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azlan

contact your debtors and see what they would accept as full & final settlement rather than just paying it off - that way you could be debt free and have a bit of the money left for emergencies!!

d70cw6

pay
pay
pay

JasX

Yup, the closing accounts and cards bit is the key. Paying interest is what really soaks up your money and if you can get into the habit of avoiding paying interest like the plague all the money you have coming in will go further and end up being spent on 'stuff' you actually want rather than on avoidable fees and charges.

JasX

azlan wrote: »

contact your debtors and see what they would accept as full & final settlement rather than just paying it off - that way you could be debt free and have a bit of the money left for emergencies!!

That and the OP will end up with a completely trashed credit credit rating, possibly delay paying off debts in the process and incur more charges in interest payments etc etc and run the risk of spending the money rather than paying off their debts with it.

This is a terrible suggestion.

ceecee31

Sorry, but if the OP is on a DMP does that not mean that their credit is trashed anyway?

subboy2

I've literally just paid the last one off!!!!!!!!!!!
I know it's melodramatic, but am literally sat here with tears running down the face. And it's not because I just watched 3 grand fly out of my account...I feel like the world has been lifted off my shoulders!!

Finally I can have a paycheck where money doesn't fly out of it at the start of the month on needless interest!

Thank you so much guys. I'm going to have a browse of these forums and read up on money management

Dancing on the ceiling indeed

Tixy

ceecee31 wrote: »

Sorry, but if the OP is on a DMP does that not mean that their credit is trashed anyway?

They have just started the DMP. Hopefully that means their file isn't trashed yet and they don't have defaults on their file yet (although they may if they had already got in to payment difficulties before starting the DMP).

It is also very unlikely the creditors would agree to any reduced F&F at this stage anyway.

Tixy

subboy2 wrote: »

I've literally just paid the last one off!!!!!!!!!!!
I know it's melodramatic, but am literally sat here with tears running down the face. And it's not because I just watched 3 grand fly out of my account...I feel like the world has been lifted off my shoulders!!

:j

People on here understand that feeling, we wouldn't think it was melodramatic at all!

azlan

Well done for paying them off - must be a fantastic feeling!

JasX wrote: »

That and the OP will end up with a completely trashed credit credit rating, possibly delay paying off debts in the process and incur more charges in interest payments etc etc and run the risk of spending the money rather than paying off their debts with it.

This is a terrible suggestion.

Surely someone on a DMP and with multiple payday loans will already have a trashed credit rating???? and if they could pay a reduced amount that would potentially offset more than the interest charged in the time to get a full n final settlement payment agreed! I agree there would have to be some discipline in not spending the money until the payments are made but it wouldn't take THAT long to organise!
And if there was a small amount left to start an emergency fund it might prevent someone from having to use their cards again in an emergency.............

JasX

Tixy wrote: »

They have just started the DMP. Hopefully that means their file isn't trashed yet and they don't have defaults on their file yet (although they may if they had already got in to payment difficulties before starting the DMP).

It is also very unlikely the creditors would agree to any reduced F&F at this stage anyway.

Exactly.