Time to start a fresh. 11 January 2021 at 8:20PM in Debt Free Diaries 1.1K replies 44.1K views

enthusiasticsaver

£5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.

BlueJ94

enthusiasticsaver said:

£5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.

Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 

FootyFanDan

Great news re the DMP mistake - easy win there haha!

BlueJ94

FootyFanDan said:

Great news re the DMP mistake - easy win there haha!

Yep 😊 makes me happier but more determined. 

enthusiasticsaver

jadewest94 said:

enthusiasticsaver said:

£5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.

Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 

F and Fs are full and finals where your creditors accept a lower offer to clear the debt usually as a lump sum.  Most often used though when the DMP is very high (higher than yours) and will take a long time for the debts to clear so not sure creditors will accept in your case when the debts are due to be repaid in a relatively short time.  They may hold out for the  full balance.  When people are on DMPs we  normally advise people to save extra money and then offer creditors 50% further down the line to clear the debt.  So a £6k debt can be cleared with just £3k for example.  Some have even got the debt down to 30% and the creditors have accepted.  As I say though it is most effective when the creditors don't think the debt will be cleared for a long time. You  could try though when the house is sold and then the debt could be cleared earlier than next March? 

BlueJ94

enthusiasticsaver said:

jadewest94 said:

enthusiasticsaver said:

£5k doesn't sound too bad. Normally I would say just stick to the agreed monthly payplan amount and save extras so you are in a position to offer F and Fs. As it looks like you will clear the debt in just over a year though that may not be an option. May be worth a try further down the line. I think I would build up savings as a priority though.

Thanks for the advice! What's f and fs? 😊 Im hoping to be debt free sooner as I'm waiting on around 1-3k from a house being sold. I'll definitely start saving as a priority 

F and Fs are full and finals where your creditors accept a lower offer to clear the debt usually as a lump sum.  Most often used though when the DMP is very high (higher than yours) and will take a long time for the debts to clear so not sure creditors will accept in your case when the debts are due to be repaid in a relatively short time.  They may hold out for the  full balance.  When people are on DMPs we  normally advise people to save extra money and then offer creditors 50% further down the line to clear the debt.  So a £6k debt can be cleared with just £3k for example.  Some have even got the debt down to 30% and the creditors have accepted.  As I say though it is most effective when the creditors don't think the debt will be cleared for a long time. You  could try though when the house is sold and then the debt could be cleared earlier than next March? 

ah thank you for explaining this! DMP said they will contact me on the 21st and keep me updated on whats happening 

BlueJ94

Hey all to who reads along ☺️
Today I plan to
Clear out spare room
Sell spare car parts on ebay
Clear out the tupaware cupboard
Then have a Coffe and a bath 😁

BlueJ94

Even all that reads 👋
Just had chicken dinner, home made yorkies and roasties!! Yummy.

Prepping breakfast, protein pancakes. Just making the mixture now and ill bake in the morning and add kiwi and banana to finish. 

Got a few things on ebay, few watchers so hopefully something will sell 🤞
Cup of tea and off to bed for me. 

BlueJ94

Morning all 😴
Hate Mondays but also love them, always super tired when I get up but love that the day goes super quick! Going to walk the dog now, come back have a cuppa and breakfast and head off to work ☺️
5.15 doing my couch to 5k run, knees are dreading it already 😂 thats all I really got planned for today 🤔

BlueJ94

Evening ☺️
Did my couch to 5k, knees hurting as usual. Had a nice dead sea salt bath to help with aches and pains! Bought some reduced veggies, going to make a cheese and brocoli soup to batch freeze. Chicken burgers for dinner and I'm having to decide what to make for work for the next few days.