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Debt Management Plan - paying off creditors?

PaulSmenis · 2016-01-16 12:49:29

I have a debt management plan across five creditors ranging from £1500 to £4200, and totalling £14,700 and managed through payplan. I've been paying back £250 a month, with the initial balance being £23,000, so i'm a couple of years into it. I've my own sole employee limited company and my accountant is telling me there is…

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dancingfairy Posts: 9,069 Forumite

16 January 2016 at 6:20PM

It depends on how much your paying each creditor, whether the debts have been sold on, how old the debts are etc etc how much ( or little) they are willing to settle for. It's all a matter for negotiation. Start fairly low and see if you get any interest.
You might be able to settle them all with that decent lump sum.
Good luck
Df

Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:
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Debt Management Plan - paying off creditors?

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