Should I accept the offer?

Peters5468

Hi, I have recently received my first default from Credit Spring. I have received an email to say that they are offering me a payment of £10 per month or they will pass it to a debt collector. Should I accept? I owe about £709. Thank you very much 

Themoneyshot

mortgageFTB said:

What’s the interest rate? 10£ a month will take YEARS to pay off.

If it has defaulted there'll be no further interest. 

Rob5342

You dont need to take any notice of what they offer you. Just work out whats affordable for you and tell them thats what you are paying, that's all you need to do. It doesn't matter if they send it to a debt collector, you'd just pay them whatever you could afford instead.

Make absolutely sure that you have been defaulted before you start paying. 

Rob5342

mortgageFTB said:

What’s the interest rate? 10£ a month will take YEARS to pay off.

There will be no interest as its defaulted. At £10 a month it will take 5.8 years to pay off which isn't a huge amount of time in dmp terms. It all depends on how many other debts there are and how muxh spare income there is.