Part Settlement of Debts in a DMP

freddie2020

Hi,

Currently in a DMP with Payplan.

All the debts are over 6 years old and no longer showing on credit file.

As I have been paying them via DMP, will not be statue barred.
So going to offer part settlements.

Shall I just go in very low - say offer 20%?   Some have offered 40% by post, but not rang any.


Thanks

freddie2020

I have actually paid off about 25%  of all the debt under the DMP.

If have already paid 25% of each debt off

Shall I try to contact the creditors - and ask for the debt to be written off?
Or offer very low like 10%  -  then overall they still have 35% paid back.

ManyWays

My preference is first to ask if the dent collector 9not the original lender) can produce the CCA agreement for any credit cards, catalogues, loans or HP debt. If they cant get a true copy, it is unenforceable in court, and you can tell Payplan to remove it from the DMP. 

Credit agreements | Getting information | National Debtline explains about this and has a template letter to use

retiredbanker1

ManyWays said:

My preference is first to ask if the dent collector 9not the original lender) can produce the CCA agreement for any credit cards, catalogues, loans or HP debt. If they cant get a true copy, it is unenforceable in court, and you can tell Payplan to remove it from the DMP. 

Credit agreements | Getting information | National Debtline explains about this and has a template letter to use

It doesn't have to be a ''true'' copy - a reconstituted copy is fine and has been proven in court.

freddie2020

Thanks - will try that.

In terms of offering part settlement - as have already paid 25% of all debt in the DMP
If I offer very low like 10% outstanding settlement, might agree  - I guess can only asj

fatbelly

Yes, cca requests first. Then start low.

The phrase 'true copy' can refer to a reconstruction. Guidance here Conc 13

https://handbook.fca.org.uk/handbook/conc13