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New dmp

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Me again.

Dmp due to start and i finally told my husband and mum.

Mum offered to give sum of money so stepchange advised to ask the creditors if they would accept full and final settlement rather than drawn out small payments?

Creditors are creation finance, mbna, cahoot, littewoods and very.

Are any best to try? Or waisting time as so early on?

Comments

  • EssexHebridean
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Can anyone with more knowledge than me on DMP's offer any help to this one please?
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
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  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hi cathrob


    First of all well done for telling your mum and husband, I'm sure that's a great weight of your shoulders. At this stage, if your mum is happy to help you out, you've nothing to lose by asking your creditors to accept a full and final settlement. If the alternative is to accept small payments over a long period of time, this could be an attractive option for them.


    It's important to split the money you have available proportionally between your creditors. That way they'll each get an offer based on how much you owe them, which is the fairest way to deal with this. Always make sure you have written confirmation of what's been agreed before making the payment.


    If Stepchange are already dealing with your DMP they may be willing to make the full & final offers on your behalf. If not, you can find a sample letter and how to work out your offer of payment here https://www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx. Good luck with it all.


    Susie
    @natdebtline
    We 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 Steps
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