Long-term Debt plan full and final payment advice

whatwasithinking

Hi all,
thank you in advance I’d really like some advice as a bit unsure what to do.

Long-term Payplan DMP (many years). Currently owe £7,400 total across:

• Cabot Financial: 

• Moorcroft / PRA Group UK:

• Lowell: lowest amount 

Paying £120/mth interest-frozen At this rate, clears in ~6 years

Have lump sum for ~50% settlement (£3,500-£3,800) to clear quicker. Some debts from 2005
i inherited 70% of house recently 

Worried creditors might demand full amount or access trust equity (can they?). Reviews say Payplan debtor-friendly but want gauge: settle now (partial credit mark) Although these debts dropped off long ago from my credit fileor stick with steady DMP? 

Thanks for advice!

RAS

PRA aren't the easiest to deal with. A few people are recently quoting 50% discounts on old debts but most are 5-10% discounts.

I'd suggest you carry on paying the pittance and hopefully one or more creditor will offer 50% which you can counter offer with 20%.

fatbelly

Once they drop off your credit file they are not coming back so forget effect on credit file

You have a sensible amount as a lump sum but don't be quick to offer it and don't involve Payplan

Send them all a formal request for a copy of your credit agreement

https://nationaldebtline.org/get-information/sample-letters/information-about-your-agreement-under-consumer-credit-act/

dever33

A lump sum offer is usually accepted by these collectors because the debts are old and already on a DMP. They cannot force access to your house share, and they rarely chase equity on accounts this old.

If your goal is to finish sooner, a 50 percent settlement is a realistic starting point for Cabot, PRA and Lowell. Get any agreement in writing before you pay. If you prefer stability, the DMP is fine to keep since interest is frozen. It depends on whether you want the faster clean finish or the steady monthly plan.