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Final Settlement

greytdog_2
greytdog_2 Posts: 288 Forumite
in Debt-free wannabe
today my mum has indicated that she may be willing to pay off one of my debts - my question is that i have three debts with marks and sparks the smallest of these being the one my mum wants to pay off, are they likely to be receptive or not as i have other debts with them? What sort of percentage should we offer? Will the other debtors cause problems if they notice?

thanks

Comments

  • danielleindebt
    danielleindebt Posts: 201 Forumite
    are you on an iva or a dmp if any?
  • greytdog_2
    greytdog_2 Posts: 288 Forumite
    im on a dmp - administered by money advisor
  • danielleindebt
    danielleindebt Posts: 201 Forumite
    hmmm not 100% sure then. im sure someone will be along soon with good advice.

    how much do you owe to thethree creditors? and how much is your mam giving?
  • greytdog_2
    greytdog_2 Posts: 288 Forumite
    one loan is £7000, personal resevere of £4440 and credit card with £2500 - she is offering to make a final settlement on the smallest one but as we are not sure how much to offer she hasnt decided on how much
  • RAS
    RAS Posts: 36,486 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What percentage of your payments do Money Advisor take from you as fees?

    Would you not be better off with the whole lot going to your creditors via CCCS or CAB?
    If you've have not made a mistake, you've made nothing
  • greytdog_2
    greytdog_2 Posts: 288 Forumite
    they take nothing - its a free service provided by my employer - they are a cab advisor as well
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    it would seem to have no real merit and not really be of any significant benefit to her and may upsert the situation.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    I guess its always a bad idea to try to give advice without the full information so :

    can you list all the debts
    what's the debt total
    how much in total are you paying each month
    have they all stopped charging interest and charges
    when did you start the DMP?

    As I understood you you have several debts of which three debts are to the one creditor (M&S), it seems to me that making an offer on one of those debts is likely to cause them to review you whole account .. and I'm not sure whether this would be helpful to you.
    Now I haven't got the full debt picture as you have only given the M&S loans (is that right?) but clearing one relatively small debt doesn't seem to be worth potentially unsetting the situation and there seems little gain to you at this time.

    But give us the full debt picture so we can see more clearly (or maybe I have misunderstood you total debt situation).
This discussion has been closed.
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