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.