Making a full & final settlement offer

Millvale1980

I am currently in a DMP that will take 14 years to complete.  A friend will give me money to make a full & final settlement offer.  Should I make the offer through my DMP provider or go to the individual creditors myself?

Grumpelstiltskin

OK Before you start thinking about F & F payments have you asked for and received valid CCAs?

Have you looked at affordable lending if appropriate?

If and when you are happy with the accounts take over yourself and think about stopping payments for a while to see if that helps with lower offers.

ManyWays

How long has the DMP been running? How many debts have been sold to debt collectors?

fatbelly

Millvale1980 said:

I am currently in a DMP that will take 14 years to complete.  A friend will give me money to make a full & final settlement offer.  Should I make the offer through my DMP provider or go to the individual creditors myself?

The answer to your question is that you should do it yourself. But follow the advice above before losing your friend a lot of money.

Millvale1980

I have not asked for CCA yet but will before I do anything.  My DMP provider lists the creditors as moorcroft but my credit report says PRA grp so I suspect they have been sold.  There are 3 debts in total

Millvale1980

Sorry it’s been running for nearly 4 years

RAS

PRA are not known for generous discounts. 

I'd suggest you start with affordability complaints, using the guidance on the debt camel website. Expect to have to take this to the ombudsman, but you could get interest forgiven and credit markers back-dated.

Millvale1980

Can anyone clarify something on credit history records?  My objective here is to get the defaults and the debt removed from my credit record.  As it stand the defaults are already 3 years old so in another 3 years the defaults will be gone.  If a CCA cannot be produced and I stop paying, it appears from posts on this site that the debt will remain on my credit report after the 6 years albeit not in default.  Have I got this right?

ManyWays

Any debt with a default date on the credit record will drop off after 6 years from that date. This includes a debt you have stopped paying as the CCA cannot be produced. 

If there is no default date on the debt, just payment arrangements, then a default will be caused by you stopping paying and it will drop off 6 years after that. 

tigergambit

Millvale1980 said:

I have not asked for CCA yet but will before I do anything.  My DMP provider lists the creditors as moorcroft but my credit report says PRA grp so I suspect they have been sold.  There are 3 debts in total

You need to request CCAs first.

If they produce them you may be able to settle under 30% with PRA, they have been settling accounts recently as they are feeling the pinch (what a shame). Start low (~20%) and fight hard. Don't be afraid to go silent or walk away for a bit.