Full and final settlement

dads_albums

We owe £1900 over 14 Accounts.
8 of which are now under £100. We're paying £620 a month at the moment. DMP due to end in November but would like to get it resolved before if possible.

Can we snow ball the small ones without getting in a mess with our other larger creditors?

What we'd planned to do orginally was make a full and final in September as we'll have roughly £600-700 (family member is coming into some money and has offered to help)- but reading into it this seems a little more complicated to do than it originally appeared.

Does anyone have any experience of being in a similar situation and do you have any advice?

dads_albums

The DMP is with Payplan btw....

sourcrates

Hi,
It's something you can do yourself, without involving payplan.
It's quiet simple really, work out what you can afford to settle each account for, then write to the creditor, making the offer, but reduce it by 30% or so, to give you some manoeuvring room, remember, it's all a matter of negotiation, you may have to play letter tennis with them for a while, and up your offer slightly.

As the majority of your debts are each below £100, you should not have too much trouble getting this matter sorted, make it a bit of a compatition to see how much discount you can get, you may be surprised.

dads_albums

Thanks, do you think it'd be worth starting the process now?

sourcrates

dads_albums wrote: »

Thanks, do you think it'd be worth starting the process now?

No harm in testing the waters !!