DMP advice for newbie. Please help

ManyWays

I dont think that will be possible; I am surprised National Debtline said it may be. Are you sure they meant now, as opposed to in a few years time? 

fatbelly

moogle87 said:

fatbelly said:

I think you need to play the long game on this. Start a dmp with low payments to get creditors into the mindset that getting their money back will take a long time.

I think the reasoning was that if we can settle at this point, it will avoid the defaults on our credit files, so it will be better in the long term.

That won't work

The only settlement deal you will get at this point is 100%

Also, I had assumed that you had a lump sum to make offers with, and now it seems you don't - but will make further borrowing from family.

You need proper debt advice.

Give us a statement if affairs

https://www.lemonfool.co.uk/financecalculators/soa.php

And we can discuss options. At this time National Debtline's advice seems very odd.

ayupmeduck

You need defaults and accounts sold to DCA before you will get settlement offers and theses won't come quickly. 

tigergambit

I think you have misunderstood the F&F advice. You need to let everything default and wait at least another 18 months in my experience. 

You need to discuss this further with National Debtline. 

fatbelly

Frankly I'd leave ND for now. They used to be well respected with experienced advisers who would also post on this board. Then a culture of 'compliance' crept in ( into the whole industry to be fair) and the old advisers moved on.

Their factsheets are still a useful resource though.

wolveswolves29

I recently settled two with novuna direct at 50% discount , but they will only do it if they register a default against you 

fatbelly

They've done that on another thread. I wonder if what is going on is that they are running through the options - I think they call them 'solutions' - without guiding the client to what is realistic.

Go for a debt management plan.

Edit: it's the same poster, running two threads.

sourcrates

I have merged both threads to avoid the obvious confusion being generated here.

OP, as a few of the regulars have already pointed out to you, full and final settlement offers at the level you are anticipating are only a possibility on long since defaulted debts that have been sold on at least once to a 3rd party company.

This is not something an original creditor would even consider prior to default as for one thing, you are both still bound by the terms and conditions of your credit agreements signed under the consumer credit act, which makes you liable for 100% of the debt.

There are also a number of statutory and informal debt solutions that would be considered an option by the lender first, you would need good reason why none of those were acceptable.

So your plan is just not a realistic one, as you can`t get what you want without first defaulting, and then the passage of some considerable time.