Now in a position to pay, what to look out for?

jalvpa

Just looking for some advise, i put myself on a debt management plan earlier this year (£16K debt) - not an IVA and i manage the plan myself. I now find myself in a position to be able to pay off all the debt, but i just wanted to check what i should do? Obviously i haven't been paying interest on the accounts, i was planning on writing to my creditors and requesting the amount outstanding or should i just go by whats on my monthly statements?

Just wondering if there are any pitfalls to look out for? Thanks in advance to those who take the time to reply.
Thanks

shannys_taxi_driver

I'm sure someone else will come along far more knowledgable than me, but if I was you I'd ask the creditors for a full and final settlement amount and then make them all an offer of a certain percentage of that.

chevalier

I would ask for the outstanding balance. Your statement may not have interest added on or something. If you can pay off the debt then you 'could' offer a full and final settlement, but if you haven't been on a DMP for very long, then they might not accept it.
good luck
chev