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Paying off dmp
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spliced
Posts: 39 Forumite
I have debts of around £6000 to 5 creditors and I've been in a dmp with stepchange for about 5 years.
My ex has finally sold our house so I'm looking to pay off the debt in full.
Do i contact each creditor seperatly and ask if they will accept a smaller fee as a final settlements? If so does anyone have a letter template I could use?
Also about £2000 of my debt was in joint names with my ex. We are not allowed to contact each other so how do I make sure the joint debts are paid by him as well.
Thanks
My ex has finally sold our house so I'm looking to pay off the debt in full.
Do i contact each creditor seperatly and ask if they will accept a smaller fee as a final settlements? If so does anyone have a letter template I could use?
Also about £2000 of my debt was in joint names with my ex. We are not allowed to contact each other so how do I make sure the joint debts are paid by him as well.
Thanks
0
Comments
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Hi,
National Debtline have an excellent template letter for settlements on there website.
Make sure you get any agreement in writing before you part with a penny.
As for the joint debts, you will both be fully liable for those, and if you are not able to discuss payment with your ex, then there's little else you can do, unless you pay the full amount.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi Spliced,
So Sourcrates is right about the joint debts. You will both be liable for 100% of the money owing separately and together for these, so all you can do is negotiated the offer you wish to make using this letter and get the creditor to confirm that they will not chase you for the shortfall. The creditor may then chase your ex at their discretion.
Stepchange may be able to help with the partial settlement negotiations, and you can try and get a discount on the debts owed, but remember partial settlements are at the lenders discretion. If they decline, could you pay this in full (or would you want to do that rather than continue with your DMP)? Good luck,
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thank you to you both.
I don't have a UK adress so am I best contacting the settlement team at stepchange for them to arrange everything?0 -
Also I was under the impression that if I came into money, I had to pay off the debt. Is that not the case?0
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No its not, a DMP is an informal agreement0
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Thank you to you both.
I don't have a UK adress so am I best contacting the settlement team at stepchange for them to arrange everything?
Hi
That sounds like a good idea as the first thing to try. It would probably make your life easier if Stepchange can assist you.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
glentoran99 wrote: »No its not, a DMP is an informal agreement
So I'm probably best to just increase my monthly payments then?0
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