Full and final settlements before moving abroad

Indi44

I have been on a DMP since Jan 2010, owing over 44k to 11 creditors. I now owe about 25k to 10 creditors. I am leaving the country for the forseeable future ast the end of the month and I'm trying to negotiate settlement figures for my remaining debts prior to leaving. If I can't come to an arrangement I will just have to keep paying from overseas. I have no intention of leaving them unpaid. I have sent offer letters to my creditors and the first response I have received back has asked why I want to negotiate settlement now.

My question is this ... Do you think it would help or hinder my case to let them know I am leaving the country? On the one hand, I think it might help them to think it will be more difficult to chase the debt overseas (my estimated debt free date is in 2021). On the other hand, I don't want to activate some aggressive attempt to reclaim all monies owed before I leave ...

Any advice greatly received.

sourcrates

Can you afford to clear each debt before you go ?
If not there's no real reason to tell them anything, if you intend to keep paying then fair enough, if circumstances change for you, then its up to them to trace you again, they can usually find you abroad nowadays, but making you pay is a very different matter.
Six years with no payment or contact, debts would be statute barred, unless they get CCJ`s by default, you can try for F & F see what they say, you don't need to give them any reason.

Indi44

Thanks sourcrates. I can afford to pay if they will all accept around 35% of outstanding debts as full and final. I am reluctant to give out my new address for a number of reasons and would much prefer to consider the debts settled and belonging to my time in the UK. I won't tell them for now and will set up mail forwarding and keep my fingers crossed.

sourcrates

Indi44 wrote: »

Thanks sourcrates. I can afford to pay if they will all accept around 35% of outstanding debts as full and final. I am reluctant to give out my new address for a number of reasons and would much prefer to consider the debts settled and belonging to my time in the UK. I won't tell them for now and will set up mail forwarding and keep my fingers crossed.

Debt collection agencies will be much more willing to accept lower offers than an original creditor would, worth trying, but be careful what information you give them.

double_mummy

just tell them something along the lines of - a family member or friend has offered you some money to clear the account but that there are limited funds available and the funds are only available until X date

do it all in writing start at around 20%

happy_bunny_2

If they refuse your offer, you could tell them you are moving abroad and not planning on returning. That may focus their mind to get something rather than potentially nothing.

Indi44

Thanks guys, I will keep it 'in hand ' and keep you posted ...