Settlement offer query

continualdiamond

What is the likely hood of creditors accepting offers?

We have currently paid £11,000 into our dmp with payplan and I have about the same remaining to pay.

I possibly have £3,000 as an 1 off payment, 100% can honestly say will not have this again.

I know its not much and a quick calculation means the highest debt left of just over £4,000 would get just over £1,000.

It would be a wonderful feeling to have the debt gone and is why I thought of doing full/final payments.

Anyone had success of them? or no success but then creditors wanting it anyway?

VitaK

You could talk to payplan and hear what they say. They will help you prepare the F&F offers and help you negotiate. The outcome is anyones guess.

continualdiamond

Yes have just contacted them actually, they think it would be highly unlikely that it would be settled, but can look into it and possibly some of them be settled.

Have told them we can put £618 towards it as well, our normal £318 a mth payment and £300 we have saved up. Just have to wait and see I guess.

Annoying this is, every single creditor could be paid off with the £3000 and get the full amount, just leaving 1 creditor in the dmp (lloydstsb as had overdraft, loan and credit card with them)

lindann_2

when payplan go for a settlement or end of dmp, you may find that each creditor will have put charges and interest rates, such as Barclay card, when we started to get our statements after years of not having one, during our dmp, we found it is 12.9% added, it comes to a difference of £150.00 extra after our dmp reaches the end of its term.. It was a bit of a shock we thought our dmp would reach the end some of it would be sort of written off.. It all been a learning curve, for us, l think cash works for us.. in all things.. no more credit etc.. its been long time in our dmp 2003-2012, which it will end.. We are down to £502.13... From £7000. worth of debt, to our shame.. At least when we paid it all, we could hold our heads up say we have paid our debts in full.. roll on August.. good luck... in what you decide to do... when they reply to the offers

continualdiamond

It is simply just an idea at the moment. Its a 1 chance lump sum of possibly £3,000, will never have this amount or more again unless a lotto win comes our way.

2008 to present = £11,639 paid off and that was with 6mths of husband out of work and only paying £1 to each creditor x 11

So pretty pleased with how we've done. Expected completion is 2015.