Settlement offer with Payplan ..

another_casualty

Thanks again enthusiastic Good ideas there. Good thing is I haven't missed a payment ,and can increase offers as you mention.
Better off not playing poker

enthusiasticsaver

So when you have your review next week I would just say you have written offering full and final settlements but they turned the first offer down so you have increased it slightly.

You can say you are not working and are living off proceeds of your flat but you have to buy somewhere to live as that will be cheaper than renting long term. I would not increase the payments at this stage as your creditors may then feel they would rather not accept reduced offers. Are you paying interest on any of your debts or are they all at 0%?

Yep, definitely you are best off not taking up gambling

another_casualty

Well put enthusiastic
I have no idea about the interest side of it . I've been consistent .
This time next year , it would be six years with payplan

Keezing

If telling the truth to PayPlan is a problem just take over the DMP and manage it yourself. You don't need them.

No reviews, no questions, no means-testing, nothing. Just make the same payments to your creditors and cut out PayPlan.

another_casualty

Thanks keesing.
I've just found most of my letters regarding settlements.
Unfortunately, due to illness / moving house/ severe flu and general
stress I have lost / mislaid one or two letters replying to my offers.
Here is an update : westcot/ rbs balance £5,851.82
Offer of £3,255 declined. Means testing extravagana
Only take partial settlements.

Santander loan: offer of £ 4,050 refused. Want to know who
Else I owe money to.Have I made offers to them etc
Means test extravaganza also

Pra group/ Barclays . Would take 80% of balance of £6,718.05
I offered £2,850. They would accept £ 5374.44 full and final
Means test also.
Barclays : I offered £978.97 - refused . If I increase the offer
it will Be considered.




P

Keezing

They're asking for the means testing because they want to know if it is feasible for them to receive the full outstanding balance (or as much as possible) through regular repayments.

Therefore if you demonstrate that you have little/no cash leftover each month, they are far more likely to accept a reduced full and final offer as it would appear to be their only realistic chance of recovering funds in the near-term.

You don't need to send payslips or bank statements. You could just send them a financial statement, and demonstrate how much more attractive the funds from the sale of your mother's home in Ireland would be.

another_casualty

Thanks keezing.
The money from the sale of my mothers house was a lie.i panicked when asked about where I got the cash . I should get something , hopefully this year . I'm don't know how to send a financial statement tbh.
However, I would just like to say to,them ' I am not working , and can afford to settle for x ' and get it done as ap
Thanks

another_casualty

Just thought of something : February next year , would mean I have been on a dmp for 6 years . I believe that after that time , I would no longer be blacklisted etc .( Feb 2018) And my credit file is not as sad as it currently is
If that's the case , does it matter what kind of settlement I go for ?
If I settle in the next couple of weeks , would creditors chase me in the future because I only paid a partial settlement , instead of full and final ?
Thanks

enthusiasticsaver

A financial statement is just an soa as you have seen many times on this forum, although I must admit you have never put one up for you. This will show your lack of income but obviously you have a large cash asset so I would avoid doing this until you have bought your property. Paying only a partial settlement leaves a unsettled balance which if you do not pay will default surely so that will still affect your credit record. This does not matter so much for taking out debt as you would be well advised to stick clear of overdrafts and credit cards, loans etc in your current situation with no job but it could affect utility providers and exempt you from the best deals without paying large deposits up front.

another_casualty

Thanks enthusiastic.
I just had a random thought in my head last night, that if I settled before the six years , my slate would be wiped clean as after six years I'm no longer on the blacklist . Thanks for putting me straight .

I know you say , don't settle until I buy new flat .
This puts me in a slightly tricky situation. I'm thinking now of two possible scenarios : 1) i politely say cut the crap , please can I settle f&f (hopefully up to £15k)
Scenario 2) I politely explain my situation , and ask to cut the means testing and let me pay set amount until I'm settled . Offer to increase payment , and offer a settlement figure in a few months time .
Wednesday is the day .