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DMP, maxing credit and full and final offer

ES19901990 · 2024-10-25 12:38:27

I have been reading through all the DMP posts and I see someone asked should they max all their credit before starting their DMP so they have a large emergency fund and can make full and final offers? Is this a route anyone takes? How early in could you make full and final offers? If you have a little lump sum available…

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sourcrates Posts: 31,496 Ambassador

11 July at 4:57PM

ES19901990 said:

Have today received the formal letter of claim but still not defaulted the account, how should I proceed with this?

As per Manyways post:

"You must reply to the Letter Before Action using the attached Reply Form within the 30 day deadline, do not phone them up or write/email separately. Ask them to supply the Default Notice, this should prompt them to send one if they haven't already.

Make a monthly offer, but I wouldnt offer a £1000 lump sum, that just suggests you have money lying around you havent told them about. Have you looked at an affordability complaint because they wont go to court while a complaint is underway".

I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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