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Paying Off CCJ and Other Debt
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Bedsit_Bob wrote: »Arranged by yourself or not, it's still a DMP and, as such, all creditors should be treated equally.
Are there rules laid down for them to be treated the same as I had a complant rejected byFOS as one credit threaten court to obtain a higher payment then every one else0 -
I'm not sure if there's a legally enforceable obligation, to treat all creditors equally.
However, the Lending Standards Board’s Lending Code states that subscribers:
“...should then be prepared to accept an offer of repayment which is based on the principle of equitable distribution of available income..”.
If you pay off (or overpay) one unsecured creditor, to the detriment of one or more others, that won't amount to "equitable distribution of available income".
Bear in mind, there is nothing to prevent a creditor, who feels hard done by, from taking action against you, such as applying to make you bankrupt, or seeking to put a charge on your property.
Put simply, I don't think you want to risk p***ing off creditors, especially as you are a home owner.0 -
Just to be devils advocate, but if a particular creditor(or 2 etc) took a low full and final, then there would be more to distribute to the others per month out of the £200 and they would all be paid off quicker and would all 'benefit'
Not suggesting it is definitely the was to go, but just another perspective.ISA £1675
MiniMoohound savings £3685.86 :T Plus £3800 CTF 
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Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 200 -
The remaining creditors (who, between them, are owed in excess of £40k) would each receive their fair share, of an extra £29 per month.
I can't imagine them seeing that, as fair compensation, for missing out on a share of £9k.
Sharing the £9k equitably (ie. based on the size of the debts), would repay each creditor 18% (almost 1/5th) of their outstanding balance.0 -
What happens if one creditor would accept a reduced f&F offer but the others do?0
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