DMP partial settlement F&F

sourcrates

Maroisme said:

Just for additional information, of the remaining 8 creditors, all but one have been sold on to third parties, link, pca and moorcroft. The remaining debt is with nationwide whom I’ve read can be hard to negotiate with, some stating they have been told they will only do it through SC. 

All that in mind we are going to proceed with the SC route after confirming we will not be sending any money until we have settlements confirmed in writing. 

Will keep the post updated as we go through. 

Nationwide`s debt collection process does not differ that much from any other high street lender.

They use debt collection companies to chase their bad debts, who have certain discretion to accept settlements.

Otherwise they sell to the likes of Lowell or Cabot etc in line with other banks.

The name of this website is "Moneysaving expert" so we always try to steer you to a strategy to do just that, clearly you want to follow your own path, so I wish you luck with it.

RAS

PRA? Based on experience here, you'd be lucky to get 15%, more likely 5% discount. If Stepchange divulge the amount they have to settle the whole lot, it might be nothing. 

bcs7

I would stop the StepChange DMP and do it yourself.
Tell the creditors you can no longer afford the current payments and then give them a lower amount. You don't need to tell them your finances in detail.

If you haven't done CCA's yet, then do them.

You haven't said how much you're paying a month to the £12K debt?
If for example it's £200 in total, that's only 60 months (5 years) to pay it off. Debt companies are quite happy to let things run for a few years if they are going to get the full amount and make a huge profit, so they would be unlikely to give a generous discount on a F&F offer.

If your monthly payment is a lot less and it's going to take decades to pay off, it's more likely they'll accept a smaller F&F offer or you might at least get a decent counter.