Could do with some advice regarding final payments

GoForG

Hi guys,

Long !!! lurker here, but I've finally decided to drop in a post because honestly I don't know if I'm barking up the wrong tree here.

So stupidly, as the story goes I got myself into lots of debt whilst working in a part time job out of uni (used credit to live on) and it snowballed, as it does. I'm now making moves to sort myself out (at 28.....) in a proper job, working with stepchange to clear my debt's off, that I can tell you has allowed me to actually sleep a full night.

Now thankfully I've just found out that I am due a bonus in 4 months, quite a nice one too, after working out what I'll have free that month I want to write to companies and offer them a final payment, but I don't know if I even stand a chance of clearing some debt. This is really important for me, I am looking to move in with my partner next year, and I dont want to bring my old debt with me, we would love a new start together (she knows about my past and is very supportive.) Below is my calculations (adjusted for my next 4 payments), if you think they would be willing to accept then I'll dig my heels in and not give up, if not i'll just throw the money at stepchange and ask them to divy it out.

Also the hsbc one that's nearly paid off, could i make this offer now? and use my back up emergency fund, or if i do so will this negatively impact my agreement with other lenders?

Lump Sum Available 4500

(name,owed,offer)
tsb = £3350 = £1,539.21
capital one = £1497 = £687.82
vanquis = £1105 = £507.71
aqua = £995 = £457.17
p2p = £931 = £427.76
wonga = £555 = £255.00
hsbc = £295 = £135.54
mbna = £1066 = £489.79
Totals = £ 9,794.00 = £4,500.00

Sorry for such a long post.

glentoran99

GoForG wrote: »

Hi guys,

Long !!! lurker here, but I've finally decided to drop in a post because honestly I don't know if I'm barking up the wrong tree here.

So stupidly, as the story goes I got myself into lots of debt whilst working in a part time job out of uni (used credit to live on) and it snowballed, as it does. I'm now making moves to sort myself out (at 28.....) in a proper job, working with stepchange to clear my debt's off, that I can tell you has allowed me to actually sleep a full night.

Now thankfully I've just found out that I am due a bonus in 4 months, quite a nice one too, after working out what I'll have free that month I want to write to companies and offer them a final payment, but I don't know if I even stand a chance of clearing some debt. This is really important for me, I am looking to move in with my partner next year, and I dont want to bring my old debt with me, we would love a new start together (she knows about my past and is very supportive.) Below is my calculations (adjusted for my next 4 payments), if you think they would be willing to accept then I'll dig my heels in and not give up, if not i'll just throw the money at stepchange and ask them to divy it out.

Also the hsbc one that's nearly paid off, could i make this offer now? and use my back up emergency fund, or if i do so will this negatively impact my agreement with other lenders?

Lump Sum Available 4500

(name,owed,offer)
tsb = £3350 = £1,539.21
capital one = £1497 = £687.82
vanquis = £1105 = £507.71
aqua = £995 = £457.17
p2p = £931 = £427.76
wonga = £555 = £255.00
hsbc = £295 = £135.54
mbna = £1066 = £489.79
Totals = £ 9,794.00 = £4,500.00

Sorry for such a long post.

all depends what you want to do yourself, I cant see them all accepting although some might, you need to decide what you want to do, You will more than likely need to negotiate upwards. I would certainly look to be paying off as many of them as possible with the money rather than splitting it equally between them unless its going to get rid of that debt completely

sourcrates

Hi,
Its always worth trying, some may accept, others may not, if the debts are still with original creditors, they may reject your offer.
DCA`s are usually more open to these kind of offers as they have paid less than the debt is worth, and can still benefit from a profit from it, whereas the original lender may make a loss.

GoForG

At current, all are with the original lenders, although I feel aqua are in the process of selling it on after ending the agreement. On the stance that some accept and other's dont, will this in any way have a negative affect on my DMP?

Tixy

If some accept and others don't then stepchange would then redistribute your monthly DMP payments between the remaining creditors.

If they all were made the same pro-rata offer then you are not favouring any one over another so this shouldn't be an issue for the DMP.

Definitely worth making the offers, and any that accept will mean the length of your DMP will reduce.

GoForG

Great advice, thanks for you help guys!