Redundancy and DMP

MoneyMum

Hi
Sorry if this is in the wrong place im not sure if this should be here or in the DFW board or the redundancy one as I have a few questions

Im due to be made redundant at the end of April from my job of nearly 7 years

I will get 5k redundancy from this job and im very excited to have new job to go to especially as i hear so much about the job market being difficult.

I have a quick question

Im on a DMP and they have confirmed that I can save the 5k if I wish . This is what i would like to do having never had a bean to my name but if a certain debt wont freeze interest I would strongly consider paying them a F&F settlement. Can I do this to one debt and continue on the DMP with the others of would it have to be shared around?


Thanks for any help.

xx

Hovel_lady

Don't have an answer for you (sorry) but bumping it as I am sure someone will

Hovel_lady

Bumping again for you

Tixy

You should offer it to your creditors equally.

What some people have been known to do (I'm not saying you should) is to make a full & final settlement offer to one creditor by stating that the money is being given to them by a family member only on the condition it pays off a debt in full. And also that if they don't accept the money will be offered to another creditor. Along with all the usual stuff about it being full & final etc

If the money did belong to a family member then they/you don't have to offer it equally, and if the creditor refuses they cannot then still say you should pay them their pro-rata share of the lump sum.

Good news on securing another job quickly. And I think its sensible not to pay it all to your creditors, especially straight away as you could find new job doesn't work out, or could find yourself with a longer time between your last and first pay packets etc.

MoneyMum

Thanks for all you help can always rely on you guys for help. x