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  • FIRST POST
    • Mr1
    • By Mr1 11th Nov 19, 11:15 PM
    • 2Posts
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    Mr1
    Help: from DMP to F&F
    • #1
    • 11th Nov 19, 11:15 PM
    Help: from DMP to F&F 11th Nov 19 at 11:15 PM
    Hi everyone
    Before I get into my problem, let me say what an amazing lot you all are, helping each other.

    Iíve been on a DMP with SC for about 3 years and canít recommend them enough. Iím still on a DMP with them and I recently made a girlfriend who is willing to help me pay my debts with some of her savings. Although she canít afford to give me all the money, she is willing to give me £9000 to pay something towards my debts. Iíve been reading about F&F offers and Iím thinking about trying to make offers to settle as much as possible, rather than pay one single debt.

    My current debts are:
    Aqua Newday: £1500
    PayPal: £2000
    Cabot Financial: £1900
    HSBC repayment services (cc): £4000
    HSBC repayment services (pers loan): £8000
    HSBC repayment services (OD): £1900
    HSBC repayment services (pers loan): £1901
    More or less £100.

    I have been paying £180 / month towards my DMP for the last three years, which is split between all my creditors.

    Questions 1:
    When I send a letter to HSBC repayment services with F&F offer, do I make one offer for all my debts with them, or I need / should make separate F&F offers quoting the account number for each debt? Do I send one letter or 4 separate letters?

    Question 2:
    How much should I offer to each creditor? Can I make offers to HSBC only and continue paying monthly payments to the others?

    Question 3:
    Shall I go self managed dmp before making the offers? Shall I pay £1 / month for a few months before making the offers?

    Question 4:
    What would you do if you were me? I'm trying to come up with the most efficient solution but I don't know which one is effective.

    Any advice is highly appreciated.
    Thank you very much!
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