About to be debt free after a DMP

x_deano_x

Im going to be debt free in the next couple of days. My debt management company are talking to my final creditor about a settlement. I was wondering if I would have money owed to me by the Debt Management Company? I have been paying them for 4 years now and estimate they have been paid £9220. They settled a debt of £3000 for £1490 a second debt of £1300 for £300 and the final debt they are negotiating is £8000 and are trying to settle for 10% or £800. I also filled out a PPI claim form last month, so obviously they are looking at getting more money in my kitty. When all is settled and creditors are paid and happy am I entitled to any money as their seems to be alot left over in my kitty?

dazla

I am also in dmp, how do the 'final settlement' figures work, do you have to pay them the settlement figure, or is taken from the money you have already paid? Who is your dmp company?

Cheers
daz

x_deano_x

The money you pay every month is put into an account which your debt management company draw from to pay minimal monthly payments or final settlement figures. I guesstimate I've got alot in there after all payments made and hope its coming back my way. Im with First Step Finance and cant fault them at all.

~Beanie~

First Step Finance will also be charging you fees for managing your DMP, have you taken these into account?

I'd be surprised if you get any money back but you could always phone and ask them.

x_deano_x

~Beanie~ wrote: »

First Step Finance will also be charging you fees for managing your DMP, have you taken these into account?

I'd be surprised if you get any money back but you could always phone and ask them.

Yeah they take £24 a month, I've taken that into account. Still seems that theres a few thousand pounds going to be left over not including the PPI money they could claim back for me. I know they origionally told me if they had a debt completely written off and that was their aim, they would take 25% of the origional debt owed. They havnt wrote any off for me, just got settlements.