Starting a DMP WITH SC, advice

Gewakefie

ManyWays said:

OK, what sort of debt was the old Lowell debt - loan, card, overdraft, mobile or what?

Was an overdraft with Lloyds like 7 years ago I was paying Lowell 40 a month x

JadedAngel88

If you like Monzo then I suggest Starling.

They are very similar to Monzo, Starling have spaces instead of pots. As a bonus with Starling you can have 5 spaces with separate virtual debit cards, Monzo do this but you have to upgrade to the pay monthly bank accounts. Also you can view Starling via app or website.

Just a thought if you want to change from Monzo.

Gewakefie

The other question I had was about settlement offers, is it better to pay less to a dmp to get the offers, as I want to clear the debt but also be able to make settlement offers if they come through but would of course need to save for those if anyone has any experience

sourcrates

Gewakefie said:

The other question I had was about settlement offers, is it better to pay less to a dmp to get the offers, as I want to clear the debt but also be able to make settlement offers if they come through but would of course need to save for those if anyone has any experience

It all depends on which debt purchasing company buys your accounts.

Some like Lowell/Cabot have a flexible approach to settlement offers, others like PRA Group hardly entertain them at all, the rest are somewhere in-between.

Its always a commercial decision what offers are made and when, experience has shown making small payments over long periods of time can result in offers after a year or two has passed, but there is no way to know when or how much discount you can expect.

Gewakefie

sourcrates said:

Gewakefie said:

The other question I had was about settlement offers, is it better to pay less to a dmp to get the offers, as I want to clear the debt but also be able to make settlement offers if they come through but would of course need to save for those if anyone has any experience

It all depends on which debt purchasing company buys your accounts.

Some like Lowell/Cabot have a flexible approach to settlement offers, others like PRA Group hardly entertain them at all, the rest are somewhere in-between.

Its always a commercial decision what offers are made and when, experience has shown making small payments over long periods of time can result in offers after a year or two has passed, but there is no way to know when or how much discount you can expect.

I owe Lowell 2100 been paying like 40 a month for years called them up and offered 500 they wouldn’t accept it and no counter either 

ManyWays

I owe Lowell 2100 been paying like 40 a month for years called them up and offered 500 they wouldn’t accept it and no counter either 
what type of debt was this originally; loan, card, overdraft, mobile or what?

Gewakefie

ManyWays said:

I owe Lowell 2100 been paying like 40 a month for years called them up and offered 500 they wouldn’t accept it and no counter either 
what type of debt was this originally; loan, card, overdraft, mobile or what?

Overdraft x

fatbelly

Gewakefie said:

The other question I had was about settlement offers, is it better to pay less to a dmp to get the offers, as I want to clear the debt but also be able to make settlement offers if they come through but would of course need to save for those if anyone has any experience

Yes. That's what I advise.

When the  time comes, make your offer in writing and see what comes back.

Start low, and be aware this can be a long process