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DMP to F&F
racsco
Posts: 5 Forumite
We have 2 years 3 months left on our DMP which is managed by Stepchange. (£23,000) I am thinking about offering F&F payments to clear the debts, at this late stage do you think creditors would take a reduced percentage? Looking for advice. Thank you in advance.
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Yes, it is always worthwhile haggling over the F&F payments.I am thinking about offering F&F payments to clear the debts, at this late stage do you think creditors would take a reduced percentage?
How old are the debts? When were the accounts defaulted?I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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We started with Stepchange in 2014 & yes they have all defaulted. Some are now with Cabot & Wescot.0
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Since the debts have probably been sold on a few times since 2014 for pennies in the £ I would offer 25% of the outstanding balance and see what happens.0
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Can we still do this with Stepchange managing our debt?0
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Can we still do this with Stepchange managing our debt?
This is the thing, if you allow stepchange to do this on your behalf, they will want the lump sum of your cash, paid upfront to them, they will then negoatiate with your creditors, on your behalf.
Not something i would be happy with, you have to ask yourself how hard would they actually try here, concidering the time constraints they will have (these things can drag on for months) they may settle for the first offer, and you may not clear all your debt with the funds you have available.
Much better to ditch the charity, sort negoatiations out yourself, easier, and gives you more control, don`t forget, send CCA requests before you do anything else, you need to know what is enforcable, and what is not.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you for your advice.0
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