DMP - Settle or continue?

purplerain_71

Hi all
Looking for some advice, I've been on my DMP since March 2023 -

Vanquis £3000 loan (Not defaulted just showing missed payments on credit file)
Lloyds CC £2300 (Not defaulted just showing missed payments on credit file)
MBNA £5000 CC - (Not defaulted just showing missed payments and actually up to date as DMP were paying more than the minimum required in my plan with them)
Tesco £12400 Loan - Defaulted June 2023

I've recently had the chance of a lump sum while taking voluntary redundancy (20k) some of which will be used to repay family on top. Stepchange have advised they can take an offer of £9800 for my debts to offer F&F settlements. But I wanted to know if I am better off in the long term managing this on my own as I cant see 3 of them accepting F&F settlements as they aren't defaulted. I've read a lot of posts regarding requesting CCAs which I will do this week. Any advice is greatly appreciated on how to move forward and the best way to handle without any more damage to my credit file and managing the money as best as possible for my future.

Many thanks

ManyWays

How much have you been paying in a month? 
Have you got a new job lined up and will it pay more or less than your old one? If it will pay less, you could get Step Change to reduce the payments before you make an offer so the lenders can compare the lump sum against what they would otherwise get.
It doesnt sound like any of the debts have been sold, so unless the card accounts are extremely old there may not be much point in asking for a CCA agreement.

purplerain_71

ManyWays said:

How much have you been paying in a month? 
Have you got a new job lined up and will it pay more or less than your old one? If it will pay less, you could get Step Change to reduce the payments before you make an offer so the lenders can compare the lump sum against what they would otherwise get.
It doesnt sound like any of the debts have been sold, so unless the card accounts are extremely old there may not be much point in asking for a CCA agreement.

Thanks for your reply. No they aren't very old really so that's understandable. 

I have been paying 290 a month. I have a job lined up yes it will be slightly less than my last job by around 200/300 a month but it's a temporary job for 6 months. 

I just wasn't sure the best way to handle the debts in a better outcome for me but also being midful to not ruin my credit anymore