Wil lthey accept 5% or is BR only option?

lindsaygalaxy

Evening

Tonight I have finally got myself socut for sorted, got my credit reports and checked what I owe. On the plus side one of my debts has been randomly settled!

Bad news - my debt is at just under £25,000. Earning more money is not really an option as in about 4 months I will be training for a new career and taking a pay cut for about a year.

I have access to around £1500, but am i being completely unrealistic to offer my creditors just 5%-6% of what I owe them? If I write them offers ( I am also with a debt plan) will they just laugh in my face even if I tell them BR will be my only other option, or do I just fill out my forms that have been sat on my drawer for the last 6 months and declare myself BR?

Please let me know what you think andif you have had any experience of offers.

Thank you

~Beanie~

I have never tried it and personally don't think that they will accept 5% but what have you got to lose? You may be pleasantly suprised but if not, just go down the BR route as planned.

lindsaygalaxy

Thankyou beanie. What do others think?

poppyg_2

Is the problem that you can't carry on with your DMP any longer?

dannynixon

Agreed with Beanie. I think you can try it at least. If not, could you keep on with your DMP by not re-training yet therefore keeping your current pay as it is until you can afford the cut?

Bismarck

my guess is you may need to get somewhere near 30% but you never know....

lindsaygalaxy

I cant really afford the DMP, and at the rate im paying will never be paid off. The council will not give me a property and so I have to rent private, which is double the cost.

I am only a few grand a year better off by not training, but it will give me and my family a future by training.

I had decided on BR, even without the training, but I am having those second, third and forth thoughts about if im doing the right thing,what people will think etc. So i thought maybe i should give it 1 more chance.

stapeley

Under the DMP the creditors are getting a return per year of a lot more than 5% so why would they accept such a low offer . I think you are delaying the inevitable . I pearsonally would do the BR , but I haven,t got the £660 it costs . Hang what people think ! Alot more people are in same position than you think . GOOD LUCK

lindsaygalaxy

I only pay £100 a month on my DMP = £1200 which is pretty much what I can get hold of to offer them 5%.

If they dont accept, next month is the month. Time to get on with it I think!

GeorgeUK

Might be worthwhile going over to the BR too to get some input from there.