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Coming out of DMP - Full and Final Settlements

Have sold my deceased father's house and I have bought a flat with my share outright as I didn't want to mortgage, I have ended my DMP and have 4 creditors to sort out, I owe approx 9,000 and have 5,000 to play with and want to offer Full and Final Settlements.

These are the last balances I had from my DMP

Blair, Oliver & Scott owed 4,899

Marlin Financial owed 2,193

FREDRICKSON International owed 1,072

Akinika Debt owed 549

Just after bit of advice as to what I should offer and if anyone has had any dealings with these companies

thanks in advance :)

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Best to start a bit lower than what you can actually afford but I would still offer them all a fair pro-rata amount.
    Are your creditors aware you have cancelled the DMP? you've not missed a payment yet presumably?

    How low you want to start depends on how hardball you want to play, and on how long it would take to clear the debts based on your old DMP payments. The longer the dmp would have lasted the lower F&F they will be likely to accept.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Miamag
    Miamag Posts: 10 Forumite
    Spent this afternoon making phone calls and have negotiated following directly

    Blair, oliver & Scott 3,000

    Marlin 1,400

    Fredrikson 800

    Akinika 370

    I'm happy with all those and have asked for offers in writing
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