Full and Final settlement offers

Dmptogo

Hi,I have been in a DMP for sixteen years.Shortly will be in a position to offer between 30% and 50% of the balance owing.
For the past 3 years have had letters offering 50% discount from some of my creditors .
I know the credit score number is just a number.All of my creditors in my DMP, 11 in total do not show up on my credit file.
 If I settle my DMP they will all show on my credit file as "Partially settled"
Would this stop me getting car finance only shortly will need to get a new car?
Look forward to replys

sourcrates

Once an entry drops off your file, nothing can bring it back, its gone forever, credit files are only updated for 6 years, when they say your file will be updated to reflect a partial settlement, that only applies if the debt is less than 6 years old, older debts do not get resurrected to reflect the new status, so relax.

16 years on a DMP is a hell of a long time, it would be in your best interest`s to make CCA requests to all your relevant accounts, if you have not already done so, due to the passage of time, the likelihood of them retaining compliant paperwork diminishes rapidly.

At this stage, I suspect you will have paid your dues, so you may be able to just walk away if they can`t produce what they legally should.

Dmptogo

Thank you that has got me thinking now.
I have apparently one month to settle this DMP.(Clause written into the agreement)
I could always ask for an extension on this because it could take up to a month to get replies from them.
Any body got the stock letter for a CCa request 

Cheesephetamine

Goodness me and I felt my 3 years on my DMP was a long time! I agree ask for the cca you might not even need to pay anything else at all. Good luck 

sourcrates

Dmptogo said:

Thank you that has got me thinking now.
I have apparently one month to settle this DMP.(Clause written into the agreement)
I could always ask for an extension on this because it could take up to a month to get replies from them.
Any body got the stock letter for a CCa request 

I doubt you would get any response within a month, these things tend to take time, its around 6 months to a year for most settlement offers to go through the mill, CCA request`s can take the same amount of time, although 3 months is more about average for those.

Why the time limit on settlement ?

Dmptogo

Out of the 11 creditors we have 3 are CCJ I doubt they would settle for less or even write the debt off?

sourcrates

Dmptogo said:

Out of the 11 creditors we have 3 are CCJ I doubt they would settle for less or even write the debt off?

This is true, unless you have good reason why they should, on the other hand, the good news is 8 haven`t obtained a CCJ.

Dmptogo

Hi everyone,just gone through all my DMP creditors and sent CCA requests.
I have 3 CCJs I am assuming they will not settle for 30% 40% offers would they.

gwynlas

Who is your DMP with if it time limited? I know that Stepchange do not go beyond 20yrs. My creditors wanted between 60-70% in settlement.

Dmptogo

I never said my DMP was time limited.The person I am getting the money from has given me a month to sort it out.

sammyjammy

Dmptogo said:

I never said my DMP was time limited.The person I am getting the money from has given me a month to sort it out.

I think that was just the implication from your post, as Sourcrates has said the likelihood of getting anything agreed in a month is very slim, maybe more likely if you deal with them over the phone