Making Offers to Creditors: Do I have to declare how much I've got?

Bartels

Hiya,

As a result of getting compensation for a road accident I'll have about 40-45% of what I owe my creditors in 4 weeks or so.

I haven't decided yet whether to approach the creditors myself to make full or final settlement offers or use a CAB Debt Adviser. That aside, do I have to declare the total amount I've got and provide documentary evidence or whatever?

As far as I'm concerned the whole lot can go to the creditors, but if it's possible, I would like to 'deduct' some family debts first.

Also, it would be nice to eat Heinz beans as opposed to El-Cheapo ones for a change.

Bartels

stapeley

Theres a guide available from CCCS if you email them . You must treat creditors evenly , but read the guide first . Are the debts with DCA or still with OC . If with DCA , they have often bought the debt for 20p on the pound , so do not offer too much . good luck .

Bartels

Thanks for the reply and info, Stapely

I've emailed CCCS but I had to google 'em first - I'm not very familiar with the abbreviations yet having been represented up to now by a CAB Debt Adviser.

I'm guessing DCA = Debt Collection Agency & OC = Original Creditor.

Off the top of my head, some are still with OC's and some are with DCA's.

Re "Treating creditors evenly" - if I allocate the money on a pro-rata basis, what happens if one creditor accepts a 30% offer but another 'holds out' for 40%?

I would still like to know if I have to declare how much I have available, perhaps CCCS's answer might shed some light on this (I emailed them about 15 minutes ago - where are they??).

Thanks again,

Bartels