Struggling to see a light at the end of this tunnel

Countdown_has_begun

Hello,
I have been in a DMP since 2017 and I have managed to reduce my debt to almost a third of its original figure (£33k to £12k). However, it's feeling like a hard old slog and I'm
starting to think I've never be rid of it 
A few of my creditors defaulted me almost instantly, so I thought that my credit score/report would have started to improve by now, but it's still just as rubbish as it was back at the end of 2017. I am extremely anxious as I would like to apply for a mortgage (as first time buyer/single) in about 5 years time and I'm beginning to wonder if I'll ever get accepted for anything, let alone a mortgage!
I have started doing research on full and final settlements or partial settlements, does anybody have any experience with this and what % creditors are likely to accept?
Thanks,

ryanm8655

First up, you’ve done amazingly well to be where you are so don’t beat yourself up...

I can understand it must’ve been tough to ge to where you are but you’re about 2/3s of the way there so you’re closer to debt free than the debt you started with.

Re: credit score. Personally wouldn’t focus on it too much. It’s just a marketing figure...it takes 6 years for defaults to drop off so you’ve still got a few years for that to happen. At which point you will be debt free and things will seem a lot rosier.

If you can clear that much debt then you should be able to easily save a deposit for a home in the next 5 years.

I can’t advise on full and final settlement offers but can see why you’d be keen to do that. Where would you get the cash? How much are you paying off each month?

Keep up the good work.

andreaj1

Hello
I wonder whether you have had your debt situation assessed recently as there may be other options to you now as your total debt amount is lower - of course this would also depend on your income and expenditure.   
Good luck. 

enthusiasticsaver

I would not focus on the credit score.  Each lender scores differently so it is only a guide.  The defaults will fall off your file in 6 years from the default date.  Surely that debt free date is wrong?  If you  have cleared £21k in 3 years how come it is another 5 years until your debt is gone? Some people do get full and final settlements and you can write to your creditors individually to ask if they will accept that but obviously you need to be in a position to settle them so you have to be able to access  lump sums.  Whether they accept them or what percentage they take is very hit and miss and often depends on the amount of the debt, whether it has been sold on or the amount of time it will take for you to clear them at the normal rate.  How many creditors do you have left and are they all within the DMP? 

[Deleted User]

You've done amazingly well, big respect to you 

33k down to 12k in 3 years ..... you should be celebrating your success because you are inspirational 🤩

There will be new members/posters reading this today who will be looking at this and seeing that there IS hope for them, keep going if only to show how it's all possible.
When that 12k is gone you will look at spending in a different way and most likely not go down the instant-gratification-spending route that has got most of us on this site in the first place. 

[Deleted User]

OP, how are you feeling about things today, have you read our replies ?
You've posted a few threads about your situation but don't keep us abreast of it all, sharing, regularly, helps some people, are you getting what you're looking for here ?