Final Settlement /Any Advice

kevingrng

Dear all debt-free wannabes,

I’m seeking advice on approaching Full & Final settlement offers with my creditors. Here’s my situation:

• I have been with PayPlan since 2019 and have paid a total of £40,000 so far.
• My remaining debt is £6,708, with an estimated completion date of 30 March 2027.
• My current monthly payment is £522.

I am exploring the possibility of settling early. I’m unsure whether I should request CCA agreements and stop my Debt Management Plan (DMP) immediately or move forward with making discounted settlement offers. I do regret not starting this process earlier and would appreciate any advice or experience you can share regarding the best course of action.

Thank you very much!
KG

Rob5342

How much money do you have available for settlement offers?

kevingrng

Hi Rob,

Thanks for coming back so quick. £2000-2500.

Thank You,

Rob5342

I'd get the cca requests in now and stop paying everything and save the money instead. It will probably take a minimum of 2-3 months to hear back regarding the cca requests by which time you would have £3000 - £4000 saved which should be enough to clear the whole with settlement offers it they all turned out to be enforceable. Once you've heard back then you can make offers on the enforceable ones and ignore the unenforceable ones.

I assume they have all defaulted and Ben sold on.

ManyWays

Definitely ask for the CCAs. This is VERY late to be offering a settlement, creditors are unlikely to take low offers.