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Early settlement offer for DMP
Hi, I’m asking on behalf of my partner..
He has a DMP, the amount is approx £7k. We may be coming into a sum of money shortly, and are considering using it to offer a settlement to the DMP company.
We’re expecting around £4k, but could be more. Would this be too low? I’ve read that some will accept as low as 40% of the total amount, but this info is from a good few years ago so not sure if it’s different now.
The company is Lowell is it makes a difference. He has been paying the debt for around 3 years.
Also, would it be best to enquire with them before making the offer? Or would you just make an offer in writing without consulting with them?
TIA
He has a DMP, the amount is approx £7k. We may be coming into a sum of money shortly, and are considering using it to offer a settlement to the DMP company.
We’re expecting around £4k, but could be more. Would this be too low? I’ve read that some will accept as low as 40% of the total amount, but this info is from a good few years ago so not sure if it’s different now.
The company is Lowell is it makes a difference. He has been paying the debt for around 3 years.
Also, would it be best to enquire with them before making the offer? Or would you just make an offer in writing without consulting with them?
TIA
0
Comments
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I recently got 35% discount from Lowell to settle. I originally ‘enquired’ to them about a full and final settlement and they said they wouldn’t accept more than a 5% discount. I was gutted so just forgot about it. After some reading I then sent them the proper full and final settlement letter template and offered them 40% and they instantly came back at 35%!
So if you are going to do it I wouldn’t enquire, just hit them with the proper template with all the proper wording.
Good luck0 -
Its a negotiation. Go in for the jugular, offer 50% in full and final settlement, see what the counter offer is.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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