creditors then I'd add in to your letter that your offer is valid until x date (a couple of weeks or so) and after that time the money will be offered to another creditor. Some people say that the money is coming from a relative who are making the offer on the condition it pays of a debt in full (this is so that the creditor doesn't turn down the offer but then expect a pro-rata share of the lump sum you offered as an extra payment through your DMP).

Mabbs_2

Thanks Dragon and thanks for the helpful advice Tixy. I have a week off coming up so will spend that getting it sorted. I've got between 3 and 4k so hopefully that will be enough.