Debt settlement agreement - in DMP

National_Debtline

Hello there,

Here's a link to our fact sheet and sample letter, I really hope you find it useful:

https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

It's worth knowing that if the family member makes the payment directly, it makes the whole full & final arrangement more binding.

Best wishes,

David @ National Debtline.

Brownowl2013

Thanks for all your replies and advice. We currently pay NRAM £198 per month.

It would seem Moorgate have now sold to Idem however we are being ignored, I contacted Idem to check they received our last payment as S.O was still set up to moorgate and they acknowledged this however funny enough ignored the previous e-mails about our settlement offers to the same address!!

NRAM too has ignored everything I have sent them!!! What now?!?

We are also considering if they won't settle to try and agree a freeze on all interest for the remainder of the loan of we can try and increase monthly payments to get paid quicker, this too will be with the help of family but has anyone had experience/success in this?

Finally our Debt management company have merged and are being less than helpful. They said if we want to negotiate freezing interest we need to of it alone? Why am I paying them monthly for doing nothing for us?

dancingfairy

I would cancel the charging dmp provider and go it alone. Set it up at the same amount as they were getting before and save the extra for a full and final settlement.
I'd then look at sending the National Debtline letters and trying to settle the smaller ones just to get shot of them.
The NRAM one is going to be harder to deal with. I've not heard of them accepting settlement offers , but you can try. What sort of sum do you think you will be able to get from your family?
You basically have 2 main options for this one - either increasing the monthly payments to get shot of it quicker or going for a full and final settlement. There is no half way house. What makes the full and final settlement tempting is that they are guaranteed the money and they are getting it now. You can't agree a lower final amount and then pay it off slowly as they don't know your circumstances won't change again. They have to weigh up whether they want a reduced amount in full and final settlement now or whether to hold out for more over a longer term.
df

Brownowl2013

Thanks dancingfairy, have contacted the a sling what exactly I am paying them monthly money for.

I have made offers to idem and detailed exactly why and how much etc but they have written asking for he same information, took ages for them to reply and fell like they are stalling.

NRAM have ignored me completely. I guess my worry is if I start paying more monthly then they will whack interest back on and I will be back to square one never making a dent in the debt?

I have offered them all a f&f, next refused a few offers up to £700, not sure how high to go when reasoned with a partial settlement on account? They refused £1000 in March?