DMP mutual support thread part 13 !!

swansea_lad

Maybe a way to build my credit rating? Just pay off each month in full, maybe use it for petrol.

bluebell_on_track

Hello. I have been on my self managed DMP journey for about 12 months now paying £5 a month to each creditor. I have approx 9 creditors (which have now all been sold on). I have received an offer today from one of them for 40% resettlement paid over 3 months which I’m going to accept. I have been asked by PRA and Moorcroft to send in full and final offers to be considered. I just wondered what kind of figure I should go in at? Is 40% too low? Has anyone got experience of this? The whole combined debt is about £50,000. Thanks in advance. 

sourcrates

bluebell_on_track said:

Hello. I have been on my self managed DMP journey for about 12 months now paying £5 a month to each creditor. I have approx 9 creditors (which have now all been sold on). I have received an offer today from one of them for 40% resettlement paid over 3 months which I’m going to accept. I have been asked by PRA and Moorcroft to send in full and final offers to be considered. I just wondered what kind of figure I should go in at? Is 40% too low? Has anyone got experience of this? The whole combined debt is about £50,000. Thanks in advance. 

Best advice is to start low, so you can always increase your offer if need be, always leave yourself wiggle room.

And whatever deal you strike, make absolutely certain that any deal is agreed in writing, and that any remaining balance will not be chased, most important !!

swansea_lad

Hi all my DMP with Payplan was paid in full in February. I am thinking of applying for a 12 month sim only contract with O2. Some online have said they do a hard search. Anyone any experiences with O2? Thanks

the-mrs

Just stopping by to say that as of today, my DMP has reached the sub 6k mark! The finish line is in sight!
Hope you're all doing well 

natlie

Hi

My DMP is now at £4500 roughly and I am thinking of going self managed to clear the remainder, 
my plan is to pay £300 a month (currently paying £380 but cost of living is high)
£5 min to PRA (£3300 owed)
£45 to Tesco bank (£600 owed)
and Virgin £250 per month for 2 months (£500 owed)

I want to clear the two lowest cards ASAP in bulk payments then I will increase the payment to PRA to clear the debt by next May - does this sound ok?

swansea_lad

Hi all, will a 18 month mobile phone contract improve your credit rating? I am thinking of moving to a monthly contract from an 18 month contract with Vodafone. The monthly sim only contract is much cheaper.   Thanks 

Debtbegone2022

Hello

I have received an 80% discount letter from Lowell to settle a debt. It states to phone them to accept this offer. If I choose to accept would it also be best to follow this up with a letter or email to confirm this, so that I cover myself in case there are any issues in the future? 

Thanks

tringtogodebtfree

I'm 10 months into my DMP with Step Change.  Paying off a personal loan with Nationwide at £21k. I'm paying £313 per month which I've managed to increase to over the last few months.  I have had a letter from them saying in 2 months there will be a review.  Not sure what this means but presume there is a possibility that if my situation doesn't suddenly improve the debt will be sold on?  Surely they can't add the interest or I'll never be able to afford it? Is there a chance they will extend to another 12 months or longer?

I have a 6 year old child and my co-parent has said she can help with £10k which would halve it but wondering if better to hold on to that offer until I have the opportunity to make a full and final settlement offer? 

I am constantly thinking about worse case scenario and my anxiety is off the scale.  Very happy to see there are people dealing with this so expertly.

Thank for reading.

sourcrates

Debtbegone2022 said:

Hello

I have received an 80% discount letter from Lowell to settle a debt. It states to phone them to accept this offer. If I choose to accept would it also be best to follow this up with a letter or email to confirm this, so that I cover myself in case there are any issues in the future? 

Thanks

Yes, you must categorically have written conformation that the debt is settled, and that they will not sell on the remainder to any 3rd party or their agents.

Just out of curiosity, discounts like that are usually only made on accounts that are unenforceable or statute barred, have you checked if either applies here ?