DMP settlement question

another_casualty

Howdy;)

I may move within the next year. If I did, would I have to pay the outstanding balance? ( over 24k)
Or, would I be able to offer a lower figure?(10-12 k)

I'm with Payplan , who have been great so far.
I could pay the full amount on paper as such, due to positive equity in my flat. But , cut a long story short my health is not as good as it was, and would prefer more money in my pocket

Just a query really. Obviously, I will do what Payplan fell me;)

Thanks

Deep_In_Debt

Payplan will always try and get as much as they can to pay the creditors, so they will want the whole lot. I wouldn't let either Payplan or the creditors know how much you have available. Just go in with a low offer and be prepared to negotiate. I've settled debts at 30-40% of the total amount.

National Debtline website has a good template letter you can use.
https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

I was with Stepchange (CCCS as it was then) and they were quite happy to let me make F&Fs and even sent me template letters to use and a list of the names and addresses to send the letters to.

sourcrates

another_casualty wrote: »

Just a query really. Obviously, I will do what Payplan tell me;)

Thanks

Why obviously ?

As said above, payplan will want you to pay as much as possible to your debts, I would suggest you tell payplan absolutely nothing, make negoatiations with your creditors yourself, the idea is to knock them down as far as possible, and settle for as little as possible.

You should be able to get around 40-60% off on average, if you are persistant.

Also good advice to use the ND template letter, so as to avoid any future problems.

another_casualty

Thanks for that folks
I will do what you have both told me, when the time is right
Will resurrect this thread if/ when I do it.

Cheers