Full & Final Settlement Advice Please

Amysdad70

Hi

I currently have a DMP with Payplan with a balance of approx £10,000. I also have a secured loan from Black Horse which is with DLC with a balance of £4,903. On 27th August I will have the means to pay off both in full :T

I have 3 questions...

1. Payplan have said that they have experts in this field so should I just let them negotiate with all of the creditors in the DMP?

2. I know that I will have to deal with DLC myself. Is there any benefit in paying the full amount or should I try and negotiate a settlement?

3. What status should I ask them to mark my credit file as?

Thank you all. Roll on August 27th :beer:

sourcrates

Hi,


Rule Number (1)


Always negotiate with creditors yourself, in writing, National Debtline have an excellent template letter on there website, just for this purpose, its extremely important how you word your letter, there template covers all the bases.


Rule Number (2)


Always try to negotiate the very best deal you can, this may take time, and you may have to play letter tennis with them, but its the only way to get the best deal.


Rule Number (3)


See Rule Number (1) !!!!!


Your credit file has to reflect what actually happened, so it will be marked "partially satisfied", it will only be marked "satisfied" if you settle your debts for the full amount.

National_Debtline

Hi Amysdad


The template letter referred to by Sourcrates (thanks for the plug!) can be found at


https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Page-04.aspx


As SC says above, settling for anything less than the full balance will be reflected accordingly on your credit file, so have a think about how important this is to you.


Dennis
@natdebtline