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DMP F&F Discussions
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Financefairy
Posts: 4 Newbie
Good afternoon,
I have a DMP managed by Payplan which still has 2.5 years left to run. I've still got around £5,500 left to pay but will be shortly gifted around £2,500 which I want to use to pay off my debts. Payplan have said they have a dedicated team that can negotiate this for me but I'm wondering if I would be better doing this myself to get lower settlement figures. Can anyone advise if they've been through this and what the best option might be? Thank you
I have a DMP managed by Payplan which still has 2.5 years left to run. I've still got around £5,500 left to pay but will be shortly gifted around £2,500 which I want to use to pay off my debts. Payplan have said they have a dedicated team that can negotiate this for me but I'm wondering if I would be better doing this myself to get lower settlement figures. Can anyone advise if they've been through this and what the best option might be? Thank you
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Comments
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Send CCA requests to all relevant debts, see which are enforceable and which are not.
Best doing settlements yourself, as you have to pay the lump sum upfront to Payplan, and there`s no guarantee they will get them all settled for that amount.
When you make offers, start low, use the National Debtline template letter.
Expect this to take a while, 6/9 months as they are slow to respond to these matters.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-letter0
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