Settlement offer with Payplan ..

abby1234519

another_casualty wrote: »

Received rejections from all creditors.
Means tested forms enclosed etc.
Looks like I'd be better off to ask Payplan to see if they can negotiate something, and see where I go from there.

I am ill, not working and. I'll but want to pay a fair sum while I still can .

I'm not far off my annual review with Payplan , but I can't do this means testing anymore. I just want to have done with it .

If I make an offer with Payplan, can they just take a lump,payment as a full and final settlement and bypass the means testing ?

Thanks

ask them? Or try creditors again (I asked several times)

another_casualty

Thanks Abby
I was just caught off guard by the means test forms etc.
I think the best thing is wait till my annual review with Payplan,, which is around Jan/ Feb time and ask them then .

abby1234519

another_casualty wrote: »

Thanks Abby
I was just caught off guard by the means test forms etc.
I think the best thing is wait till my annual review with Payplan,, which is around Jan/ Feb time and ask them then .

They are sending you a means test form so that they can see how much money you have - if you send it back and it shows you can only pay a small amount of month AND you ask for a settlement again, they might say yes.

However you are not obligated to do the form. I personally do it because I don't see the harm and I usually write in the letter, as you can see by the form I've got no money to live!

Buuuuut whether you do the form or not (and I know others on the forum don't do it) you can just try again. Persistence is key! One rejection doesn't mean you can't get them to eventually agree

enthusiasticsaver

No one can force you to fill out the means testing form AC but your present situation should help persuade them you cannot afford the full amount as you have no job. Ideally though you would buy your new home first if you have to declare assets. As Abby says persistence may pay off. If they are suggesting 80% and you offered 40% why not offer 50 or 60% rather than rolling ofver and just giving them what they ask for. Resist the urge to hurry this process.

somuchindebt

Very interesting thread and will be following your progress. Good luck!

abby1234519

enthusiasticsaver wrote: »

No one can force you to fill out the means testing form AC but your present situation should help persuade them you cannot afford the full amount as you have no job. Ideally though you would buy your new home first if you have to declare assets. As Abby says persistence may pay off. If they are suggesting 80% and you offered 40% why not offer 50 or 60% rather than rolling ofver and just giving them what they ask for. Resist the urge to hurry this process.

I reckon try two more times at whatever your current offer is and then increase it by 5%!!! Depends how quickly you want it settled. I personally was happy to wait which is why I was successful at settling a debt at 35%. I sent the same letter 3 times and then the 4th time increased it by 5%

Not that you'd necessarily be able to get a creditor to agree to this, I think it helped that it was with a DCA

I also managed to get Lowells to wipe off two debts completely but that was because I had fallen pregnant, was a student and was going to be a single mum

another_casualty

All points taken . Lots to think about in the coming weeks.

Thanks

Deep_In_Debt

I just wrote to all my creditors directly and told them how much I would be offering. I did negotiate with them a little but I didn't send back any forms to say how much I had available or where the money had come from.

I got some fairly low settlements with a couple and the rest around 60% so I felt it was worth the effort.

Hope you have a good Christmas.

somuchindebt

How do you avoid answering the question where the money comes from?

sourcrates

somuchindebt wrote: »

How do you avoid answering the question where the money comes from?

If pushed, say it's a gift from family, simples !!!