how to raise money for full and final settlements offers

stu12345_2

normally this comes from windfalls, like gifts from family.

I don't have that, I know I have offers available, I've wrote to creditors.

the only way would be to stop my dmp for many months( 4 to 9) and then  use that money and hence take up some of the offers available on some of my creditors.

then restart dmp for the remainder of creditors and await if they have offers, then repeat again , eg stop dmp and save up. for them.

otherwise I will never get the chance to take up the offer's, some are offering 50% discounts.

but if I continue on a regular repayment dmp,( eg not stopping  and starting and saving up) I see the creditors getting paid back every penny, about £10500, where I was never managed to take up their offers

it was about £17000, but been . on dmp for 2 years already.

90% of creditors have defaulted me,  one hasn't for a debt of £800.
cca letters had been wrote and it proven to be legit, so the only way is to take up offers.to get some sort of discount 

I don't care about future credit rating, more concerned about getting discounts otherwise I will end up the mug that paid back every penny.

bit frustrating when you read about folk getting dro or bankruptcy or debts written off.

sometimes feel like jacking job in and saying hey creditors I have nothing, so you are getting nothing. rather than. plodding on for another 3 or  4 years to clear these fully.

I hope others can relate to this situation who are in dmps and think how will I ever take up good  discount offers, unless I get a windfall, which in my case is super unlikely 

TheAble

I can only really think of either increasing income or reducing expenditure (or both). Are there any possibilities there?

stu12345_2

or stop everything for as long as possible , save like mad, until a ccj threatening letter comes in, not the actual  letter thought,them make an offer, and if it's no good, restart a dmp with creditor.

( note, no interest is being added , as they have defaulted ages ago, and even in the debt that still hasn't defaulted at present)

in a perfect scenario , I would save like mad from day one for say 14 months then hit the creditors with say 30 to 45% offers.

rather than plodding on for 5 to 6 years total. and even adjusting income/ expenditure isn't going to cut the mustard as they say to be able to raise decent amounts to make offers.

I don't want the situation where I get offers way down the line for a debt that started at say £3000 and it's now at £500 cos I had been on a dmp for years.
 and I get an offer of pay £300.(cos I couldn't raise the money ages ago when debt was much higher to make a f and f back then)

cos I can see that happening unless I use my brain in orders to come up with a very smart tactic that works

cos waiting for an inheritance from an aunt isn't going to happen or win the lottery. lol

my credit status is no importance to me, I'm not buying a house, I rent council, and I'm never buying a newish car on tick ever again 

what matters is to get this final balances of £10500 down to say and f and f offer of say £3000 to £4000 as fast as possible 

ps wife is in same situation, same debt size, defaults, dmp etc, almost a mirror image of my situation 

fatbelly

Ideally you run a dmp alongside a fighting fund, from which you make offers.

We talk about settling at a percentage, and you are aiming for less than 50%, with you taking the initiative rather than the creditors.


In your situation I'd be tempted to move everyone to £1 token offers for now, do cca requests on all relevant debts, and save like mad.

That is, if an insolvency solution, like DRO or bankruptcy doesn't work for you

stu12345_2

not eligible for dro,  too much excess a month, and bankruptcy would add a payment arrangement as I work full-time with fair excess per month.
 done cca requests ages ago,, so they can back all legit.

we paying about £600 a month back, if it went to a £1, questions would be asked, so rather pay nowt and play the who folds first game 

and if I did make offers, they will never get privy that the money came from me not paying them.

 a fighting fund is too small,.needs to play chicken with creditors, eg pay nothing and see how long they take before a ccj threat.

even if I got a ccj letter , I could still offer them a f and  f offer in the 30 days response time , is that right.

RAS

If you were to cut the pay outs by half, it would take you a year to save £3600 which might be enough to fund one full and final? 

Then pay the others the same but increase the inputs to the fighting fund?

stu12345_2

have lots  of smaller debts from £800 to £1700, so want to make low offers.on all eventually 
but really want to know my options if I get a ccj letter and at that point I either make them a f and f  offer ( can I do that) or does it have to be full offer or payment plan within the 30 or 14 days .

really want all debts to be clear in say 10 months by giving nothing to some, then giving them 30 to 35% f and f offers.

it's the how long will they play the game
want to use the total arsonal I have at my disposure, eg tactics, non payment, super fast saving, clearing it at the very very last moment via some type of reduced method

I know my biggest for example PRA accepted an f and f offer paid over 6 months, but it means all other creditors get nowt in that time.

and if it went down bankruptcy , dro route etc in the future, then that or indeed  setting some debts early and ignoring others is preferentially treatment 

sourcrates

This is how I see things, if you have had debts over a number of years, you have likely paid back more in interest than your outstanding balances, debts get sold for peanuts, the original debts have long since been settled, and you are left with 3rd party companies looking to make a few quid from you.

Times are hard for most people currently, and I have seen debt collection companies use every tactic in the book against debtors, including lie`s, half truths, and manipulation, to me money lenders and debt collectors do not rank very highly in my book.

I see no reason why you can`t use similar tactics to your advantage, I`d have no problem with that, like you say, use every weapon in your arsenal to clear the debt.

stu12345_2

sourcrates said:

This is how I see things, if you have had debts over a number of years, you have likely paid back more in interest than your outstanding balances, debts get sold for peanuts, the original debts have long since been settled, and you are left with 3rd party companies looking to make a few quid from you.

Times are hard for most people currently, and I have seen debt collection companies use every tactic in the book against debtors, including lie`s, half truths, and manipulation, to me money lenders and debt collectors do not rank very highly in my book.

I see no reason why you can`t use similar tactics to your advantage, I`d have no problem with that, like you say, use every weapon in your arsenal to clear the debt.

could I then stop all payments now, hold out for ccj letters, then instead of making a repayment offer or the full offer in my reply, make a reduced f and f offer.

I admit I owe the debt, that's true, I'm thinking outside the box at moment.

where would that be in the reply box to tick?

and I have to think how far away is that, how much would I have saved up?
 and if push came to shove and I got a ccj, I know I would have to declare my income and expenditure, but what about bank balance that has all the savings saved up, that never got used .


( is there any costs against me to pay if I get a ccj, and then start a repayment plan, served by the court)
I understand step change or national debt line would never suggest this method, as ccj damage credit files.( they always say, your file is ruined, so what I say)

but repaying the full amount owed, right to the last penny, imo is worse, if you aren't using credit again the future.

sourcrates

The idea of a letter before action is to allow both sides to come to an amicable agreement, whether that be monthly payments or settlement offers, before action is taken through the courts, most creditors would negotiate at that point.

I`m sure we have discussed this before in previous threads, the lender/collector may never take legal action though, most don`t, by far the vast majority of sold on debts keep getting re-sold if ignored, only a few have legal action taken.

Its pot luck really, your strategy may just see them all go statute barred, which again, is just another way to deal with them, and if you do get an LBA, you can then deal with it, if you don`t, well more fool them.

stu12345_2

it would be great to hear if anyone else has done it the way I plan and what happened.

doing a search on this site pulled a thread from. 2018 where fatbelly said he got a ccj , then got an offer of 30% from the creditor.